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Insurance
Insuring a rental holiday property or second home is not the same as insuring a main residence.
Holiday Homes should be covered for:
- Occupancy
- Public Liability
- Loss of Income
Holiday rental and second home properties may be unoccupied for long periods. If unoccupied for more than 31 days at a time they cannot be covered under a standard home insurance policy. Particularly as these periods are often during the winter months where there is a real risk of burst pipes and flooding.
Furthermore, a holiday home is a business which involves members of the public, so that holiday home owners need to ensure that their insurance covers for public liability.
Another useful cover is for the loss of income in the event of the property becoming unusable as a rental property, and to cover the cost of finding guests alternative accommodation.
Remember to discuss your specific requirements and policy restrictions with more than one suitable insurance broker. Cover should be tailored to best suit a specific property and the risk.
Holiday Home Owners May be Taking Unnecessary Risks!