What is a second home?
There are several factors that define your home as a second home including:
- How much time is spent at the property
- If it is let or lent out as a holiday home
- If its rented out long term
- Which address if used for legal, voting and banking purposes.
What type of second home insurance do you need?
Second home insurance policies use a different policy that cover homes that are left unoccupied for more than 30 days, but they cover the same main things as regular home insurance such as buildings and contents insurance. You need a specialist policy for second homes because if they are left unoccupied for longer periods of time this means that there is a higher risk or theft or damage going unseen.
Buildings insurance: It’s a good idea for all properties to have this, even on properties without mortgages so that the cover can be tailored for your specific needs
Contents insurance. This will cover the contents of the home like furniture and appliances so this should be taken out on any second homes that are furnished.
What if it is used as a holiday home?
If you own a second home that is used as a holiday home, regardless of length of time it’s used for, you must tell your insurer. This is because of the risks involved inletting out a property to strangers who may not respect your home in the same way that you would, resulting in damage to the property.
If the holidaymaker suffers an accident as a result of lack of maintenance to the property, you could be held responsible. Your second home insurance can cover you for damage or injury to other persons at your property and associated damages and legal costs under public liability insurance but you will need to discuss this with your insurer to be sure you are covered.
Can you get cover for overseas properties?
Yes. Specialist insurance providers will cover for second homes outside the UK but only in certain foreign countries so you will need to ensure that your property is in one of the approved countries with your insurance provider.
However, its worth bearing in mind that the rules might be slightly different for properties abroad, for instance some insurance wont cover damage caused by earthquakes in Greece. If you choose to insure your property with a company based in that country, make sure its reputable and all policy documents are provided in English so you can be sure what’s covered.
At CGA Protect we can offer cover for a variety of second home and holiday let properties including:
- Second homes
- Weekday homes
- Let’s to family and friends
- Commercial holiday lets