Uk Holiday Home Insurance Why Do So Many Overlook Holiday Home Insurance?
In recent years, there has been a measurable increase in the number of Brits whohave purchased a holiday property either abroad or in the United Kingdom. Based on ONS population projections for 2011, this figure equates to 1.7m holiday (or second) homes in the UK and 786,000 UK owned holiday / second homes overseas. The reasons for purchasing a holiday home will be varied, ranging from a financial investment, a desire for cheaper holidays or an alternative to a pension later in life and retirement planning.
Whatever the reason for buying a holiday property often there is a mindset that because the property may generally be vacant there is less chance for the property or its contents to be damaged. As a result holiday home insurance is often overlooked. Unfortunately being away from a holiday property can increase the risk as even a small problem can very quickly escalate if not resolved quickly as it would be if it occurred in your primary place of residence. Incidents such as leaking pipes can quickly result in flooding causing serious damage both to the contents and to the structure of the property.
Holiday home insurance shouldn't just be a nice to have, it's a must have. Whether it's protecting your investment or protecting the home that you wish to holiday within, it is vital that you have peace of mind and protect your assets and investments. It is important when sourcing holiday home insurance that it is clear what you are actually being covered for. Many holiday property insurance companies will place restrictions on what is covered and when it is covered. i.e. if you plan to let your holiday property out or allow friends to stay, you may find you don't have the right cover in place.
It is also worth noting that if you own a holiday prroperty for letting/renting purposes here in the U.K then any holiday home insurance premiums you pay to an insurer can be considered as tax deductible expenses from any income the property has generated. It's always advisable to consult an accountant or HMRC before claiming such allowances for UK holiday property insurance premiums.
Whilst you should always shop around for the best price for UK holiday home insurance, it's important to consider the full extent of the cover that is being provided. Cheapest isn't always the best. Always check that your holiday home insurance company is underwritten by a respected and market leading name in the industry.
Owning a holiday home either abroad or here in the U.K comes with the same issues to manage as owning your primary place of residence. As such the same precautions should be taken in all respects and especially in terms of UK holiday property insurance.
Do not take a chance on your assets and financial investments, ensure you get suitable cover in place today and give yourself the peace of mind that your insurance is one less thing to worry about and you are covered.
by: Christopher Smith