When you initially bought your home, you probably invested in a buildings and contents policy that will help protect you in the event of a fire or other serious loss. It makes sense to do so because your home is your biggest investment. If you’re in the market for a holiday home or you’ve already purchased one, wouldn’t it make sense to do the same for that property? After all, it, too, is a big investment, and protecting it is absolutely essential. That’s where a holiday home insurance policy comes into play.
Conventional Home Coverage
Wondering why you can’t take out a policy just as you did for the home you live in every day? Standard insurance policies aren’t valid if you leave your home empty for more than thirty days. Even if you rent your holiday home out whilst you’re away, they can invalidate your policy. As a result, a holiday home policy is the only way to protect it.
What To Look For
Just as you looked around for your standard home policy, you’ll want to begin shopping for a policy that is right for you. Holiday home insurance is split into buildings and contents cover, just as traditional home policies are. Buildings insurance covers the structure. Contents insurance covers what’s inside it. Make certain you shop for a policy that covers the rebuilding of the property and anything you have inside. Keep in mind that these kinds of policies typically don’t cover personal valuables, so you’ll want to take extra precautions there. Additionally, they don’t cover guest possessions, so you might let individuals staying in your holiday home know they may need a travel insurance policy.
In addition to finding a policy that covers the building and what’s inside, your holiday home insurance should likely include a clause for accidental damage. Most policies don’t cover a child’s ball going through the window or a flood because someone left the tap on. If you’re worried about events like these, it’s a good idea to add a bit of coverage. You may also want coverage for malicious damage. IN the event that you are letting your weekend home, you will also want to invest in public liability cover, theft cover, and legal expenses cover.
Exclusions to Consider
Holiday home insurance, like other kinds of policies, often comes with exclusions, and understanding what those might be can help you get better coverage. Make certain you understand any clauses that exclude coverage when the property is unoccupied. You should also look at heating warranties in the even the water system isn’t drained or your heating system fails in the winter. Additionally, learn how often you’ll have to inspect the property to keep your policy valid.
Holiday home coverage is the perfect way to keep your new second home protected, but it does come with a bit of research, as most insurance policies do. Understanding what is involved is the key to getting a good policy.