Posted on 06/05/10, filed under Holiday Home Insurance | No Comments
There are reports that the home insurance market is set to change, as insurers reconsider their exposure following the floods and big freezes that have hit the UK since summer 2007.
The knock on effect of this is that insurers are expected to increase premiums, excesses or refuse cover for high risk properties.
The home insurance market
The problem is that household rates haven’t increased in relation to the sharp increase in property damage claims caused by flash floods, storms and freezes.
- According to the ABI, the coldest winter in 30 years cost insurers £650m for weather related losses – such as the Cockermouth floods in November
- The AA, which
Posted on 30/04/10, filed under Latest News | No Comments
It’s time once again for our holiday home news round up, here’s what’s been happening: Volcano travel insurance claims & your rights, how to value a holiday home, which airlines are worst for extra fees and how to avoid them.
Iceland volcano: travel insurance claims & your rights – which.co.uk
Following the volcano in Iceland which caused travel chaos this month, resulting in flight cancellations and extra accommodation costs for thousands, many holiday home owners were faced with guests who couldn’t get to their holiday rental.
Rather than the holiday home owner having to refund the rent and lose out, guests have been advised to contact their travel insurer to see… read the rest of “Recap of holiday home news: 30 April 2010” >>
Posted on 27/04/10, filed under Holiday Letting | No Comments
There were lots of holiday let owners who feared the worst last week when there was a very real possibility that holiday rental guests would cancel their holidays for the unseeable future, due to the volcano in Iceland.
If one thing can be learnt from the travel chaos, it’s that holiday rental owners need to protect their rental income from the unforeseen, to safeguard against cash flow being stemmed.
Thankfully, it is possible for holiday let owners to insure themselves against loss of rental income should the unexpected happen to a holiday home. Loss of rent insurance will compensate for rental income due, should the holiday let become uninhabitable following an insured event; such as a fire or… read the rest of “Loss of rent insurance for a holiday let” >>
Posted on 22/04/10, filed under Holiday Home Insurance | No Comments
In the increasingly competitive market of holiday letting, holiday home owners are kitting out their properties to a high standard, with quality furniture and all the latest gadgets- in an attempt to be unique.
However, this often means that holiday home contents insurance sums insured are underestimated, because owners fail to take a proper inventory of their valuables.
It’s estimated that contents are underinsured by as much as 30%. The effects of underinsurance means you could be caught short if the worst happens, particularly with a ‘total loss’ e.g. a fire. Therefore, it’s important that you insure holiday home contents for the full replacement value, so that you are adequately reimbursed following theft, damage or loss.
Here’s how…
Posted on 19/04/10, filed under Holiday Letting | 1 Comment
Due to the continued travel chaos following the volcano and all flights being cancelled at UK airports, thousands of holiday let owners are in a dilemma with regards to guests who can’t travel to the accommodation.
Should guests get a refund for the holiday home they booked, but can’t get to?
As with all cancellations, it’s a difficult situation for holiday rental owners to deal with. After all, it isn’t the guest’s fault they can’t fly – but neither is it the owners who will lose out financially if they refund.
So what are the options?
Do the guests have travel insurance? (you should advise guests take out travel insurance… read the rest of “Airport closures – should you give guests a refund?” >>
Posted on 15/04/10, filed under Holiday Home Insurance | No Comments
We constantly stress the importance that property owners ensure they choose second home insurance that gives maximum cover with minimal exclusions, rather than deciding based on price.
However, it is essential that the holiday home buildings sum insured you declare is accurate, to avoid claim payments being reduced because of under-insurance.
Your holiday home buildings sum insured should represent the amount that it would cost to rebuild your home if it burnt to the ground or was destroyed by an earthquake for example. The rebuild amount should include the cost of removing debris, architects and surveyors fees.
It’s important that you only insure for the rebuild value, not the market value (how much you would get if… read the rest of “How to calculate buildings insurance rebuild cost” >>
Posted on 13/04/10, filed under Latest News | No Comments
It’s time once again for our holiday home news round up, here’s what’s been happening: HM Revenue & Customs (HMRC) targeting second home owners, who decides on holidays men or women? travellers warned of summer car hire shortages, how to invest £100,000 in property and HomeAway to list holiday home sales.
HM Revenue & Customs (HMRC) targeting second home owners
HMRC is trawling Land Registry data to identify second homeowners who have bought and sold properties and failed to declare their capital gains to the taxman. 
In addition, HMRC is also looking closely at second-home owners who have claimed maintenance costs in an… read the rest of “Recap of holiday home news: 13 April 2010” >>
