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Property Owners Liability Insurance
In Part 1 – Guide to Holiday Home Insurance – Property Owners Liability Insurance we look at the importance of liability insurance for holiday home and holiday cottage complex owners. Without question holiday home owners should be concerned about the substantial risks posed by third party liabilities. In this litigious society any one who owns a business can all too easily find themselves on the wrong side of a compensation claim that can seriously damage their wealth.
For this reason make sure that your Holiday Home Insurance policy includes Property Owners Liability of at least £3,000,000 of cover. If your property sleeps 8 or more people you may wish to consider increasing your cover to £5,000,000. It is vital that you are covered in this way for injury to individuals, such as your tenants, visitors or guests and damage to their property. Most, if not all, holiday letting agencies will stipulate in their terms of business that you have this cover in place in order that they will act for you. If you manage the property yourself it is equally important that you have liability cover. However, that said, cover is no substitute for good risk management. It is therefore imperative that a full risk assessment of your holiday home and its garden is carried out and relevant safety legislation adhered to. A common cause of holiday home insurance liability claims are those resulting from slips and trips resulting in a holiday cottage guest suffering an injury. Read our post limiting the risk of slips and trips in your holiday home.
Check out the following posts which expand on Boshers Guide to Holiday Home Insurance or visit our Holiday Home Insurance page.