Last Updated on December 19, 2016 by Mark Lavington
For many holiday homeowners across the UK 2016 was a great year. For some it may have even been record breaking. As we approach the new year with optimism and await the January influx of Easter and summer bookings, have you considered what you’d do if your holiday home became unavailable for all of those guests to stay in?
Whilst fire, flooding and other insurable damage to your property will be something you’ll want to keep to the back of your mind and cross your fingers it never happens, for some it will, and for those people cover for loss of holiday letting income can be a real business saver.
Why loss of income insurance is so important for holiday home owners
Imagine if your own home were to become uninhabitable due to a fire, flood or severe storm damage. You’d find yourself waking up to some sobering consequences; having to find somewhere to stay, arranging the repairs and saving as many of your belongings as possible, all whilst continuing to live your daily life.
As a holiday homeowner you have an added concern; for every day your holiday home is out of action you’ll be feeling the pinch as you lose the money you would otherwise have gained from paying guests during that period.
If that time comes in the height of the summer season the financial implications could be doubled or even trebled while you race to get back on the market.
As specialists in holiday home insurance we understand the consequences of your cottage becoming uninhabitable. For that reason we offer to cover the loss of rental income you would have potentially gained for up to two years.
We’re here to support you should the worse happen. We’re here to get you back on your feet as quickly as possible.
How much cover do you currently have?
Having the cover is great, but you’ll need to make sure you have the right amount of cover; too little and you’ll feel the pinch, too much and you’ll be over-insured and paying for cover that you don’t need.
When it comes to our own insurance policy, we cover holiday cottages for a minimum of £75,000 of lost income over two years. So the questions for you would be, is that enough? Do you need to take out more cover with us? Our team, who talk to cottage owners just like you each and every day, will be happy to discuss this with you whenever you call.
If you’re insured elsewhere make sure you not only have this cover in place, but that you have an adequate level of insurance to cover your potential loss.
Unsure of how much cover you need? Take a look at your gross revenue for the past two years – is it higher or lower than £75,000?
Knowing you’ve got extensive cover for all scenarios
Insuring with a specialist provider has its benefits for holiday cottage owners; our cover is comprehensive and as a result of our knowledge and experience with holiday home owners we’re able to provide a wide range of cover.
Our own loss of insurance is for business interruption, meaning that we’ll take into account the letting history of your property, along with its future potential, rather than cover for holidays that have already been booked and paid for by future guests.
This can be quite a significant difference should you find yourself facing the need to rely on it. Always make sure you know the level and breadth of cover you have in place.
Boshers offer specialist holiday home insurance which includes cover for loss of holiday letting income. Cover is triggered following a claim for an insured peril. For information on how we can help support your holiday letting business call 01237 429444.
- Click here if you require holiday let insurance for your annexe
- Cick here if you own a single furnished holiday letting home, cottage or apartment
- Click here if you own a listed holiday home or cottage complex
- Click here if you own a holiday cottage complex
Boshers are proud to be one of a limited number of UK brokers to offer Ecclesiastical Home Insurance: