French flood insurance claims deadline

For the second time this year France has witnessed devastating flooding. Following the worst flash floods seen in southern France for almost 200 years, torrential rain caused mud to pour through towns and villages in the Var region.

Floodwaters reached more than six feet in some areas causing substantial damage – holiday home owners are urged to check their properties.

For those insured with French insurers the deadline for homeowners in the Var to declare damage is July 31. Normally French policy terms require claims to be submitted within five to ten days for storm and flood damage.

As we have discussed before, this tight deadline for filing French insurance claims can leave those property owners… read the rest of “French flood insurance claims deadline” >>

Is your overseas property insured when empty?

If the credit crunch, the ash cloud or BA strikes have affected your overseas holiday home rentals and it now stands empty for longish periods of time, you may wonder whether you you’ll need to make special arrangements for your overseas property insurance.

You may wonder whether you’ll need special insurance when your property is unoccupied and what your obligations may be as a policyholder (for example, will you need to drain down water systems).

These concerns may be particularly relevant in the current economic climate as the credit crunch may mean that many people are tightening their belts and your property is empty rather more frequently than usual.

Of course, if you are lucky and have… read the rest of “Is your overseas property insured when empty?” >>

How to cancel your home insurance policy

With many types of insurance, including holiday homes cover, there is typically a period of 14 days during which you can cancel the policy if you change your mind.

This so called “cooling off period” was introduced by the Financial Services Authority (FSA) – which is the body that regulates the insurance industry in the UK.

It protects people who may have been pressurised into buying insurance products that they really didn’t want or those that may have made an error in terms of the policy they’ve selected.

These days, although pressure selling is hopefully less common, it is perfectly possible to still use this cooling off period to consider your deal and to reassure yourself that… read the rest of “How to cancel your home insurance policy ” >>

Register your gite or holiday home in France with mairie

The clock is ticking for owners of holiday homes and gites in France to register their property with the local mairie before 1 July 2010 deadline – homeowners could face a fine from €45 to €450 if they fail to do so.

Following the introduction of a tourism law, which was passed in July last year, anyone who runs a gite or a furnished holiday let in France must make a declaration to the maire in the commune where the property is situated. Also, if you are planning on running a holiday rental, you should register before commencing business.

Complete the two page form – Déclaration en mairie de location d’un meublé de tourisme –… read the rest of “Register your gite or holiday home in France with mairie” >>

Employers liability insurance for holiday homes

When you first bought your holiday home, you may not have intended that it would make you into an employer too. It might though – and you may have to take account of this when arranging your holiday cottage insurance cover.

The reason for this is simple. If you employ someone to, say:

• clean your property;

• mow the lawns and maintain the property;

• be available to handle any queries at your property from the people you rent to;

then you may be legally employing them. That applies to any situation where you are hiring them to carry out tasks for you at your request and have a contract of service… read the rest of “Employers liability insurance for holiday homes” >>

Recap of holiday home news: 11 June 2010

It’s time once again for our holiday home news round-up, here’s what’s been happening: how to add value to your holiday home, predicting holiday weather, tips for buying euros, France travel tips & domestic tourism set for a boost.

How to add value to your holiday home

He is one half of TV’s Location, Location, Location’s dynamic duo, property expert Phil Spencer. Following the release of his new book ‘Adding Value to Your Home’ his property investment tips are just as applicable to holiday homes.

Phil emphasises the importance of “enhancing your property so it is a place to take pleasure from”. This is especially true for holiday lets. Gone are the days… read the rest of “Recap of holiday home news: 11 June 2010” >>

Capital gains tax rise for second homes

Recently announced proposals by the new Chancellor of the Exchequer to increase the rate at which capital gains tax (CGT) is to be applied (from 18% to 40% or even 50%) and bring it back in line with income tax rates, may have raised a few eyebrows. Not least from those who would not typically have expected this sort of action from a Conservative-led government.

The effects on the holiday home and second home insurance market has yet to be determined.

The increases, planned to be announced in the forthcoming emergency budget on June 22, will affect all assets sold which fall into the capital gains category and this typically includes second homes.

So, once the… read the rest of “Capital gains tax rise for second homes” >>