Top tips when buying holiday home insurance
It can be a complicated process to find the right insurance cover for your holiday home, as there are so many different providers out there. One of the biggest differences that you’ll notice between policies is their price. But are all holiday home policies otherwise the same? Is cheap always cheerful?
To help you make a choice, the knowledgeable team from Compass has made this list of Top Tips to consider when buying holiday home cover:
Understand the risks
Understanding a holiday home’s vulnerabilities is the first step in identifying what you’ll need cover for. This, in turn, will make it easier for you to identify which polices aren’t up to scratch. Water escape, vermin damage, storm damage, malicious damage by a hirer… these are just some of the more common sources of damage to a holiday home. Likewise, they are some of the more common risks for which some (but not all) insurers may exclude or limit cover, or attach cover conditions to.
Sweat the small stuff
It’s easy to forget everyday items when you think about contents insurance for your holiday home, including bedding, clothing, shoes, toys, furniture and decorative accessories. There’s no shortcut here. Make a list and add up their value – you might be surprised how much it is all worth. (Some contents may be covered under your household insurance policy, particularly on an “All Risks” basis/away from the premises – it’s worth checking!)
If it’s not covered, you can’t claim!
Then there’s the special, higher-value items that you and your family will need to have covered. These may include bicycles, cash, jewellery, freezer items, gaming and computer equipment. Some insurance providers cover all or most of these, others may not cover them at all, or only within restricted limits.
Don’t forget to check whether big, expensive, more structural items such as steps, balconies, sheds, hot tubs etc. are covered too. Some insurers automatically include cover for these items within the structure/buildings sum insured, other providers may not, or will charge extra for them.
It’s an easy detail to miss, but there can be a huge difference in the excess charges levied by different providers, which is one of the reasons why some policies are so much cheaper than others. Are you happy with yours?
Did you know…?
When a caravan is damaged beyond repair, it will need to be disconnected, removed from its pitch and disposed of. A replacement unit will then need to be delivered, sited and connected. These specialist processes can cost several thousand pounds, but not all holiday home insurers cover it. Does yours?
Open all hours?
How do you make a claim if you need to? Will someone be available to assist you in an emergency 24/7/365? Will your park owner be able to help you, especially if you’re not there when an incident occurs?
Take a moment
Finally, take a moment to consider how a loss, big or small, would affect you. Will your chosen insurer respond to a claim in the way you’ll need them to – quickly, professionally, supportively, satisfactorily? This is the ultimate question when it comes to buying a policy. Be sensible. As with anything else, you tend to get what you pay for when it comes to insurance. Making a relatively small saving by opting for a cheaper policy could end up being the most expensive money you never spent when you have to make a claim.
Compass has focused solely on insurance for caravan parks and holiday home owners for over 40 years and we like to think we know a thing or two about what makes a good holiday home insurance policy. With many thousands of satisfied customers, we’re confident that we offer the right cover at the right price. Contact us to find out more.
Tel: 01452 511600