Originally posted on CMJ Insurance brokers.
Are you puzzled by your insurance policy?
For individuals fortunate enough to own a second home within the European Union, the risks you face increase significantly and are seen as an even higher risk if you leave it empty for long periods. It’s important to understand that insurance can work very differently in other countries compared with the cover you expect from your UK home insurer. In the event of a claim this often leads to reduced settlements, or possibly the complete refusal of an insurer to provide cover. Think about how much protection your property needs, and what you need to cover.
Specialist holiday home insurance can provide peace of mind to ensure specific items at your property are covered, like solar panels, hot tubs and golf clubs. Taking out holiday home insurance overseas could potentially mean:
- The policy wording is written in a foreign language
- The policy may exclude some important elements such as ground movement, subsidence and trace and access cover.
Nicola Bromham, Account Manager of CMJ Insurance Brokers says: “We’ve seen many cases where a client has had a bad experience in the past; purely through assuming they were insured for something that in the UK you would take for granted. That’s because they had purchased the policy locally and didn’t or couldn’t read the wording. It’s an unfortunate truth that you only know the value of insurance once you make a claim.”
With the rising popularity of websites such as Airbnb, renting out your property is a good way to make extra income, but you need to make sure you have the right insurance in place to protect you.
This should include:
- Contents insurance with accidental damage cover (this is often excluded)
- Public liability cover (this protects you if guests are injured and take legal action against you)
- Employer’s liability insurance (this protects you if you employ cleaners or gardeners and they are injured whilst working for you)
- Loss of rental income cover
- Alternative accommodation cover.
CMJ Insurance Brokers only work with specialist overseas home insurers with proven records of excellent claims services in the European Union. Policies are issued in English and wherever possible, should a claim arise, we look to provide the services of an English-speaking loss adjuster who will work in your best interests. We can provide guidance to help you understand where weaknesses exist in your current arrangements and discuss an insurance policy that better suits your needs, underwritten by an insurer who is entirely aware of and comfortable with your home’s unique features.
If you have a holiday home and would like to ensure you have the correct insurance cover please do not hesitate to get in touch.