Second Home Insurance

Having a second home can be a fantastic place to spend your weekends or summer holidays. A second home is obviously different than a first home or main residence, and that is why you will require the correct Second Home Insurance policy to make sure you are covered against various risks.

Property owners who have second homes can do a number of things:

  1. Rent out on a 6 month AST – Landlord Insurance
  2. Rent out for short terms period – also known as holiday letting
  3. Use it themselves as a weekend or holiday retreat – no letting

If the second home is being used precisely as that – quite literally your own second home that only you will use (also known as a holiday home), there are some important things to consider.

So, what are they? Well, if you are fortunate enough to own a second home & require Holiday Home Insurance, below is just for starters:

  • Public Liability
  • Buildings insurance
  • Contents insurance
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You need to be clear what you are using your second home for!

Most will consider the second home as their own home that only they will use for breaks. However, if you decide to do just  that & in addition let your second home out at the weekends or at times when you are not going to be there, you must declare this to your insurer. This changes your Holiday Home to a Holiday  Home Let –  subtle differences is the wording but it can make all the difference to getting the right cover. Normally this will be agreed by your insurer, but to be safe do not fail to declare it. Some insurers may only cover second homes used by the owner, and therefore failing to declare it as a holiday let, could lead to difficulty if a claim arises. Most insurers, however, may charge an extra premium as the risk factor may increase due to a third party staying at your home. Some insurers may not charge anything at all – so be clear with your insurer, exactly, what your intentions are! Saying you need Holiday Home Insurance is easy, but make sure you explain your exact set up – a good broker or insurer should be guiding you anyway by asking certain questions at the quote stage.

If you intend to let your home out to tenants for 6 months, the you will need a landlord’s policy. If you are thinking of a Holiday Let, then why not take a look at the Holiday Home Association site – you may find some useful tips and get vital support!

Why is a second home insurance policy different & can’t I just purchase a standard home insurance policy?

No. A second home if used for the likes of weekend break by you, will have extended periods of unoccupancy that will not normally or consistently be the case with main residence. Extended periods of unoccupancy will increase the risk and also will often mean there are some conditions that will need to be complied with that may not be the case with your main home. If you choose the wrong policy, the chances are you would not be complying with some conditions that would be applicable had you taken out the correct policy, leading to potential claims being declined. It is therefore essential you are clear with your insurer, as to what the property is being used as.

What will a Second home insurance policy cover for?

Assuming it is used by you only, you should expect your second home insurance policy to cover you for Public Liability for at least £2,000,000 & possibly up to £5,000,000. In addition, to liability cover you should expect to have insurance as part of the policy for the following:

Fire, Lightning & Explosion

Earthquake

Aircraft & other flying devices

Storm

Flood

Weight of snow

Escape of water & frost damage to fixed water tanks, apparatus or pipes

Escape of oil from fixed domestic oil-fire heating installations

Smoke damage caused by a fault in fixed domestic heating installations

Theft or attempted Theft

Collision by vehicle or animal

Riots, Strikes, Violent disorder, civil commotion and malicious damage

Subsidence, Heave or Landslip

Falling Trees, poles or lampposts

Property Owners Liability up to £5,000,000

Accidental Damage to fixed glass, solar panels, sanitary ware & ceramic hobs

Accidental Damage to oil pipes, underground water and gas supply pipes, sewers, drains & cables

Loss of Rent due to you up to 20% of the sum insured for buildings

Alternative Accommodation

Architects & Surveyors Fees, debris removal

Anyone buying your property until the sale is completed

Trace & Access up to £2,500

Damage to lawns and gardens up to £1,000 from result of emergency services attending the premises

Damage to buildings up to £1,000 from result of emergency services attending the premises

Costs you have to pay for replacing refilling fire extinguishers and/or fire blankets

Optional Cover:

Full accidental Damage to buildings

Unoccupied Homes

Remember if you have inherited a property & as a result is unoccupied, you will require an unoccupied property owner’s policy. This will most likely cover you for Fire, Lightning, Earthquake & Aircraft only. For an extra premium you may be able to add extended cover, but it will depend on the insurer. Such a policy, should also allow for renovation works (you must inform your insurer of cost & timescales & general scope of the works first).  Most insurers will comfortably allow work up to £100,000 without charging an extra premium.

Top Tip – Always tell the insurer how long the property will be empty for and what you will be doing with your second home. This will enable them to assign the correct policy to you. Always declare to your insurer if you are running an air B&B – failure to do so could result in your claim being declined.

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Home Insurance

Holiday-Home-Insurance

Residential Landlord

Land Liability

Commercial Property

Why choose the Property Insurance Centre

Independent advice by approachable staff online or by phone

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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