Is Your Holiday Let Fully Insured?
The number of holiday lets in the UK has risen along with the appeal of the staycation to many UK holidaymakers, following Brexit, the pandemic and the downturn in the economic climate. Figures from the BBC show that in the three years to 2022, there was a 40% increase in properties being let out on a short-term ‘holiday’ basis - commonly known as ‘holiday lets’.
Tourist areas including Scarborough, the Isle of Wight, North Devon, the Cotswolds and Norfolk have seen large rises in holiday lets. They are often in rural or coastal locations, sometimes with plenty of space or outbuildings to convert, and owners can generate a good income by letting out their properties all year round, or in the more popular seasons like summer or Christmas.
Are you a holiday let owner?
You might be:- A property owner with a main home having an attached/detached self-contained annex, used for holiday letting by paying guests.
- Someone allowing a bedroom in the main home to be used for holiday letting purposes (usually on a bed and breakfast basis).
- An owner who owns a second home, used for holiday lets by paying guests when the owners are not using it.
- An owner who has bought a holiday let property solely for renting out to guests.
Are you properly insured?
Owning and running a holiday let can be an exciting venture, offering the chance to generate income while providing guests with memorable experiences. However, along with the rewards come responsibilities, particularly when it comes to insurance. Why do you need it? Well, there’s damages and breakages to contents, furniture or appliances. Unforeseen events like random plumbing or heating mishaps, perhaps while your guests are in situ. Or there can be larger, more serious disasters like fire, flood or escape of water. Once your home or property becomes a holiday let, standard household insurance no longer applies, and you may need a tailored bespoke policy. Ensuring your property is adequately covered is crucial to protect your investment, provide peace of mind and make sure you’re not out of pocket should damage or disaster strike.Here are the insurances every holiday let owner needs to consider
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Building and Contents insurance
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Public Liability insurance
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Employers’ Liability insurance
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Loss of Income coverage
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Alternative Accommodation coverage
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Accidental Damage insurance
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Legal Expenses insurance
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Emergency Assistance coverage
That’s a lot! How do you make sure you truly have everything covered?
Insurance needs can vary based on the location, size and usage of your holiday let, so make sure you regularly review and compare policies from different providers to ensure you have comprehensive coverage at a competitive price. Consulting with an insurance broker specialising in holiday lets, like Ascend Broking, can provide tailored advice and help you find the best policy for your needs. Investing in the right insurance for your holiday let is crucial for protecting your property, your guests and your income. By understanding and addressing the specific risks associated with holiday rentals, you can enjoy the benefits of your venture with greater confidence and peace of mind. Remember, the right coverage not only safeguards your investment but also enhances your reputation as a responsible and reliable holiday let owner.Other blogs which may be of interest:
The concerning rise in property fraud Businesses urged to update fire risk assessments ahead of London Fire Brigade policy changeAscend are holiday let experts with comprehensive knowledge of all the insurance you need! We can assess exactly what you require from your policy to make sure every aspect of you holiday let is covered. Call us on 01245 449060 or email info@ascendbroking.co.uk today!
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