
9 September 2024
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