Protect your weekend home when you are not there with the help of a CoverBuilder second home insurance policy. With our comprehensive cover, you can feel at ease that your property will be protected when it is left empty. Whether you work away during the week or use your holiday escape once a month, we have a flexible policy that can cover your building and contents in full.
Help is at hand to cover your second home
Speak to one of our experts via our instant online chat option. We’ll help guide you through a quote to make sure your specific circumstances are covered whilst providing you with our most competitive premium.
Selecting the correct cover
Second home ownership in the UK is rapidly growing in popularity. This has been helped by an increase in the number of people taking “staycations” and more people working away from their main address. Many people also see property as a stable long-term investment. This boom in ownership has also led to increased demand for suitable second house insurance policies. Unfortunately, many of the current policies on the market are not able to offer sufficient cover.
Although it can be tempting to simply use a standard policy, this is very unwise. Your insurer would have the right to not pay out if you make a claim and may even cancel or void the policy. The best option is to take out a specialist policy that is tailored for occasional use and holiday homes.
Many people mistakenly believe that they should insure for the current market value of their property. However, this is incorrect. The buildings sum insured needs to cover the cost of rebuilding the property if there was a disaster that meant it was completely destroyed. The rebuild cost is therefore how much it will cost to replace the buildings in their current form. This amount should include garages and any outbuildings. It should also take into account luxurious permanent fixtures such as swimming pools, tennis courts and patios.
The right policy for you
You may have purchased a second home as a coastal retreat, to escape the busy city on weekends. This can be idyllic for those fortunate enough to be in this position. However, the majority of standard insurers are not willing to cover holiday homes. This is because they can frequently be left unoccupied for long periods of time.
In the same way as people will choose to purchase a holiday home for their own use, some choose to buy a holiday home and let it out to members of the public. As this is a commercial risk, a suitable landlord’s product will be needed for a holiday let. Residential policies will not be able to cover all of the risks involved in this scenario.
Property is still a good choice for investing your money as it is seen as a relatively safe form of investment. Often there is substantial profit to be made from buying a run-down property, doing it up and selling it on for a profit. Insurance during this time will need to be very specialist. This will account for the property being unoccupied and any renovations that may take place.
Many owners of a second property choose to maximise the investment by letting the property out to tenants. They are then able to generate an income through the rent. Again, properties such as these will require a dedicated landlord policy. This is not only to protect the property itself but also the landlord against problems with their tenants such as withheld rent.
After the death of a family member, people can often find themselves in possession of that person’s house. These properties will often be unoccupied for a fair chunk of time. This is while long-term plans are made for the deceased’s estate. Adequate cover during this period is vital, as the executors of the estate will be personally liable should anything happen to the property.
Buildings only cover
When thinking about the cover for your second house you will need to decide on what sort of policy you require. While buildings cover is likely to be a necessity, lots of people think about not taking out contents cover. This is not advisable. Although you may not keep anything of high value at your second home, it is surprising how much it can cost to replace even basic furniture. A suitable holiday home contents policy is just as important as your cover at your main address.
A good way to estimate the value of cover that you require is to walk room to room. Make a note of the cost of replacing each item in there – it will soon add up! That is why CoverBuilder offers joint building and contents policies. These can cover your home and everything in it, putting your mind at rest when the property is left unoccupied.
Adding personal possessions cover to your second home policy can also provide peace of mind. Items you will have on holiday with you will be covered when you are out and about with this cover. This avoids the need for multiple policies since you can cover your mobile phone, camera and property within one policy.
Cover for properties that are rented out
We are able to offer cover for properties with lodgers or ‘guests’ who will be occupying the property at the same time as you via our home hosting cover. We do not offer landlord buy-to-let insurance products, so can only offer cover for second homes that will be used exclusively by you and your family, rather than being let to tenants.