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Second Home Insurance                       Home Insurance for People with Second Homes Abroad or in the UK Modern policy wordings in plain English Advisors waiting to assist you (not a call centre) Combined Buildings, Contents & All Risks Available In partnership with Intasure

Second Home Insurance Introduction - Britain is fast becoming a nation of second home owners, and sourcing insurance for a second home is not as easy as you think. There are various reason for obtaining a second home, often a property is inherited after the death of a relative and rather than sell the property, many people decide to keep the property as somewhere to enjoy weekends and holidays. Sometimes, a second home is acquired as a property that will eventually become the main home on retirement. These properties are frequently situated in coastal areas or beauty spots and homeowners can enjoy many years of visiting the property on a part time basis before moving in on a permanent basis. This type of purchase has become so common that properties in coastal areas and beauty spots now command very high prices. On other occasions, a second home is purchased for a family member who has to work away for a while or perhaps a son or daughter that has to attend college or university. With property prices climbing away at a steady rate, this method of obtaining short term accommodation has been seen as preferable to renting. Many people have acquired second homes as a means of having an annual holiday in a location they really enjoy and as a method of having a second income. Often, the property can be rented out and the income from the holiday rental periods is enough to more than pay more the mortgage. At the present moment, the government are offering favourable capital gains tax breaks on second homes that have been used as a business and an accountant will be able to explain the situation to customers. When it comes to insurance, insuring an extra property is not always that straight forward, if you approach any of the large well know insurance companies almost all of them will decline to quote on a property that is not occupied on a full time basis. This ISA specialist area of the insurance market and you will have to approach a company that deals in the insurance of second or holiday homes.   The majority of insurance companies shy away from providing cover for these type of properties as they do not like the prolonged periods of un-occupancy, often a second home is left unoccupied for long periods ( most standard home insurance policies in the UK will allow for the property to be unoccupied for a period up to 30 days. The problem with property that is left for a length of time are numerous, firstly, a property that is in sufficiently heated for period of time can lead to the pipes bursting in cold snap and also without anyone in occupation, it could be a fair amount of time before the property is discovered to be suffering from damage. Water peril claims including flooding are a major source of concern to insurance companies and claims can be fairly substantial. Statistics show that unoccupied second property can also be targeted by vandals & squatters, particularly if there is evidence that no one is living in the property. The good news is that there are a number of insurers that are quite happy to provide cover for this type of property, taking a common sense approach most of the additional risks of having the property can be factored out, mainly it is common sense but the following measures will usually be sufficient to ensure you can obtain a second home insurance policy. Arrange for a local person such a relative or better still a neighbour to inspect the property on a regular basis, most insurance companies will insist that the period between visits is no greater than 14 days. When visiting the premises, it is important that steps are taken to keep it tidy, all, letter, free newspapers and pizza leaflets etc should be removed from the letter box areas and any waste that has accumulated around the property should be removed, the garden should be kept neat and tidy and the areas around the property free from litter. Combustible materials should not be kept near the property under any circumstance. The water system should be drained down and switched off at the stop cock, this fairly simple procedure can help prevent serious damage at the property. An alternative to this, is to leave the central heating system on, this condition applies on many insurance policies between the periods 1st November and 31st March. If you are prepared to leave the central heating on in the property, remember to leave the loft hatch open as this can help any pipe work in the attic from freezing. On obtaining your second home insurance, you will note that the perils provided are almost identical to the ones given by a standard UK home insurance policy, this is vital as if you are acquiring a mortgage to buy your property, the cover provided must satisfy the council for mortgage lenders hand book. Study, the terms and conditions closely and make sure that you are complying with all the policy terms and conditions, whilst the cover may look the same as your normal UK home insurance policy, there will be extra conditions and warranties that you must comply with for a claim to be valid. If you intend to rent out your second home, you must make sure that this fact is declared to the insurance company. They will then be able to extend the liability section of the policy to include commercial letting. This will give you protection against claims from you tenants who injure themselves or damage their property in your home and claim it is your fault. Where do Brits Abroad Live? - approximately one in ten of UK residents lives abroad (over five million people).  The main distribution globally of popular countries are as follows:- Australia 1300000 Spain 761000 United States 678000 Canada 603000 Ireland 291000 New Zealand 215000 South Africa 212000 The European breakdown is as follows:- Spain 761000 Ireland 291000 France 200000 Germany 115000 Cyprus 59000 Switzerland 45000 Netherlands 44000 Portugal 38000 Turkey 34000 Belgium 28000 Italy 26000 Greece 18000 Sweden 18000 Norway 15000 Denmark 11000 Malta 9000 Austria 8500 Czech Republic 6800 Russia 6100 Poland 5600 Luxembourg 5500 Hungary 5200 Romania 4500 Gibraltar 3600 Finland 2800 Azerbaijan 2400 Serbia/ Mont. 1600 Macedonia 950 Iceland 940 Ukraine 900 Croatia 890 Bulgaria 800 Estonia 750 Slovakia 740 Bosnia-Herceg 540 Latvia 370 Slovenia 330 Monaco 320 Lithuania 290 Andorra 210 Georgia 200 Albania 190 Armenia 100 Belarus 100 Faroe Islands 100 Liechtenstein 100 Moldova 100 San Marino 100 Please see the Institute for Public Policy Research (IPPR) for more information and the latest research.  Assetsure are able to issue policies to cover second or holiday homes in both the UK & Europe. We welcome all enquiries.    UK Second Home Insurance UK - when considering the purchase of a second home, there are a number of important factors to take in to consideration. Of course if you are purchasing a home as a buy to let commuter, then the property location is academic, your choice will be considerably narrowed down by the location of your work. People buying a second home as a weekend retreat will usually pick a property that is within easy driving distance of the main residence but second homes primarily used as Holiday homes are almost exclusively in the UK's favourite beauty spots. If you are hoping to secure an income from your second home then the location and the facilities available will play a great part it determine if you are able to obtain an income from the property.  The following areas are seen as the most popular for second home purchase in the UK, there is usually a high demand for holiday home rental. 1-The Lake District 2-The Cotswolds 3- Cornwall 4-Devon 5-The Yorkshire Dales 6- Hampshire 7- Suffolk 8-Norfolk 9-Somerset 10-Isle of Wight 11-North Yorkshire Moors 12 Scottish Lochs 13- The Cairngorns 14 Northumberland National Park 15-Shropshire These areas have been popular for many years, traditionally with people from the United Kingdom but now with more information being available via the internet, these beautiful parts of the United Kingdom are also attracting visitors from further a field. The most popular second homes will have good facilities and if you are thinking of renting your property, you will need to make sure that the location has features that are likely to appear of interest to would be renters. Insurance for second homes in the Uk can be a little difficult to obtain but Assetsure have a scheme that will include property that has been purchased for the owners use and also for this people that want to rent it out to obtain an income. It is important to remember if you are renting property to make sure that you have taken out an insurance policy to cover you against liability insurance claims. Most Uk second home insurance polices will include Public Liability cover providing of course, you have advised the insurance company that you are renting the property. Policies arranged via Assetsure will cover you against a broad range of perils and will satisfy the council for mortgage lenders handbook. Second Home Letting Considerations  - as well as adequate insurance, you need to make sure that you comply with all local legislation relating to renting property. If you are in any doubt, you should seek professional assistance, a local letting agent or solicitor should be able to help you. In particular, you should pay attention to. Gas Safety (installation and use) Regulations 1994 - These regulations place a duty of care on all Landlords to make sure that all gas fittings, appliances and flues etc in the second home property are maintained in a safe condition.  A copy of the gas safety certificate should be left in the property, you could leave it in a drawer or on display for your renters to see. Instruction books for all the gas appliances as well as other equipment supplied should be left for the tenant. Not only does this ensure compliance with legislation, it will make the tenants stay more enjoyable.  Instruction booklets should be provided for each gas appliance supplied. Inspections must take place every 12 months Furniture and Furnishings (Fire) (Safety) (Amendment) Regulations 1993 - This is a very important piece of legislation and will help to keep ensure your guests safety, any furniture and furnishings provided by you as Landlord for use by the tenant must meet the fire resistance requirements of the above regulations.  The current regulations cover all upholstery and upholstered furniture property. Typical items that need to comply would include settees, armchairs, and sofa beds. The regulations do not apply to duvets, loose mattress covers and carpets. Please refer to the act for the full list.  Any item of furniture sold since 1990 will have regulatory display labels, which should not be removed, leave them so as the tenant can see that the item comply with the regulations. The Electrical Equipment (safety) Regulations 1994 - Whilst there is no statutory obligation placed on Landlords to have professional checks carried out on the electrical system or appliances at the holiday property it should be noted that under the Electrical Equipment (Safety) Regulations 1994 & The Plugs and Sockets etc. (Safety) Regulations 1994 there is an obligation to ensure that all electrical equipment is safe. for your tenants usage.  You should ensure that any electrical equipment supplied as part of a let accommodation does comply with the above regulations and is safe for usage   Overseas property insurance and holiday home insurance for....  Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Cape Verde, Croatia, Cyprus, Czech, Denmark, Egypt, Estonia, Finland, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Morocco, Montenegro, Netherlands, Norway, Poland, Portugal, Ireland, Romania, Slovakia, Slovenia, South Africa, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates. back to top Copyright Assetsure Limited 2007