Holiday home insurance specialists, Boshers Ltd advise furnished holiday let owners to review their cover and in particular to check that sums insured are correct. Mark Lavington, Director of Boshers Ltd said that, “many holiday home owners will find that their holiday home insurance falls due for renewal during the Spring and early Summer as this is often when properties were purchased or began their life as furnished holiday lets. This is therefore a poignant time to ensure that you have sufficient cover”.
Suitable holiday home insurance will give you peace of mind should the worst happen, however you’ll need to ensure the correct buildings and contents sum insured are specified to ensure the right amount of cover is provided as the implications of underinsurance can be costly.
The Association of British Insurers’ (ABI) rebuilding cost calculator is designed to help you assess the rebuilding cost of your property, if it falls within a range of standard house types. There is of course no substitute for instructing a professional Surveyor to prepare a Rebuilding Cost Assessment for insurance purposes. The RICS web site can be used to search for a Chartered Surveyor (http://www.ricsfirms.com/) in your area.
The most effective way of working out your contents sum insured is to draw up an inventory of all the contents in your holiday home, room by room. Against each item write the replacement cost for a similar brand new item. The contents of your holiday home includes everything that isn’t fixed, which you would take with you if you sold and interestingly also includes carpets, so ensure that you allow sufficient to re-carpet throughout. In respect of books, works of art, television and audio visual equipment a single article limit may apply, be sure to check that you have sufficient cover and for items exceeding these limits please refer to your broker for further advices. Index linking may apply to the contents section of your Holiday Home Insurance policy; however it is important that you ensure that the sum insured is sufficient at outset and each renewal. In today’s market this is particularly pertinent as competition for guests dictates that holiday homes are increasingly furnished to a high standard and equipped with expensive flat screen televisions and accessories such as hot tubs and home gyms.
Should you require any additional guidance or a holiday home insurance quote, please contact a member of Boshers Holiday Home Insurance Team on 01237 429444.