A lot of people who buy a holiday home, second home, or other property in Europe or the UK are offered insurance coverage for their holiday home by an agent, broker, or foreign agent. It is easy to say “No”, but it may be difficult to accept the offer due to the unique insurance requirements for a second or holiday home.
There are greater risks associated with owning a second residence in the UK or abroad than you have to your primary home. This is why it is important to have second home insurance that is easy to understand, has broad coverage, and pays particular attention to holiday homes.
You should ensure that your holiday property insurance includes all taxes on foreign properties. Owners should have flexibility in their Buildings and Contents coverage to ensure they don’t end up paying too much for unnecessary cover. Some properties do not have a swimming pool. Some features are vital and should be covered by overseas home insurance. This includes legal liability for domestic staff, accidental damage to domestic supplies, and loss of use.
However, the true value of insurance can only be appreciated once a claim has been made. It is important that you can speak to an English speaking staff member who will assist you and coordinate with overseas loss adjusters. Foreign holiday home owners should not have to speak with an agent by telephone if they own property abroad.
It might seem that cheap holiday home insurance is the best option. But, you need to consider whether your needs are adequately covered by the policy. Low premium rates can be important, but overseas house insurance should be easy to understand, provide high levels of security, and give satisfactory results in the event that a claim is made.
You may not be able to protect your holiday property if you use an agent who is not a specialist in your area. You need to make sure you have the right property insurance for your home. Specialist overseas property insurance is required. You must also get insurance on buildings and contents that are designed for use as holiday homes, or for rental.
It is important to understand your insurance policy in order to protect your holiday home. Are you covered for domestic workers? What restrictions apply to letting, un-occupancy, etc. What do you do if there is a claim?
It is likely that your holiday home insurance policy was placed through an agent in one of the following countries: UK Spain, France Portugal, Italy, Cyprus Greece. Malta, Monaco, Andorra. This means that they may not have informed you or that you do not know.