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Holiday let insurance UK and Abroad
A holiday let insurance policy is protection for those using their homes as a source of income by renting it out to a third party, along with those that have a second home they stay at when on holiday. This is a speciality type of policy which differs from the one you have on your main residence because of the different conditions and ways it is used.
Why doesn’t a standard home policy protect my holiday home?
In a standard home insurance policy, one of the requirements is that the structure to be protected is the main residence of the homeowner. This requirement is not present for a holiday home, as such it will not be covered with a standard home policy.
Another part of the standard home insurance policy is that the residence must have someone occupy it on a regular basis. If damage occurs and no one has lived there for more than 30 days, the claim will be denied. This is not the case with holiday let insurance.
What type of structure can be covered with a holiday let insurance policy?
The type of structure this policy will be valid for must have a fixed permanent foundation. The holiday home can be a small cottage, a large mansion, a simple lodge, standard home or even a barn conversion.
What makes the holiday let policy different from a standard policy?
It is understood that a holiday home will encounter long periods of time being unoccupied. The holiday home policy covers these periods so when something occurs that is not noticed immediately, it can still be covered.
This type of speciality cover also makes it possible to have protection if the holiday home is let out. This allows for people who are members of Airbnb, My Holiday Lets and other organizations that let out their homes to a third party for profit can also have their holiday home protected.
Is holiday let insurance required?
The only structures that are required to be covered with a holiday home insurance policy are those that have a mortgage on them and the insurance is required by the financial intuition loaning the money for the purchase of the property. If the holiday home is purchased outright, then insurance is not required.
If a holiday home is not covered by an insurance policy all damage that occurs to it by any source or means is the responsibility of the homeowner to cover with funds for repairs.
What is included in a holiday let insurance policy?
There are two main areas of protection this speciality type of cover provides the holiday homeowner. This includes the structure and content.
The structure or building
The structure includes the main home, the outbuildings and other fixed structures like pools and fences will be protected if damage occurs because of the following events;
Exclusions exist on all insurance policies and can vary, but typical exclusions include the following;
The contents include items in the home and on the property that basically are not nailed down. This protection is covered in the following circumstances;
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These are not included in a standard policy, but can be included at en extra cost
This provides cover if you cause damage by an accident, spilling red wine on a new carpet or damage caused by anciently leaving the water running. The damage extends beyond the property to include damage to guest or personal belongings.
If you need to employ a solicitor to help with a guest related issue or disputes with neighbours. The cover will pay for resulting legal costs (up to the policy limit)
What is available for those homeowners that regularly rent out their place?
Public Liability Insurance is an important part of a holiday let insurance policy for those that rent out their holiday home. This can be as much as £5 million worth of protection if a person is injured or dies while on your property.
Legal Insurance with the protection of up to £50,000 if there is a dispute between you and a third party that requires legal action.
Employer Liability Insurance is required by law if the homeowner has any staff working at the holiday home. This can be house help or outside help like gardeners.
Alternative Accommodations can be provided if the holiday home is being rented and become inhabitable due to damage to the structure that is covered by the insurance policy.
By having a holiday let insurance policy in place, the homeowner can have peace of mind that their investment property is protected against the unforeseen hazards that lurk around in their world we live in.