Holiday Let Insurance
- Thread starter CHE
- Start date
JimmyB
pfm Member
Yes, the insurance market is chaos at the moment due to Covid. They're all trying to recoup losses and many who would normally pay out on standard things are being difficult.
I asked my better half and she says depending what it is (flat, house etc.) then first port of call is ComparetheMarket but be careful what you're covered for in the policy (hint: cheapest isn't always the best).
Good luck!
I asked my better half and she says depending what it is (flat, house etc.) then first port of call is ComparetheMarket but be careful what you're covered for in the policy (hint: cheapest isn't always the best).
Good luck!
mandryka
pfm Member
I don't have holiday lets but for my rentals I did not see a price hike when I renewed in November, so it may be worth checking out what I do. I use a local broker who uses a broker service company called iprism. I only insure buildings.
As I say, I did not see a price hike, but I remember having to negotiate down their initial quote. I have never claimed.
hifinutt
hifinutt
yes i guess ones insurance would be invalidated if not checked every 30 or 45 days according to the policy
we use advent insurance through arthur gallagher . it has not risen much
https://www.ajg.com/uk/
JimmyB
pfm Member
Things like the 30 or 45day check is in there to basically make sure they never have to pay out as they know you'll never do it.
That's actually what your broker should be doing for you. My wife won't take a quote to a client unless she's happy with the price and policy, the client shouldn't have to do the negotiations. Generally if after that the client wants it's lower then it's a trade off on level of cover.
That's actually what your broker should be doing for you. My wife won't take a quote to a client unless she's happy with the price and policy, the client shouldn't have to do the negotiations. Generally if after that the client wants it's lower then it's a trade off on level of cover.
Can you explain what you both mean by these points please ?
I did have a query from my broker about occupancy to the effect that if the property isn't occupied for 'x' days then it won't be insured. As it's 20' from our main house and we go in to check everything at least once a week if it's not let, I suggested to them that is no different from having a bedroom you don't look in for weeks at an end; I'm still awaiting for the call back.
If I have to I'll just add it back on to the house insurance (it was on there before we took lettings) but I'd rather it was separate in case we decide to let it out again.
CHE
mandryka
pfm Member
I told the broker that I had received a better offer through an online service, they then revised their first quote down, considerably.
JimmyB
pfm Member
If left unoccupied then you need to get this as a special cover, the check thing is for an occupied property (e.g. with tenant) and it's to make sure you keep an eye on what's happening so that damage is not left to get worse and worse etc.
Yes, that's not a very good broker then IMO.
They should be working for you to get the best policy at a good price, if you have to push them to do that then they're just reselling and probably don't really know what they're selling you either.
A good broker will be able to help you differentiate between quotes they give you e.g. "this one is higher because it provides cover for this circumstance to the value of X compared to this cheaper policy which does not cover you for that at all". It's then up to you to determine the risk and make your choice.
You'll probably find them unwilling to help in case of a claim too whereas a good broker will help fight your case if they think you're being unfairly treated. My better half is dealing with a lot of Covid claims just now and fighting all the way for the clients who she feels should be covered by their policies, one of our ex-clients who took a cheaper quote elsewhere is having to do this himself (although she is providing some support when we meet him if we're out for a walk!!)
Resurrection of thread after recent long discussion with broker.
The basic problem I have seems to be common to many others I would have thought, namely only letting out for 6 months per year. Over that period I can get 'business' insurance, but if then unoccupied for so many days (seems between 30 and 45) it lapses. If anyone other than a tenant (ie if it were me or Mrs CHE, or family, or friends) doesn't stay at least overnight in every ~45 days then I'm not covered and need separate 'residential' insurance.
My current residential insurance (we're not letting this year) doesn't cover for tenants, so I seem to need two lots of insurance or else no longer let it out.
Anyone got a solution to insuring a holiday let part-time please ?
CHE
The basic problem I have seems to be common to many others I would have thought, namely only letting out for 6 months per year. Over that period I can get 'business' insurance, but if then unoccupied for so many days (seems between 30 and 45) it lapses. If anyone other than a tenant (ie if it were me or Mrs CHE, or family, or friends) doesn't stay at least overnight in every ~45 days then I'm not covered and need separate 'residential' insurance.
My current residential insurance (we're not letting this year) doesn't cover for tenants, so I seem to need two lots of insurance or else no longer let it out.
Anyone got a solution to insuring a holiday let part-time please ?
CHE
If it's a holiday let a simple clipboard check by your staff as part of the changeover routine should be plenty.