Home Holiday Insurance

How to protect your second home with no nasty suprises

If you are fortunate to own a holiday or second home, either in the UK or abroad, you will want to ensure that your investment is properly protected.

There are many companies that will offer a stand alone product to provide insurance for such an asset but frequently they have restricted cover due to the nature of the risk not being your normal place of residence or that it is occasionally let.

For example, the cover may be offered on an “insured perils basis” meaning that there will be a defined list of causes that are covered in the event of a loss such as fire, storm, lightning, etc. Also, there may be conditions or restrictions applying when the property is unoccupied. A “specialist” policy that I saw recently imposed conditions if the property was unoccupied for more than seven days - not ideal if you are not a frequent visitor to your holiday home.

The High Net Worth insurers generally have a much more relaxed stand point. They will often give you the same contract of insurance that applies to your main residence and, in most cases, the same breadth of cover. In essence, this means it is possible to obtain worldwide all risks cover, including accidental damage, on your second home.

Also, the High Net Worth insurers will consider the property “unoccupied” after 60 days, provided it is furnished for normal habitation. So, if you or someone else visits the home every two months, normal cover remains in force.

To get a quote for your second home’s insurance, click here or call Geoff Moss on 01242 699113.

If you allow friends or family to use the home, or even if you occasionally let it out, it is imperative that you have sufficient Public Liability cover, should someone injure themselves whilst at the property and you are found negligent. The standard cover in the market is £1 million but by having High Net Worth insurance, the cover is likely to be £5 million.

There is one condition – the insurer will expect to cover both your main residence and your holiday or second home as a package, though waiting for the appropriate renewal date is usually acceptable. But considering you would be free to move your possessions between properties as you fit, it is perhaps not a significant hardship.

To get a quote for your second home’s insurance, click here or call Geoff Moss on 01242 699113.

Dovetail Insurance Services Ltd
Maple House, Bayshill Road,
Cheltenham, Glos, GL50 3AW. UK