It can be difficult to find which is the best insurance policy for a second home abroad. Many people will choose to stay with the first deal that comes their way as it causes them the smallest amount of effort at the time. This is definitely not the right way to do things, failure to consider all your options could lead to a lot of stress and expense later. It?s important to make sure that your second home insurance covers you for all eventualities and that your policy does not contain a catch or loophole that will render it useless just when you need it. Here are a few tips of what to look out for:
Security ? Holiday homes have a much higher risk of burglary as they can be left unattended for long periods of time. It?s important to know the conditions of your overseas property insurance policy regarding security ? many second home policies will only pay out if the house was fully secured and locked down when the burglary occurred. If this is the case ensure that any friends or tenants who will be staying at the property are aware of this, as they could leave the window open and nip to the shops, and you still wouldn’t be covered! Check whether your policy will only pay out if there is proof of forced entry, if this is the case it might be worth changing it especially if you rent your property as all previous tenants would have had access to your keys. If you can’t be there to hand keys over to tenants don’t leave them under the doormat, use a keysafe and have a local person that you trust manage it for you and change the combination between guests.
Personal property ? insurance for holiday homes does not often include personal items or valuables beyond basic household items. You probably won’t be covered for any extra belongings that you or your guests bring with you so it?s important to make sure you also have a good travel insurance policy, and don?t leave valuables on the property when you?re away. It?s also worth checking whether outdoor property such as bicycles, garden furniture, lawnmowers, barbecues etc would be covered if you were away if left outdoors or in a shed. Some policies only cover contents inside in the property itself.
Liability insurance ? If your second home insurance is with a company based abroad, be sure that you fully understand your policy as the rules can be very different to the UK. In some European countries a standard insurance policy for a holiday home won’t cover you if any damage is inflicted by guests to the property, they are expected to have their own ?liability insurance? to cover any such events. The problem is if your guests are themselves from the UK, they may not know this. You could inform every guest of the need to do this, but it might put them off and an alternative solution that’s probably easier would be to insure your property through a UK based company which will cover you completely.
Natural Disasters ? If your holiday home is in a country with even the slightest risk of earthquakes, storms or other such weather, don?t underestimate the implications this could have to your property. You may only visit the property in the sunny summer months but it is still there the rest of the year. Some insurance policies require a large premium from you in the case of structural damage by natural causes, so you should shop around for the best deal as there are many which don’t.
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