It’s very common for first time buyers of a holiday or second home, to have the idea that insuring their new property will be the same as insuring their main home and why wouldn’t it?
Well actually, although your holiday home is still a building with walls, ceilings, floors and doors just like your main residence; insurers perceive a great difference in ‘risk’ between the two. This is due to the levels of occupancy being different. Where you would be living out of your main residence most days, in the case of a holiday home, it’s common that there are periods of days, weeks or even months where they aren’t occupied.
This reduced level of occupancy can make holiday homes an easy option for thieves, but also means that if any damage were to occur, for example water damage from a burst pipe, then it may not be noticed for a longer period of time. The escape of water can cause a hefty amount of damage within the first few hours, but if left unnoticed for days or even weeks, the costs to repair or replace any household items, or the home itself, increase exponentially. If however you had a burst pipe within your main home, the chances are you will notice the damage quickly, enabling you to react and minimize the damage.
Because of these increased risks, there are some unique requirements that insurers often require of you to validate the cover. Looking into these things in advance can help you prepare a quotation, well prepared in the knowledge of what to expect.
This is why it is imperative you use the right insurer that fully understands the unique requirements and risks a holiday home owner needs from their insurance.