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Second Home Insurance is very important if you have a second home in the UK or overseas and leave it empty for more than 30 days at a time. Whether you spend weekends away at your second home or go on regular holidays there, it is essential to have the right cover in place to protect your building and its contents.
A second home can be a great way to get away from our stressful lives and still feel like you are in the comfort of your own home. Some homeowners purchase a second home as an investment and they rent it out to tenants or renovate the property and sell it for a higher value. Having insurance in place gives you the peace of mind that you can enjoy your special place without any worries. If you are an investor, you can make sure that your property is always in good condition so it will maintain its value.
Call Wiser can help find the best policy for your needs. We have a team of dedicated insurance experts waiting by the phone in our head office in Andover, Hampshire. Call us today and we will ask you a few quick questions about your 2nd home and provide you with a competitive quote from leading insurers. So whether you have a 2nd home in the UK, Spain, France or Greece, you can call us today for free on a landline.
Second Home Insurance can in fact be added to the same insurance policy on your first home. When finding you the a Second Home Insurance quote, we will see if it is cheaper to add to your existing policy or whether to get a completely new one.
This main reason for needing Second Home Insurance is because a regular home insurance policy does not usually pay out claims on a second home. This is because insurers believe there are added risks involved with having a second home.
For instance, second homes are typically left uninhabited for the majority of the year because they are mainly for holiday purposes. Leaving your property unoccupied for 30 days or more makes your home attractive for thieves and this can put your belongings at risk.
Since the house is not being inspected regularly, any damages to the building can be exacerbated because they have not been looked at sooner. This includes damages such as fires, floods, earthquakes, frozen pipes or burst water mains. Second homes can be located in the mountains or coastline so you can never be sure whether a fire or flood can occur. Without insurance, you would be expected to pay for the repairs out of your own pocket and this could cost huge amounts.
There is also the fact that if you rent out your second home to tenants or other holidaymakers, they usually don’t look after it in the same way as you do and this can cause damage to your goods such as your TV, furniture, barbeque or garden.
So having the right Second Home Insurance in place is important to protect your building and contents, as highlighted below.
This is the most common insurance for second homes. This protects the building and physical parts of the house such as walls and roofs from damages caused by fire, floods and other disasters. So if you have Second Home Buildings Insurance, you will be able to make claims to repair and rebuild your property.
If you have a mortgage on your second home, having buildings insurance is compulsory requirement from mortgage lenders. This is because repairs can be so expensive and if you don’t have insurance, the costs will be so great that it could cause you to fall behind on your mortgage repayments.
The amount on your buildings insurance policy should be exactly enough to rebuild your home. Policymakers will try calculate the rebuild value of your property and they may require a chartered surveyor to verify. If costing out the building proves difficult, you can always purchase unlimited cover.
Contents insurance for a second home is not a legal requirement but it is useful in case any of your belongings are stolen or damaged by people that rent your property. Of course, you are recommended never to leave expensive items in your house or on show for a long period of time such as your laptop or jewellery. But is it not uncommon for a TV to be stolen if your house remains unused for months on end.
Most insurers allow you to insure up to £15,000 worth of contents, however some of these items may be covered by your travel insurance anyway, so it is always worth checking.
Additional cover for your second home includes:
Public liability – This offers protection if any damages or injuries are caused to other members of the public as a result of your property. For instance, if a water pipe bursts and leaks into your neighbour's house, you will be able to provide them with compensation.
Emergency cover – In the event of an emergency, such as a medical emergency, you may need to pay extra for a Doctor to visit your property because you are based in a remote location. Having emergency cover will allow you to claim this back.
Alternate accommodation cover – If you are renting out your 2nd home to holidaymakers but a malfunction causes your home to be unlivable, you can pay for alternative accommodation for the guests and claim this from you insurance.
Personal possessions cover – This policy gives cover to your personal items that you can take out of the property with you such as your mobile phone or iPad. Again, this may be covered by your travel insurance.
As a customer, you have the choice to select as many of these policies as you want or you can choose to include all in one ‘combined policy.’ When speaking to one of our staff over the phone, we will give you all the options available through Call Wiser and find the best policy to suit your needs.