Letting your holiday home commercially has lots of benefits, however as with running any business it isn’t without risk. If you let your vacation home commercially for members from the public to take short term holidays, you should ensure that the insurer is aware; and that you do not fall foul of restricted cover in the event the property is not let. Look out for a policy providing cover in each of the following key areas:
Property Owners Liability: Without question the holiday home owner should give consideration to the substantial risks posed by third party liabilities. In this litigious society anybody who owns a business can all too easily find themselves on the wrong side of the compensation claim that can critically damage their wealth. You can also get in touch with expertautoinsurance if you are interested in knowing more about home insurance.
Buildings Cover: You should not overlook the actual investment property itself – it may very well be one of your major resources. To properly protect your vacation home property, you need to pay the buildings of your vacation home against all insurable risks for your full reinstatement cost, including any garages or outbuildings; fixtures and fittings; patios and driveways; garden walls, fences and swimming private pools.
Contents Insurance: Latterly as individuals expectations have risen, as has competition within the holiday home market, it is has become the norm rather than the exception that an owner spend 1000s of pounds furnishing their holiday property.