Is it essential to have second home insurance?
Most mortgage lenders insist that homeowners have adequate buildings insurance in place. It is also generally recommended that you have contents insurance to protect your belongings. In the event of a loss or damage then contents insurance can help to cover the cost of repair or replacement. This is definitely a worthwhile investment if you are letting your second home to paying guests.
What if my second home becomes unoccupied?
Your insurer must be made aware if your property will be left empty for 30 consecutive days or more. An unoccupied home is susceptible to more risks, such as burglary, so your insurance provider may need to alter the terms of your cover to be able to continue to insure the building. A specialist provider can help if you are struggling to source empty home insurance for your second property.
What do I need to know to get an insurance quote for my second home?
Just like when you research insurance for your main residence, you will need to know the rebuild cost of your second property. This is the amount it would take to build from scratch, not your home’s market value. You should also know the year the property was built, the property’s history including subsidence and flooding, and the value of your belongings to be insured.