Second home insurance tips can help you to get the right protection at the best price on your holiday home insurance. There are many different factors that would need taking into consideration when looking for and choosing your insurance policy as protecting your second home is very different from insuring your main property.
The following tips should help you source the right deal ...
One of the first factors is to get an estimate as to how much it would cost to totally rebuild your second home if it should be totally destroyed. You can roughly calculate your rebuilding costs by using the building cost calculator for homeowners on the Association of British Insurers (ABI) website. However, also getting a professional valuation could be prudent as neither do you want to over insure and pay more for your cover, or under insure which could mean you had to dig into your own pocket before rebuilding could begin.
One of the most important second home insurance tips to follow is to check the terms of any policy you were considering regarding letting. If you plan on having the property as a second home and also wish to let it out during the times you are not there, check that this is allowable within the terms and conditions.
Make sure you know exactly what the coverage entails. The majority of second home insurance cover would provide financial protection against such as fire, theft, storm damage, flood and damage by vandalism. However, many more features can be found within the cover, as well as exclusions, so make sure you are fully aware of both the features and the exclusions. You should check to see if accidental damage to the property was included in the cover. This could include the home contents and the actual building itself. If you are planning on renting out the home as well as using it as a second home this should be considered an important part of the policy.
If you are planning on renting out the home then make sure that legal and personal liability cover is included in the policy. This will pay out a sum of money if anyone should get hurt while staying in your second home. Without it your legal costs could mount up to a considerable sum which you would have to find yourself.
Another of the essential second home insurance tips to take into account is the amount you would choose to insure for the contents of the home. While of course larger items such as TVs, washing machines and freezers would be taken into account, do not forget about the many smaller items that are often hidden away in drawers and cupboards. All of the little things add up and if you were to lose everything then of course you would have to replace them. If you are underinsured, then the extra amount would have to be paid by you.
Finally, using a specialist second home insurance broker can help you access a good deal. By drawing on their expertise, you can get the right cover at the right price.
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