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Holiday Home Insurance
We know that
obtaining overseas property insurance for either the United Kingdom, Europe or
beyond is not easy; most insurance underwriters are not happy about either the
rental aspect of the risk or the fact that the property is frequently
unoccupied. If your Holiday Home is situated in Europe, our partners can issue
you a policy in English, provide you with assistance in English and calculate
all the local taxes applicable to the country where your property is located
and pay them on your behalf to the relevant authorities. Our partners
underwriters are quite happy to insure holiday homes for either building and
contents insurance and if you rent your holiday home out for periods of the
year as a holiday home cottage, this can extended cover to make sure
that you receive the necessary liability insurance cover. Owning a
holiday home, abroad can prove even more difficult with each country having
its own set of local taxes etc. Our partners are able to offer you a holiday
insurance policy that is sourced from underwriters in London, written in
English and which automatically calculates tricky local taxes for you. If you
are unfortunate to suffer a loss, your claim will be dealt with by English
speaking persons. Insurance can be provided to cover your property if it is
used solely by yourself or if you rent it out for part of the year.
As well as Holiday Home property in the UK, our partners can cover other
overseas specialist building & contents insurances form other countries.
Overseas Property
For the past few years, Briton has been waking up to benefits of
holiday home ownership as opposed to a buy to let investment. What are the main
differences. Well with a buy to let building, you purchase a property as an
investment, rent it out to a tenant and hopefully the rent received will cover
your mortgage rate costs and at some stage in the future, you will be able to sell
the property and make a profit. Holiday home ownership on the other hand
presents you with other more attractive opportunities. Many people are now
buying holiday homes in their favourite areas as a means of having a
second home
that they can enjoy and also as a means of providing an income via short term
paying guests. Later, you can choose to retire to the property or sell it and
receive the benefit of valuable tax concessions. The tax man considers holiday
home ownership to be earned income and you are taxed accordingly.
Assetsure can assist you in obtaining overseas property insurance and holiday home insurance for....
Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cape Verde,
Croatia, Cyprus, Czech, Denmark, Egypt, Estonia, Finland, Germany, Greece,
Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg,
Malta, Monaco, Morocco, Montenegro, Netherlands, Norway, Poland, Portugal,
Ireland, Romania, Slovakia, Slovenia, South Africa, Sweden, Switzerland,
Thailand, Turkey, United Arab Emirates.
Why is Holiday Home
Insurance so difficult to place?
One of the main
reasons is the periods of occupancy that are sometimes associated with Holiday
Homes. It is often possible that property is unoccupied for many months and
insurers are worried about the increased likelihood of Theft, Burst pipe &
Flood Claims. Of course if your Holiday Home is located in Spain, then the
chances of your experiencing burst pipe claims are diminished and this will
factored in to the premium that insurers charge. However, in the United
Kingdom burst pipes and more recently flooding are quite common. One of
the other problems experienced by owners of Holiday Homes is obtaining the
appropriate insurance cover for Public Liability should you decided to rent
your property out for Commercial Purposes ( or perhaps just to other family
members and friends.) If this is this case, even if it is only for a few weeks
of the year, you must inform your insurance company or you may find that in
the event of a claim, you do not receive the full cover. At Asset sure, the
policies we arrange will allow you to rent or lend the premises and you will
receive the correct Public Liability cover.
Tips on Finding Suitable Holiday Home Insurance
When arranging
your holiday home insurance, the same principles apply as to standard home
insurance. You will need to calculate your building sum insured and make sure
it is adequate as well as providing a new for old replacement value on the
holiday home contents. It is worth remembering that many insurers will not
want to insure valuable items that are left in the holiday home, these would
include items of jewellery or valuable collections for example. To
make sure you holiday letting business runs as smoothly as possible, we
suggest that you compile a comprehensive inventory of the contents in the
property. Photographs of larger items help and a note of the condition they
are supplied in. At the start of any rental period it should be pointed out to
your guests that any breakages should be paid for and the method by
which you intend to take payment. Serious incidents at the property such as
Fires, Floods or Break-ins should be reported immediately. Before you rent
out your holiday home, it is important that you not only find adequate holiday
home insurance, but you are fully aware of all the rules and regulations
relating to running this type of business. Holiday homes in the Uk , will be
subject to different rules and regulations, to those say in France in Spain . It
is important that you make yourself fully aware of your legal obligations before
you allow your home or dream holiday cottage to be occupied by tenants.
Policy Words Written in Plain English
