Insurance is not cheap for anything but if you are looking to protect your holiday homes then it’s going to be expensive and difficult. This is a fact anywhere in the world. Local policies will be written in a foreign language and oversea policies will be overtly expensive.
A major factor to consider with holiday home insurance is that the policy will have several limitations based just on unoccupancy periods. This can include exemptions of cover, exclusions and much more. Moreover, one does not continuously stay in their holiday homes such as through harsh winter seasons but your cover will not take this into account. You still end up spending a lot for not staying there.
Comprehensive Covers with Holiday Homes
Many insurance providers usually offer a comprehensive cover that will take into account everything and anything such as damage to property when not occupied and damage because of natural calamities or events. Unfortunately, with such covers you have to read the fine print because there shall be several discrepancies between what they say and what they offer. Reading the terms and conditions will reveal what requirements they fulfill and what are left to contingent cover.
Moreover, any insurance policy with comprehensive cover usually has many security clauses that clients must meet failing which the cover becomes invalid. Having security cameras, burglar alarms etc. are considered as an integral part of such insurance policies that can help reduce the premiums and provide better coverage.
Choosing The Best Insurance for Holiday homes
Read on and find out what you ought to know before selecting the perfect insurance cover for your holiday home.
- Unoccupancy restrictions – Ask your insurance agent if there is any restriction on the length of time your property remains unoccupied. Usually, all insurance policies offer at least 30 days of unoccupancy and protect against any damage done in that time. Moreover, you as the client are required to keep the water, electricity and gas mains turned off during unoccupancy.
- Loss or damage caused by water – Depending on the location of your holiday home, chances are that there will be varying regulations to follow. Some places require that you leave the tanks and piping with central heating on during November to March. This is to protect the house from getting excessively cold and accumulating damage.
- Loss or damage caused by frost – There are few insurance covers that provide complete cover from damage due to accumulation of frost. In places where temperatures go below zero degrees, you need an insurance policy that will protect you against frost damage. Cylinders, tanks pipes and anything metal can become fatigued due to frost and your policy better cover this.
- Theft cover and security requirements – While most policies for holiday homes will protect you against forced entry and theft, very few cover theft caused by someone who had a key. Hence, ask your insurance agent if their policy will cover burglary by a contractor, cleaner or previous guest. Moreover, double check your security requirements since many policies require you to fit specific lock types, use burglar alarms and other protective measures. Many can even specify the brand of lock or alarm to use to become eligible for their protection.
- Public Liability Cover – This kind of protection under holiday home insurance policy is meant to safeguard the client against lawsuits filed by third parties because of injuries or loss suffered on your property. It can be an accident in the swimming pool or a fall down the stairs of your holiday home, having a policy that offers this protection is always welcomed in any situation.
Having an insurance policy for your holiday home is good but if it does not offer the above mentioned protection clauses then you are effectively rendering your property unprotected against potential damage and decay.
Infographic for the most expensive home insurance claims: