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.