Cheap holiday home insurance may be a top priority but just as important is that the policy you take out is adequate for what you need. For example, if you rent out your holiday home for part of the year does the insurance include public liability? Are you covered for loss of rental income in the event your property was damaged? These are just some of the things you may want to consider when looking for a policy.
Taking a combined insurance policy
To help keep down the cost of the insurance if you are taking out both buildings and contents cover you may want to take both policies with the same provider. Generally, if you take a mortgage to purchase your holiday home buildings insurance is a requirement. This ensures that if anything were to happen to the shell of the property you have insurance to rebuild.
Along with having money to rebuild the property, buildings insurance helps to pay for clearing the rubble from the site.
Contents insurance is of course your choice and is not a requirement. However, it may be a very valuable form of insurance, if for example, the property burnt down and you lost all of the furnishings etc.
What events are covered in a policy?
The buildings and contents insurance policy may typically include cover against fire, theft, storm, lightning, water damage, explosion, earthquake, vandalism. However, check with the provider to find out exactly what your policy covers.
Along with typically having protection for damage and destruction from the above, your policy may provide you with many other benefits.
If you plan to rent out your holiday home, you need tell your insurance provider, as it makes sense to have public liability insurance in the policy. Public liability insurance typically provides protection in the event a holidaymaker became injured while staying in your property. Anyone who slips or falls on your property may sue you and this part of the insurance typically pays towards your legal costs.
For peace of mind that you may lose money from rental costs if your property is damaged by an insured risk, you may want to check to find out if you have pre-booked rental income included in any cheap holiday home insurance. If so, it typically covers losses. This part of the cover may provide you with up to so much financial help towards a stay in alternative accommodation if the property is damaged whilst you are on holiday.
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