Holiday Home Insurance outside the UK and Ireland
written in English
holiday home ownership is at an all time high and numerous owners have problems
with foreign languages, so it is vitally important that their insurance policy
is written in English.
problem for many holiday home owners is that once they have found their dream
property it's absolutely crucial that they get it properly covered. Without the
right insurance policy, they could have problems when they come to claim and find
out you don't have the cover they thought they had.
property owner needs to choose an insurance company with the policies written
in "plain English". jml Insurance.co.uk act as introducers to a number of specialists
Copeland International and Devon
have been introducing holiday home owners to these products for the past three
years and numerous insurance policy sales have been made as a result of their
Suter of jml-insurance.co uk said "Wherever you choose to buy your holiday home,
you're not going to live there full time and need to know your investment is properly
protected. Having the right insurance is all about understanding what assets you
own, what liabilities you are exposed to, and what external events can occur which
will put you at risk.
insurance policies can include variations and exclusions relating to burglary,
accidental damage or personal liability claims. Some of these might not include
water supply or gas supply pipes or electric cables to the property becoming damaged.
There might be restrictions on you letting out the property as a holiday rental
or longer let. Other policies might only give a maximum of 90 days un-occupancy
at a time and this is not very satisfactory if you have left your holiday home
in August and don't return till the end of January for example.
is imperative that you check all the details ("small print") thoroughly and if
need to keep the electricity on to keep the heating or burglar alarm working,
make sure you let the insurance company know this from the start."
the appropriate action from the start will avoid problems when a claim occurs
particularly if there was a fire caused by an electrical fault and under the terms
of the policy, the electricity was meant to be switched off!
client should never assume that what is covered under their UK home insurance
will automatically be covered abroad, as the expectation of what should be standard
cover differs greatly country to country, so that is why it does help having the
policy written in English.
the client arranges cover they must make sure the buildings costs are for the
correct cost of rebuilding. Many people think that they should get building insurance
at market value. If your property was worth €190,000 last year and maybe the market
price has gone down to €170,000 this year, it won't affect the buildings costs.
they would already own the "land" the property is situated on and so assuming
the property was destroyed by fire the insurance has to cover the removal or repair
of the building shell and the erecting or repair for the replacement. The sum
insured should be sufficient to rebuild all buildings as well as all outdoor structures
such as swimming pools, terracing or perimeter walls.
property owners are having difficult putting a price on the rebuild, they should
take advice from the insurance company. They must provide them with the dimensions,
basic materials the property is constructed with get help from the insurance company.
A specialist who covers a lot of countries should have comparables.
went on to say " Don't forget to insure contents as well, they should be insured
for their replacement value as new and one final reminder is that most policies
will provide liability cover to protect the owner of the holiday home should someone
be injured by, for example, a falling roof tile, tripping over a loose paving
slab etc. if you rent out your property, or if you employ domestic staff, you
should check that you have cover in place should a guest or an employee get injured."
of the holiday home specialists that you will find today not only cover holiday
/ second home property outside the UK, but also in the UK. Their policies are
designed for that specialist market and one company is now offering policies for
holiday home owners own
UK main residence.
course these insurance companies are not only targeting the holiday home market
outside the UK, but also some are targeting owners of main residence properties
situated outside the UK. There numerous "ex pats" who have moved to Spain, France,
Italy and other locations and they are often happier dealing with an insurance
company back in the UK, particularly if they have
language problems in the country they now live in.
is part of jml Property Services, the
trading name of Jeffrey
Milner Ltd. The company is an UK based
company that was established in 1979. jml
insurance acts as an introducer for insurance companies selling property insurance
including landlord and tenant rental products, pet insurance, wedding insurance,
motor insurance, car hire excess insurance, travel insurance and non standard
insurance products. They also operate jmlvillas.com
an online marketing service for owners of holiday home
property to advertise and are part of the jml
Group that includes jml
Training and Consultancy.
jml Property Services February 2009
a holiday home is the opportunity to have somewhere
to regularly visit. A home by the sea in the mountains or city centre. A base
to go and play golf in the sun or sail on azure blue skies - skiing throughout
the winter or walking each morning to that distinctive Mediterranean aroma of
pine and bougainvillea lazing around the pool or sitting by the river watching
time go by.
your reason for owning a holiday home property - pleasure - investment or business
there is one issue that you must not forget -
The insurance for it.
may consider insuring locally, but then don't understand the language well enough
if there are not advisers to help you in fluent English.
is the answer? Why not use an UK based company with
the policy written in English?
do I need Holiday Home Insurance?
you own or are purchasing a holiday home in the UK then most standard household
insurance policies will not protect rented property
therefore need to a specialist policy for your holiday home property that is designed
exclusively for properties used as holiday homes or let for holiday use. As an
owner of a holiday home, it is vital that you fully understand the extent and
limitations of your insurance policy. What restrictions are in place when letting
and unoccupancy etc? Do you have cover for public liability or loss of use?
home insurance policies abroad can be full of catches - Take care.
on a holiday home insurance abroad can be very complicated. Dealing with complex
insurance policies on overseas homes is something more and more people are having
to come to terms with.
are now more than 1 million properties owned by the British.
can you do? First of all read and check the small print in the policy. If it is
in a language that you do not understand have it translated.
whether your cover does exactly what it is so that the insurer cannot reject a
claim at a later stage.
sure that your property is compliant for a country's particular legislation. In
France now a swimming pool has to be properly gated and if your pool does not
comply with the law, it could invalidate the entire policy.
sure that your buildings insurance covers the gardens and outbuildings, not just
the insurance company know that you are letting the property out and when you
let it out to holiday makers, make sure that the visitors have taken out their
own travel insurance.
some cases you might not be covered for subsidence and earthquakes and the Public
Liability level is often lower such as in Portugal.
like in Britain you might have conditions, that if you are away from the property
for more than a month you might need someone to check it over regularly, drain
down plumbing and leave heating on.
you have a mortgage, the lender might be able to provide advice or as you might
well have a bank account with a bank in the country the property is situated in,
lot of British based insurance companies are now covering overseas properties
and many of these can be found via the web. There are now also many multinational
insurance companies operating, names that are familiar in Britain are becoming
just as familiar in France and Spain. Shop around and take care.
revival of UK Holidays, low mortgage rates and extra leisure time has meant more
people are buying second homes. If your additional property is your second home
or an investment, they
have one thing in common - the need for specialist insurance.