Holiday home insurance in the spotlight

A HOLIDAY home insurance provider based in the UK has revealed that a third of holiday home owners have invested in the wrong insurance for their properties, resulting in substantial risk to both the owners themselves and their guests.

They, schofields.ltd.uk, surveyed more than 1,600 British holiday home owners, all of whom have at least one holiday property abroad or in the UK.

Respondents were asked: ‘Have you ever come to the realization that you have had the wrong type of insurance cover for your property, or one which was not what you wanted?’ to which a third stated that that they had. They found out the hard way with their wallet suffering the consequences. They realized their errors when trying to make a claim which they thought would have been covered by their insurance, but wasn’t.

The top five reasons for getting the wrong cover were:

1. Did not fully understand the policy I was buying

2. Details about my holiday home were incorrect which compromised the insurance

3. Had insufficient service which did not advise me properly about my policy

4. Did not fully understand what I needed

5. Did no research into what else was on offer


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Picture credit - Spotlight by Leon Brooks via Wikimedia Commons