Insurance on Second Homes

Insurance on second homes is often higher by up to 25% than on a residential home. A lot of factors are taken into consideration the length of time the property will be left unoccupied is the main factor.

For the years 2003 to 2006 the five top claims were 24% for theft, 18% for fire, 16% for water damage, 14% for storm damage and 12% for accidental damage.

One of the higher claim figures is for water damage either from burst pipes or dripping taps. The longer the property is empty obviously the greater the damage. If a property is to remain unoccupied for more than sixty days many insurers will exclude water damage.

Insurers will normally insist that to second homes should be made as safe as possible and that gas, electricity and water be turned off if the property is stand empty for a while.

The latest trend in France and Spain is for thieves to fill a house with sleeping gas through windows or air conditioning systems. They then break in and steal contents making as much noise as they want which includes taking safes out of walls. House owners are being made aware of this and are told to protect air conditioning outlets and to close windows.

For Insurance to cover properties abroad it is suggested that the owners get UK insurance because apart form the language barrier UK policies cover more than European policies and for greater amounts plus accidental damage is not included in European household policies. Some policies will even include the cost of counselling for those who have been psycologically harmed by violent burglaries. In some cases European Insurers have turned down storm claims saying that the wind was not strong enough to warrant claims being made.

Animals may cause damage especially abroad when a wild animal may enter a property and then get trapped inside the home this can result in a large amount of damage especially when the property may be empty for a few weeks.

Good comprehensive insurance is needed as much with second properties as with a first home.