Letting a holiday home commercially has many benefits; however, there are also risks – such as not having the right insurance cover to protect your valuable investment. Independent Insurance Intermediary, Boshers Ltd, gives its top tips on ensuring the correct insurance is in place to prevent that cottage in Cornwall from becoming a calamity or the rustic farmhouse in Filey a financial farce, if the unexpected occurs.
Mark Lavington, Director of Boshers, says: “Many holiday home owners may unwittingly be relying on normal home insurance or worse have no cover at all. If you let your holiday home you should make sure your insurer is aware, and that all the necessary covers are agreed.”
He advises: “Your policy must cover property owners liability of at least £2million for injury to individuals – such as your tenants, visitors and guests and £10million for injury to employees. In this litigious society, anyone who owns a business can easily find themselves on the wrong side of a compensation claim that can seriously damage their wealth. Whether you let the property yourself or let through an agent, it is equally important that you have liability cover. However Insurance is no substitute for good quality risk management. It is therefore vital that you carry out a full risk assessment of your holiday home and it’s garden and meet relevant legislation.”
Read Boshers free Guide To Holiday Home Insurance entitled – Owners May Be Taking Unnecessary Risks!
Holiday Home Winter Maintenance Checklist. Boshers advises UK holiday home owners to use quieter periods, such as the Winter months to carry out essential maintenance checks so their properties are protected from inclement weather and in tip top order for the following letting season.
Mark Lavington, says: “Many weather related claims could be avoided if holiday home owners were to give their holiday letting properties a winter health check before the worst of the weather hits”. Furthermore there’s a `duty of care’ for owners to ensure that their guests’ safety has been considered
Mark Lavington, says: “Many weather related claims could be avoided if holiday home owners were to give their holiday letting properties a winter health check before the worst of the weather hits”. Furthermore there’s a `duty of care’ for owners to ensure that their guests’ safety has been considered
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