Home insurance for overseas property 'essential'

By Marianne Straker, Tue 15 Jul 2008 - Published in Home Insurance

Holiday home insurance is just as important as its domestic counterpart but some people think they do not need it, claims the British Insurance Brokers' Association (Biba).

Within any class of cover there will always be those who take out insurance but holiday home damage can be "extremely complicated and expensive" to repair, said technical and corporate affairs executive at Biba Graeme Trudgill.

Some owners of holiday homes believe their property is secure - maybe because it is located within an English community - but it "would be a risk" to leave it uninsured, he added.

In fact, cover in foreign countries is often reasonably priced and there are specialist products for different owners.

"The good news is that 90 per cent are insuring [their holiday homes] and it's just why the other ten per cent haven't," Mr Trudgill concluded.

According to recent government statistics from 2005-6, some 278,000 households own a second home in Britain and 211,000 have a home abroad.

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