Why do I need holiday home insurance?
Taking out holiday let insurance is a good idea for several reasons. But they generally fall under two umbrella categories - peace of mind and financial protection.
Insurance provides peace of mind by reassuring you that your valuable property is protected should the worst occur. For many holiday let owners, this is invaluable. Constantly worrying about whether your property will be okay is stressful. Insurance alleviates that stress.
When it comes to financial protection, you must recognise that your holiday let is an investment. That investment has to deliver a return. Insurance guarantees that return by promising financial recompense should your income be threatened. In the case of considerable damage, it also enables you to return the property to a rentable standard without paying for repairs out of your pocket.
Do I need to take out holiday lodge insurance?
In general, holiday home insurance is not mandatory. However, in some cases, circumstances make it necessary. For instance, most mortgage providers will insist you take out building insurance before they agree to mortgage the property. This guarantees their investment should anything happen.
Another instance when you are required to take out insurance is if you employ people at the property. In this case, you will need employers' liability insurance.
Though holiday let insurance is not mandatory, it is highly recommended. Like all significant investments, protecting yourself and your finances is essential.