Rebecca Gaughan of Intasure provides some basic pointers on taking out the correct holiday home insurance on your overseas property.
Whether you’re toying with the idea of buying a holiday home or you’ve just become the proud owner of one, as exciting as it is, it can sometimes feel like there’s a lot to think about. So to help you along your journey in getting you one step closer to your place in the sun, we have listed some points that you might want to consider when it comes to insuring your property.
The great thing about owning your very own home away from home is that you can escape to a place where you can relax, unwind and have fun. However, despite your best efforts to keep the property safe and secure, homes are subject to all sorts of risks such as accidental damage or even theft. Finding the right insurance means you can enjoy your holiday with the peace of mind that comes from knowing you’re covered if a problem arises.
UK vs local insurers
It can be confusing to know whether to get insurance using a local or a UK provider. It’s also easy to want to go for the cheapest policy, especially if you’re trying to keep costs low when factoring together all of your purchasing expenses.
Nevertheless, it may prove more beneficial to choose an insurance company with an English speaking team. Otherwise, for obvious reasons, it can be difficult trying to cross the language barrier when claiming or trying to solve an issue and not to mention reading the documentation.
Unoccupied vs lettings
Holiday homes might be left unoccupied for long periods of time so finding insurance that covers you for occupied, unoccupied and lettings allows you to be flexible in how you use your holiday home. Meaning if your circumstances change, you don’t then have to change your insurance policy too. Saying
Saying that there are still precautions you may wish to take in order to keep your home safe whether there are people there or not. There may also be specific requirements your insurer would like you to meet, so it’s always worth giving them a call to check as it’s better to be safe than sorry.
Buildings vs contents
Just like your main home insurance, the idea of holiday home insurance is to cover the repair and rebuilding costs of your property following serious loss or damage to it. It’s important to check whether fixtures and fittings at the property are covered as standard; while some providers will include it in the quote, for others it may be an optional extra.
Depending on how you plan to use the home, it might be worth considering a policy that also includes contents cover, especially if you’re going to leave it unoccupied. A standard home insurance policy is not appropriate for a second home because generally, it will have a condition that you mustn’t leave the property unoccupied for more than 30 days.
Although the idea of insurance may not be the most exciting part of buying your new home, in reality, it can save you a lot of time and money in the event something goes wrong; without it, the consequences could have a significant impact on you. Don’t forget, your holiday home is also an expensive investment so take the time to review different insurers and products and pick carefully the right one for you.
