The demand for holiday lets in South Wales is surging since the pandemic started. There has never been a better time to maximise the value of your holiday home investment by renting it out to paying guests.
However, holiday let landlords are leaving themselves exposed by not having suitable holiday let insurance.
It is essential that your property is sufficiently insured, to avoid circumstances that could ruin both your property and your guests’ holiday.
What is Holiday Let Insurance?
Holiday let insurance covers you and the property that you use to let out to paying guests, friends, and family on a short-term basis. Policies typically cover public liability, accidental damage, loss of rent as well as periods when the property is unoccupied.
When you run a property that you let out to holidaymakers, there are many balls to juggle, insurance being a very important one. Not only you must consider the risks to the property but also to the general public and anybody that you may employ.
A standard home insurance policy is not sufficient to cover your holiday let as it will not cover commercially letting the property – which will probably invalidate the policy.
Although in certain cases it is not mandatory, this type of insurance will give you peace of mind covering you from unexpected possibilities. For example, if you have a major flood which results in some rooms being out of use, any accidents that have caused injury to a member of the public, burst pipes, or escape of water. These are just a few instances where insurance will cover the cost implications which will help you keep your business running.
With so many potential risks to consider, Cleddau Insurance can guide and advise you on the most efficient and cost-effective insurance policy for your holiday let business.
The Key cover to be included for holiday let insurance?
- Public Liability Insurance – Cover for any injury caused to a member of the public or damage to their property while on your premises. This also covers any illness from food or drink that may have been served.
- Employers Liability Insurance – Cover for any injury claims from staff members whilst working
- Contents Insurance – Cover for damages to your fixtures, fittings, equipment. We would also advise cover for guests’ contents in case of fire, flood, or theft.
- Business Interruption cover – A situation where the business had to close due to a particular circumstance, for example, flooding. You can claim any loss of revenue that would have been earned during that period.
- Buildings Cover – Any potential damage to the property, usually fire, theft, or flooding.
- Money Cover – Protection cover for any money on the premises, for example, tills, safe, etc.
Useful details to help us quote for your Holiday Let Insurance…
- Rebuild cost – The value it would take to rebuild the property if it were destroyed.
- Claims – Details of any claims you have had in the last five years.
- Security details – The type of locks on your windows and doors and any alarm systems you have installed
- Personal Details – Your contact details, occupation, address.
- Property Details – Property Type, number of bedrooms, the year it was built, address.