Holiday home insurance

With so many different holiday home insurance policies to choose from it's often difficult to know where to begin. If you are renting a residence there are many reasons to get a renters insurance policy.There are many brands of policies available.

Things that are usually covered include loss from fire, vandalism, windstorm, explosion, theft, and various other stated causes. Flood is not covered and a separate flood policy is necessary for that.

Liability coverage may also be included in a renter’s policy. This covers bodily injury to others if you are liable. Typical liability coverage could be from $25,000 to $300,000. Other coverage’s may include loss of use, and personal property away from home.

Here are some suggestions to get the best coverage and price for a policy. You will often save by getting a renters policy from the same company as your auto insurance company. Shop reputable companies that you trust. Be sure to get a high enough limit to protect the value of your property. Consider a “replacement cost” policy if possible. This pays what new goods would cost if you have a covered loss. Make sure your agent explains what is covered and the terms of your policy.

It is vital that you protect your holiday property with adequate insurance, especially if you are going to use it for holiday letting. Most insurers see bigger risks associated with holiday homes because they are often left unoccupied for long periods and prone to burglary and weather damage, therefore finding suitable insurance can be difficult. But don't be tempted to use a normal house insurance policy and not disclose that the property is a holiday home, because insurers have the right not to pay if you make a claim.

Contents insurance

Contents insurance covers everything you would take with you if you moved home. This typically includes general contents within the home such as furniture, furnishings and electrical equipment. Most policies cover your contents in the event of fire, storm, flood and theft.

To calculate the contents sum insured you should work out how much it would cost to replace your contents on a new for old basis at today's prices. It is important that you get this figure right and don't undervalue your contents, as in the event of an insurance claim you may not get the full amount you were expecting.

Holiday home insurance policies do not usually cover personal valuables as most properties are often left unoccupied for long periods or commercially let. If you take valuables to your holiday home you should insure them under the all-risks section of your main household policy or travel insurance.

Are you protected if you let the house to someone who burns your carpet with an iron?

Choose a policy that covers accidental damage to contents, particularly if you are going to holiday let. Guests often aren't as careful as you and accidents do happen.

Legal liability insurance

It is very important that your policy includes public liability insurance, especially if you are planning to let your holiday home. These are litigious times and this covers you for legal costs and expenses following death, injury or damage to a third party on or near your property.

Employers liability

It is a legal requirement that if you employ people while running your holiday let business you have employers liability insurance. This covers claims for death or injury to anyone you employ, for example a gardener, cleaner or handyman.

Cover when holiday letting- loss of rent

If you plan to commercially let your holiday home it is important that you choose a policy that allows you to. Some insurers only cover use by friends and family as letting can increase the risk of a claim.

One of the biggest worries when holiday letting is if an unforeseen incident results in your property becoming uninhabitable as a result of, say, a burst pipe or a fire. During the peak holiday season such a disaster could mean thousands of pounds in lost income and a huge inconvenience. Choose a policy that will allow you to claim for the loss of rental income and pay for alternative accommodation for you and your holiday guests.

Legal expenses insurance

It is also a good idea to choose a policy that includes legal costs and expenses that you may incur. This will come in useful if for example, you have a dispute with one of the rentals occupying your property, or with a letting agency with whom you may have entered in to a letting agreement.

It is vital that you read the small print when choosing a holiday home insurance policy. You will find that most policies exclude cover if the property is unoccupied for more than 30 consecutive days, someone must visit the property every week and on special locks being installed.

Some insurers also insist the heating system must be drained when left unoccupied and the property is heated constantly to a certain minimum temperature. Would you be insured if your electric heating failed due to a power cut and a burst pipe occurred?

Here are some helpful tips:

• Leave a key with trusted neighbours who can check your property frequently, to reduce the risk of theft and damage.
• Beware of freezing pipes in the winter months. Leaving the heating on can minimise potential danger and water damage.
• Inform your insurer of any alterations you make to your holiday home.

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