What many holiday homeowners don’t realise is that general insurers often do not cover holiday homes, and if they do the insurance is more than often inadequate.
Having tailored holiday home insurance is essential in order to protect both you are your guests. If you fail to have adequate cover you are exposing yourself and your guests to unnecessary risk. Here’s what a good holiday home insurance policy should include.
Building & Contents Insurance
As per your usual home insurance you should make sure that you have both building & contents insurance. You should also check that your contents insurance covers malicious damage in the unlikely event that someone willfully causes damage to your property. Don’t worry-this is very unlikely!
Public Liability Insurance
Public liability insurance provides protection for you in the event that something should happen to a guest on your property. It is your legal protection if you are found to be responsible for personal injury to a visitor at your property (including both guests and others).
In the event that your holiday rental property is unavailable for rental due to an insured event (e.g. flood, fire, etc) rent protection cover will pay for the loss of rent that you incur up to a specified amount.
An owner says…
“We have a holiday home insurance policy that provides both the standard building and contents insurance as well as the public liability insurance. In addition, we have $20,000 coverage for loss of rent in the event that we have to close the property for a period of time.”