July 2, 2022
  • July 2, 2022

Compare Second Home Insurance | Switch

By on March 11, 2021 0

What is considered a second home?

With most insurers, a second home is usually anywhere that is not their primary residence. For many, it will be a home for rent or a holiday home. For other people, it can be a base they use outside of their main home as a place to work or visit friends and family.

What is the definition of a second home?

Generally with a second home:

  • Spend less time in real estate

  • Do not keep personal belongings in the facility

  • Do not use the address for personal communication (voting, banking, etc.)

What are the types of home insurance for a second home?

For both your primary residence and a second home or vacation home, you should consider getting a quote for two types of coverage – building and property insurance. Or, you can get one policy that combines both. Sometimes it can be a cheaper and more profitable option.

What is Second Home Building Insurance?

Building insurance covers the property structure, including walls, roof and masonry. Should a fire, flood, or structural failure occur, this insurance would cover the rebuilding of the home and may cover materials and labor that would be required to rebuild or repair it.

What is Second Home Content Insurance?

Content insurance covers home contents such as electronics, clothes, and furniture. You can add an extra cover that can cover items, gadgets, and bicycles at home or away from home.

What are the types of second home insurance?

Vacation home insurance, empty house insurance, or empty house insurance is also commonly referred to as uninhabited home insurance, uninhabited home insurance, or empty home insurance. The four main second houses are:

As these homes are empty for some time, second home insurance is the only way to provide peace of mind. Second homes have a natural attraction for criminals or savage tenants, so it is best to consider both building and content insurance.

While they may not have the same valuables as your first home, replacing appliances and furniture can prove costly.

Do I need second home insurance for rental properties?

If you have a second property that you are renting out, you will need a different type of insurance policy to cover it.

As the owner of the rental property, you are now the landlord, so you will need landlord insurance. Unlike other types of second homes, it is likely that your property will be occupied as often as your first home. Although landlord insurance is not a legal requirement, when you take out a mortgage, your lender may require you to have one.

Landlord insurance will provide you with adequate protection for the building and equipment that you have provided to your tenants. In addition to insurance cover for income earned from the property and accidents that may happen to tenants if they think you are guilty.

Do I need second home insurance for my vacation home?

Unless your vacation home is located in a popular year-round vacation spot, it is likely to be empty most of the year. Because of this, insurance companies may find your home riskier and therefore will require its own type of insurance.

Vacation home insurance also protects homes in other parts of the world, in some countries these homes may be more exposed to other factors, such as weather conditions, to which they would not be exposed in the UK.

Read more about home insurance from our Uswitch Guide – What Is Home Insurance?

What if my second home is empty or I have a vacant property to rent?

Uninhabited home insurance policies usually include an employer’s liability clause in the event of an accident.

It is important to remember that building insurance for a vacation home or a vacant home will not be based on the market value of your property. Instead, it will be based on the redevelopment cost.

To get an accurate estimate of remodeling costs, a certified surveyor will evaluate your property. It could be something that you already have from your home purchase, or previous construction reports.

Do I need both building and property insurance for my second home?

Having second home insurance is essential, especially as your home may be empty for a while all year round.

The second home is a more likely target for burglary and possibly wild tenants. You may also not be able to fix problems at home when they occur, meaning the damage may worsen even when you are briefed on the problem.

Do I need liability insurance in my second home?

Some home insurance policies contain a liability clause, but this would only be necessary if your home is rented out.

Liability insurance covers the possibility of taking legal action against you in the event of an accident.

It also protects you from all the employees who work for you in real estate while you are not there. This can include gardeners, housewives, and builders.

Learn about Uswitch’s second home and vacant home insurance policies

What if my second home is empty for more than two months?

How often your property is vacant will determine what insurance you should get. Read the terms and conditions carefully and compare the offers from different providers.

If you know that your vacation home may be vacant for more than 30 days, you may also want to get a landed property insurance quote. Your holiday home insurance policy may be limited to 30 days.

Any second home abroad may be exposed to adverse weather conditions / natural disasters that you may not be familiar with in the UK. For this reason, it is common for insurance policies to exclude situations such as earthquakes and hurricanes.

Read more about home insurance from our Uswitch Guide – What is home insurance?

What other exemptions are common to second home insurance policies?

In case of damage to additions in a building, such as solar panels, you may not be covered by your policy.

Just like your primary residence, incorrect or unapproved security features may invalidate your insurance policy. Consider the locks and windows installed and make sure they comply with your rules.

For example, having the wrong types of locks on your doors or windows can void your insurance as it cannot be kept informed by your insurer of any fundamental changes to your property.

Top Uswitch Tips

Emergency protection

Some policies may also include emergency travel insurance for holiday homes overseas, so you can get to your property quickly if something happens.

Missed rent

Is it also worth considering a rental guarantee insurance? This insurance will ensure that your insurance covers the rent if the tenant is unable to make the agreed payments. Policies can cover from 6 to 12 months.

Make a checklist

As with primary home insurance, make a checklist of the items you own and will be insured and keep this as inventory. It will also be useful if you decide to rent your property.

Do not leave any valuables: Be careful not to leave anything of value in the property.

Consider additional insurance: Consider additional insurance, such as insurance for gadgets or an extended warranty for household appliances.

Find out about home insurance for homes with high net worth

How do I get the best home insurance quote for my second home?

Shop around before deciding on a real estate insurance quote that is right for you. The cheapest quote will not necessarily be the best for you and may not include everything you need.