Holiday Home Landlord Insurance
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What defines a holiday home?
A holiday home is a property you own that isn't your main residence. It is used for short-term stays for you and your family, friends and also let out to paying guests. A holiday home can be a house, cottage or apartment and is often located in tourist hotspots like the seaside, countryside or in areas of historical interest.
If you are planning to rent out your holiday home, you need to make sure that it is properly furnished and equipped. You also need to comply with any local regulations that apply to holiday homes.
What is holiday home insurance?
Holiday home insurance is similar to home insurance except it is specialist cover for your second home. It will protect your property in the event of perils such as fire, flood and theft.
The purpose of a holiday home is different from your main residence - you won't live in it full time and you may earn an income from renting it out. As a result, your holiday home is more vulnerable to damage as it isn't monitored as closely. Empty houses are also at higher risk of break ins. In addition, paying guests are more likely to damage the property, compared to the homeowners.
What does holiday home insurance cover?
Buildings insurance overs the property's structure against damage from fire, flood, storms and vandalism. and will also cover fixtures such as kitchens and bathrooms. Permanently fixed hot tubs and swimming pools. can also be covered for certain perils. You will need to calculate the rebuild costs of your home prior to getting a quotation.
Contents insurance relates to the furniture and appliances and in the holiday home such as the beds, fridge, linen and TV. You will need to calculate the cost of replacing the items in the home prior to obtaining a quotation.
- Buildings only
- Buildings & contents
- Contents only (not including your tenant's belongings)
- Fixtures and fittings
- Full accidental damage
- Loss of rent
- Alternative accommodation
- Property owner's liability
- Unoccupied property cover
- Malicious Damage & Theft By Tenants
- Trace & Access Cover (most policies)
Our insurance expert says...
"To ensure you have the correct cover for your property, it is important to have all the details of your property and requirements to enable CIA to tailor a quote to match your needs."
What isn't covered?
General wear and tear and routine maintenance won't be covered by your insurance.
Some policies won't pay out for claims under certain circumstances, so check every detail before you take out cover. For example, if properties are let for an extended period or let to hen and stag parties, you may not be covered.
When you compare holiday let insurance quotes, CIA can explain everything that is covered. Our experts are a phone call away to help you choose a policy that meets your needs.
Do I need UK holiday home insurance?
Standard home insurance and landlord insurance policies aren't valid for holiday homes - you need specialist cover.
UK holiday homes are deemed a greater insurance risk because they are unoccupied for long periods. They are often located by the sea or near rivers, so can be open to the elements, putting properties at a higher risk of damage from strong winds and flooding.
Although it's not a legal requirement to take out holiday let insurance, it gives you peace of mind that your investment is protected in the event of unforeseen circumstances.
How much does holiday home insurance cost?
The cost of holiday home insurance depends on the type, age and rebuild cost of the property together with its location. The costs will also depend on the amount of contents you wish to cover.
To get cheaper holiday let insurance you can:
- Pay annually - With monthly instalments, you'll be charged interest, so pay one lump amount if you can afford it.
- Keep on top of maintenance - Making repairs as soon as they're a problem will prevent issues from escalating and reduce the chances of having to make a claim which will increase the cost of your insurance.
- Know the worth of your Holiday Home - Accurately calculate the worth of your buildings and contents to ensure you're not paying for more cover than you need.
- Get buildings and contents insurance from the same provider - It can be cheaper and more convenient to have buildings and contents insurance in the same policy. So if you want both, stick with the same provider.
- Compare quotes - Compare different holiday home insurance policies to find the cheapest quote for your needs. CIA can do this for you.
- Increase your excess - Having a higher voluntary excess will lower your premium; just make sure you can afford it in the event of a claim.
Frequently Asked Questions
Advice Centre for Landlords
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