Second Home Insurance
If you own a second property, it’s important to ensure that your investment is protected against a range of risks, especially if it is left unoccupied for certain periods of time, is rented out or is located abroad.
Whether your second home is a flat that is rented out to tenants, a house that you stay in for work during the week or a holiday home that you visit several times a year with family and friends, read on to find out how Woodfield & Riley can help you find second home insurance that can give you the peace of mind that you require.
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What is second home insurance?
A second home refers to a property that isn’t your main residence, and therefore isn’t used as often as the property that you reside in permanently. When deciding which property is used as your primary residence, there are a few things to consider:
- Where do you keep the majority of your belongings?
- Where is your car registered?
- Is the property your family home?
A second home insurance policy is specifically tailored to the individual needs of second property owners and will ensure that you have the correct protection in place if things don’t go to plan and you need to make a claim.
What does second home insurance cover?
Second home house insurance can provide cover for the following types of property:
- A property that is let out to tenants: Landlords face a range of financial risks from renting or leasing a property, and it is important to ensure that your rental property is protected if things go wrong. It can also provide protection if your tenants are injured whilst living in your property and you are deemed to be at fault, as well as protecting the income that you receive from your rental agreement.
- A property that you use during the working week: If you live in a different property during the week for work, this will ensure the building and your belongings are protected while occupied and unoccupied.
- A property that you use seasonally or just at the weekend: If you use a different residence at different times of the year, this will ensure the building and your belongings are protected while occupied and unoccupied.
- A holiday home: A holiday home is classed as a property that is not frequently visited, and is just used for holidays or holiday lets (such as a villa, chalet, cottage, lodge, static caravan or apartment). Overseas holiday home insurance provides protection for a number of additional financial risks, such as cover if a tenant suffers an injury whilst staying in your property, and you are subsequently found to be at fault, as well as protecting any rental income if it is not possible for you to rent out the property due to damage.
Types of second home insurance cover
If you own a second property, second home insurance could provide cover for:
- Buildings insurance: If you own the freehold of the property, this will cover damage to the building’s structure and built-in features such as fitted kitchens as a result of fire, storm subsidence or a flood. It will also cover the cost to rebuild the property, including any outbuildings, terraces, tennis courts and swimming pools.
- Contents insurance: This covers internal items including furniture, carpets and curtains, and if it’s a flat you may also be able to cover communal areas such as halls, receptions, stairs and landings.
- Rental protection insurance: This will cover the rental income that you lose if you can’t rent out your property due to serious damage that has occurred.
- Property owners’ liability insurance: Provides protection if one of your tenants suffers an injury on your property or if their possessions are lost or damaged, and will give you some protection in the event of a claim and you are taken to court.
- Domestic liability insurance: Provides cover if a domestic member of staff (such as a cleaner, housekeeper or gardener) suffers an accident on your premises.
- Unoccupied property cover: Provides protection in-between tenants if no one has lived in your property for over 30 days. For example, this may be if you need to make repairs or renovations to the house or flat before you rent it out again.
- Emergency travel expenses: In the event of you needing to travel to your holiday home in an emergency, this will pay for travel expenses for you and a family member.
- Block insurance: If you manage a block of flats that is purpose built or has been converted, this will cover any risk management claims (in terms of asbestos surveys and fire risk assessments).
These are just examples of some of the types of second home insurance policies that we look after at Woodfield & Riley. As we know that no two properties are the same, speak to us today to find out which policies will best meet your needs.
Do I need second home insurance?
Having second home house insurance in place will give you added peace of mind in the event that things go wrong (such as a pipe bursting or a theft occurring). In order to ensure that your investment is protected, it makes sense to have a second home insurance policy in place.
The cost of second home insurance
The cost of second home house insurance depends on the level of cover that you need and any optional extras that you choose to add to your policy.
Factors which could affect the premium you pay include:
- The condition of your property.
- The security measures that you have in place.
- Your claims history.
- The location of your property.
- The number of properties that you manage.
Optional extras that you may choose to add to your second house insurance cover could include:
- Legal expenses.
- Rent guarantee.
- Loss of rent.
- Accidental damage by tenant.
- Malicious damage by tenant.
- Cost to repair damage in an emergency such as pest infestation, a burst pipe or gas leak.
- Theft by tenant.
At Woodfield & Riley we understand that cost is important to you, but it is crucial to ensure that you are properly protected. With that in mind, we will take the time to understand your specific needs and recommend the amount of cover that is best suited to you.
What else do I need to know about second home insurance?
When it comes to reducing the risk of a claim against your second home, there are certain steps that you can take. For example, make sure that you don’t leave valuable items in the home if it is being let out or is unoccupied, and you can also help to improve the security of your property by ensuring it is fitted with security devices such as alarms and window locks.
In addition, if you own multiple properties, it may also be possible for you to include all your properties under one insurance policy, which will help to save you admin time and money.
How can I get second home insurance?
Woodfield & Riley have a team of specialist advisers ready to help you get the right protection in place for your property.
We will take the time to understand your specific needs and are committed to delivering a completely personalised service, ensuring that you have the best possible cover at the best possible price.
To find out how much peace of mind costs, contact Paul by calling: 0800 0000 000