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Assetsure News 11th May
2007
Holiday Home Insurance News -
Holiday home owners are being asked to check the scope of their policy
wording to make sure that they have the correct insurance cover in force.
Spanish & Overseas property insurance
is a specialist sector of the market
and yet unbelievably, many people simply take out a home insurance policy and
fail to notify their insurer that the property is used as a holiday home or for
letting.
Not all insurers are happy with insuring holiday homes, frequently, there are
long periods of un occupancy which can lead to an increase probability of there
being a claim. Floods, Burst Pipes, Malicious Damage, all of these things worry
the standard home insure , thus if you require this type of policy, you really
need to go to a specialist,
If your holiday home is situated in the United Kingdom, then the policy
wording you will receive will be pretty much like the policy you have on your
own home. It will have a standard range of perils and liability covers. If you
let the property out to tenants, then you need to tell you insurer so as they
can endorse the policy wording to include the necessary liability covers.
Assetsure are able to quote and insure holiday home cottages, anywhere in the
United Kingdom as well as Spain, Portugal, Malta & Gibraltar.
If your holiday home is not in the Uk, then you will have to make sure that
the insurance policy wording you obtain confirm to all local requirements and
covers.
An insurance policy wording
for a holiday home in Spain will be quite
specialized and will include covers that are not found under a Uk wording. For
example, in Spain, it is usually to have to pay the fire brigade charges if they
are called to your home to put out a fire. The policy should include any costs
incurred by the policyholder, the local authorities or a third party to
extinguish a fire and stop it spreading perhaps to near by holiday homes.-
As well as the above, in Spain you will need to make sure that your policy
covers g Extraordinary Risks known as Consorcio. These special risk are arranged
in accordance with the provisions of section 6 & 8 of the Legal Statute of
the Insurance compensation board and cover includes such natural phenomena as
earthquakes, sea quakes, extraordinary flooding, volcanic eruption, atypical
cyclonic storms, falling meteorites and extraterrestrial bodies. Cover also
includes terrorism, rebellion, sedition, uprising and general rioting. There are
of course a long list of exclusions that have to be studied.
Consorcio charges under your
Spanish holiday home insurance should be viewed
as payment to the government rather an an insurance company for a series of
perils. In the event of an occurrence happening then the government will meet
any claim, providing of course it agrees that an extraordinary risk has
occurred.
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