Holiday Home Insurance - Protection for Holiday Home Renters
The last twelve months has seen an increase in the number of United Kingdom residents, opting to try a holiday in the United Kingdom. Although our weather may be a little unpredictable, the weakness of the euro, increase in the cost of airfares and the fact that a number of people have been put of flying and staying abroad as a result of a perceived increased threat of terrorism has lead to a mini boom for owners of holiday let property. However, it's essential that as an operator of this type of business, that you clear up any grey areas with regard to insurance responsibilities.
Whilst holiday home insurance will cover the owners property (usually buildings contents & liabilities). It does not provide any cover for the belongings of the renters. You will need to make this clear on your forms that personal belongings are not your responsibility. There is a good chance that the renters own home insurance policy will have a section that covers property, whilst temporarily removed from the main premises. Renters can check with there own insurers prior to travel to ensure, they have adequate insurance protection in force, to meet their needs.
There is usually cover for belongings under a Travel insurance policy, but the sums insured are not that generous and the single article limit may not be that high. It has been known, for holiday insurance providers, in the event of a claim, to try to make the home insurance provider contribute to the loss.
Many holiday makers have decided not to effect personal travel insurance as they believe that staying in the United Kingdom, means they do not need to effect cover and whilst this is true to a certain extent in respect of medical expenses ( you can usually obtain treatment under the National Health locally if you require it), there are other issues that will need to be taken care of. From both parties, point of view, cancellation insurance should be considered almost essential. This type of incident is a common claim in the United Kingdom. There a number of unforeseen events, mainly related to inability to travel as a result of sickness that are covered and as it is standard practice not to return deposits for cancelled holidays, you should enquire of your renters that they have this cover in force. This can help to prevent any unpleasantness, in the event that the person cancels their holiday and asks for a refund.Some cancellation policies will include cover for such events as death of a relative, jury service and even redundancy.As well as cancellation, it is not uncommon for holidays to have to curtailed for similar reasons, cover is also included for this scenario.
At Assetsure you can find out more about overseas property insurance and understand some basic holiday home investment tips.
