Everything To Know About Holiday Home Insurance
Protect your secondary property from unforeseen perils
- By Paddy Compare
- 05 July 2023
As the name suggests, a holiday home is a home that people own to holiday in. Unlike your permanent residency, it is a residential building that provides accommodation for short-stays.
One of the most significant benefits of holiday homes is the abundance of quality family time one gets, just by having a place to go to, to get away from your busy schedule. It is therefore essential to protect this home from any mishappenings.
There are 5 types of home insurance:
- Home contents insurance
- Building insurance
- Building and contents insurance
- Holiday home insurance
- Unoccupied home insurance
Paddy Compare connects you with reliable building insurance brokers who will offer you a policy plan which is well-suited to your requirements.
What is holiday home insurance?
Holiday home insurance, is basically a home insurance policy to cover your secondary property, whether or not you let it out.
This type of policy can be bought for the building, the contents, or both combined into one package.
- Buildings insurance will cover the structure of your holiday home and will pay out for repairs in case it is damaged by firearms, storms, flooding, vandalism or other perils.
- Contents insurance will cover your possessions inside the holiday home. This includes things that aren't attached to the building such as the furniture, TV, carpets, or other personal belongings.
Types of holiday home insurance
Holiday home insurance can cover your second property, even if it's abroad. There are three types of holiday home insurance policies:
- Chalet and log cabin insurance - A seaside resort or woodland log that may have unusual or temporary structures.
- Overseas holiday home insurance - Having a holiday home far away from you can be daunting.
- UK holiday home insurance - A smart investment if you let out your holiday home.
What does holiday home insurance cover?
The holiday home insurance cover is typically similar to a home insurance policy if only you and your family use it. If you let it out, then the cover is similar to the landlord's cover.
The primary benefit of getting a holiday home insurance policy is that it allows you to leave it empty for extended periods.
| What's included? | What's excluded? |
|---|---|
| Accidental damage cover - Unexpected damage by you or your guests. | Extended lets - You might need landlord insurance for long-stay guests. |
| Alternative accommodation - A temporary place to stay if your holiday home becomes uninhabitable. | Theft by occupants - If guests steal from you. |
| Emergency travel - The cost of you getting to your holiday home to sort out issues. | Hen or stag groups - Your policy might say you can't let out to risky occupants. |
| Employer liability - If you rent your second home out and employ anyone, like a cleaner or gardener. | Properties with more than 7 bedrooms - Check if there's a maximum number on the policy. |
| Unusual and non-standard building types - Like chalets and log cabins. | Other types of use - Some policies won't cover your property to be used as a halfway house or for social housing. |
| Loss of income - If you usually let your holiday home but can't. | Solar panels - If you have them, double-check if your policy covers them. |
| Public liability - The cost of someone taking legal action against you. |
Tips to save money on holiday home insurance in Ireland
- Pay annually in one lump sum, it is often cheaper than paying monthly.
- It's more convenient to buy builds and contents insurance together.
- Lower your premium by choosing a higher voluntary excess.
- Know the exact value of your belongings.
- Taking safety measures like fitting a smoke alarm can help in getting better deals.
- Maintain your holiday home to reduce the chances of your claims being rejected.
- Do your research and shop around to get the best price for your policy.
In addition to the above tips, it's worth considering the key factors that decide the cost of your premiums and valuable tips to save on your home insurance policies without compromising on the coverage you need.
Does ordinary home insurance work for a holiday home?
Buying home insurance for your holiday home makes sense theoretically. However, home insurance is designed to cover your main residence.
It is recommended to buy holiday home insurance for your second home as it covers:
- The times that your holiday home is unoccupied (for more than 30-60 days).
- If you let your holiday home out to guests.
- The risks that come with renting your second home.
By adding extra covers like public liability and employee liability, you protect yourself and your home, especially if you run a holiday letting business.
As you learn about Holiday Home Insurance, it's essential to check out other types of Home insurance to make a well-informed decision, which include:
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