If you own a second home, either in the UK or abroad, it is vital that your property is adequately insured. The type of insurance that you will need to consider will depend on what your second home is used for. For instance, if your second home is a holiday home and is only occupied during the summer months, then you may need to get out an insurance policy on it which accounts for the periods in which it is unoccupied. If your second home is used for the weekends only or for business during the week, you will need a more standard policy as it is getting a fair amount of use.
The most important reason for getting specialist second home insurance on a second home which is often vacant is to protect it from burglary. Unoccupied homes are much more likely to be on the radar of thieves and criminals, due to the attractiveness of having nobody to disturb inside. For this reason, normal home insurance is not adequate to cover your second home if it is not frequently used. As a rule of thumb, a home that is unoccupied for more than 30 days makes it attractive to criminals.
Even homes that are vacant over the weekend or during the week have a higher risk of being burglarized than homes that are constantly in use, such that they must be adequately insured.
It is also important to get specialist second home insurance on your second home due to the heightened risk of damage that could be gone unnoticed. If your home is unoccupied for a significant amount of time the property is not constantly monitored in the same way that a primary home is. This means that any damage that occurs to the property may get worse due to being left unresolved for some time. Your insurance policy will need to cover the risk of this occurrence.
Buildings insurance protects the building and physical parts of the house such as walls and roofs from any damages that may occur. If you have Second Home Buildings Insurance, you will be able to make claims to repair and rebuild your second property. These damages may be due to fire, flooding or similar.
Having buildings insurance is a compulsory requirement for mortgage lenders. This means that, if you have a mortgage on your second home, you must have buildings insurance for that property. Your mortgage lender will not offer you a loan for your mortgage if you do not have this level of cover, due to the risk that you will not be able to make your mortgage repayments if you have to pay for extensive damage on your home.
Unlike with buildings insurance, contents insurance for a second home is not a legal requirement. If you wish for your belongings that are kept inside of your home to be insured, however, you will need to get contents insurance.
The terms of your contents insurance regarding what is and is not protected will depend on the level of cover that you opt for.
Contents insurance will help you to replace valuable items in the case of accidental damage or theft. Because both accidental damage and theft can be more likely to take place in a second home, getting contents insurance is a great idea if you wish to safeguard your belongings.
Getting the best Second Home Insurance is easy with Proper Finance. Simply fill in a few of your details using our online form and you will be contacted by one of our specialist insurance partners. They will assist you every step of the way, helping you get a competitive quote for your second home and insured as effectively and quickly as possible.
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