Those lucky enough to have a second home will know the benefits it can bring. Whether you rent yours out for extra income or use it as somewhere to escape from everyday life every now and again, a holiday home is likely to be just as close to your heart as your first home.
However, due to its nature, it is likely to remain uninhabited for large parts of the year. This of course, leaves it more vulnerable to theft and damage. Unfortunately second homes are common targets for opportunist thieves. Even if you regularly rent your property out, you may notice poor maintenance at the hands of your tenants.
Second home cover gives you protection for both the structure and the contents of your property, allowing you to enjoy it when you are there, and relax with peace of mind when you aren’t.
What do I need to consider when finding second home insurance?
The type and level of insurance you seek will naturally depend on a number of individual factors. How often you frequent the home, who frequents it and the level of cover you require will naturally dictate the price range you fit within. The location and size of the property will also play a large part in your overall cost.
As well as standard structure and contents insurance, you may also want to consider a few extras such as damage to utility structures. The most important thing to bear in mind in your search is to make sure you get an adequate level of cover. This doesn’t mean you have to compromise on price however.
Use a comparison site
Comparing the market is probably the best way to find a good deal for your second home insurance. Because quotes vary wildly between providers, you may find the deal you end up with is a great deal cheaper than the first couple you are presented with.
This method also allows you to save a considerable of time trawling through individual sites, as well as enable you to compare quotes more accurately, on a like for like basis.
What else do I need to remember?
Remember if you plan to let your property out, even if you are not currently doing so, you will probably need a higher level of insurance that protects those staying in your property.
Finally it is imperative to remember to always read the fine print and not break any of the conditions, lest you render your insurance invalid.
- License: Royalty Free or iStock source: sxc.hu
Ben Austin is the CEO at Cost.co.uk, the nation’s favourite price comparison site, specialising in money, insurance, travel and utility deals.