Life is full of risk. Risk can make or break your experience on holiday and your experience as a Holiday Home Owner. Getting insurance on your property is essentially a matter of risk assessment, knowing your visitor and their habits, knowing your area, and knowing your home inside out. It is recommended before getting insurance to do a risk assessment of your home. Here are some guides and hints for what to look out for.
It is best to get a good insurer who knows the Holiday Home business and can tailor a policy to suit all your needs.
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Public Liability insurance for your holiday home is a must. This insurance protects you should anyone staying in your property or visiting your property have an accident or a trip or fall. There are special types of Public Liability if you have a hot tub, swimming pool, trampoline or similar items on your property. Let your insurer know the details of what you provide and they will draw up the best policy for you. This will protect you as we all know accidents can happen and you don't want to be held legally or financially responsible for them. Make sure to check how much cover is provided. 4-6 million euro indemnity is recommended by top insurers, but this may vary depending on your property.
If you hire staff it is important to include a budget for Employer Liability insurance, again the type will vary upon the activities of your staff. Speak to your insurer about the different types of insurance you can get to cover you for gardeners, pool cleaners etc, as these people should have their own cover, but you may have to also.
Make sure to have a home insurance policy that covers the house for damages by those renting. You can get deposits for this at the beginning of each stay, but this might not cover certain damages that may occur, so it is best to be insured.
This is a complicated area, as there are many conditions of these types of policies. The main thing to be aware of is the habits of your visitors. For example, holiday renters may leave the property door open when they go to the beach etc, so make sure to have devices in place that cover this risk. Also leaving keys hidden under the flower pot in the garden could invalidate your policy so remember to have a system that protects your legal status. Make sure also that theft by guests is covered as this may be an extra element of the policy that needs to be drawn up.
Advise your guests on getting travel insurance to cover them when they are outside the property and to help them should they need medical care.
If you live in a particularly cold place in winter, ask your insurer about getting a special Winter insurance policy for your home to insure against leaks and cracks from ice, flooding and storms damage.
If your property accepts pets, make sure you have pet cover.
One more thing to consider is insuring your livelihood. Should your home become uninhabitable for some reason, it is important to get cover for this eventuality so you retain protection for yourself and your family.