We finally Completed!!! - Question on Holiday Let Insurance

[Laurel]

Yay!! After 9 long months of waiting, we finally completed on our cottage this afternoon. Hooray, Hurrah etc!! Going to get keys tomorrow so all very exciting

Now need to sort insurance as a matter of urgency and would really appreciate your advice.

1) We're not going to be letting until June/July 2013 at the earliest. Do we need to get full holiday let insurance now or is this something we could upgrade to when needed?

2) Any recommendations for insurance companies to try first?

It's been so long in the buying that friends have started referring to it as our 'imaginary cottage'. Am very much looking forward to doing up the ACTUAL REAL house we've ACTUALLY REALLY bought. Also looking forward joining the ranks of LHM home owners rather than being on here as a bit of a lurker/daydreamer

Many thanks!

[Yorkshire Lass]

Congratulations!! How exciting! When we bought our first holiday let cottage we didn't actually start letting for about 6 months whilst we were furnishing and decorating it and I seem to remember that we were able to add it as a second home to our own home insurance at a reasonable cost (but it might have been for a limited time - I can't remember now). Once we got to the stage where we were ready to let we went to the specialist holiday let insurance companies (of which there are several). I would recommend Boshers and Schofields but do of course check the terms and conditions particularly in relation to keeping the heating on at a certain level in Winter to avoid burst pipes (or draining down the system) and having empty property visited at least every fortnight etc. Good luck - you will have a ball!

[AMC]

Hi Yorkshire Lass

One thing that i would make sure was included in your insurance (although i am sure you will have it in place by now) is public liability insurance.
The last thing you need is someone knocking on your own door wanting compensation for anything.

[Yorkshire Lass]

Yes - I think the specialist holiday let insurers would always include public liability insurance - certainly Boshers and Schofields do and this is a very important part of their offer.

[greenbarn]

Congratulations!

1) We're not going to be letting until June/July 2013 at the earliest. Do we need to get full holiday let insurance now or is this something we could upgrade to when needed?

As you realise, holiday let insurance is a specialist product, and a lot of insurers won't provide cover. Hence for cover before you start running the business make sure your chosen insurer will upgrade the cover, or be ready to accept cancellation costs if you have to drop them.

2) Any recommendations for insurance companies to try first?

Check out NFU; our local office fully understood the business. Also worth checking for any discount arrangements if you belong to the local tourist board - it might be worth joining just for that.
Don't forget loss of earnings cover.

[FordMill]

I can recommend NFU too.

[falbayview]

thro' management company for buildings and boshers for contents and public liability, found them to be most competitive.

[Laurel]

Thanks everyone and sorry for late reply. Am at the cottage and no Internet set up yet! We have gone with Cottagesure. Tried NFU, very friendly but could only offer insurance if we lived onsite. Bowshers will only insure properties that are currently, or imminently going to be let and our own insurance co. doesn't insure second homes. Has been difficult to research with limited Internet access at coffee shops so have gone with best rate of the 3 we found who would actually insure us! Will hopefully be able to shop around more next time.
Now off to Dunelm to buy bins and bits. Cheers!

[Mozzie]

I was very surprised when I started letting my house that I had to change my insurance - I thought after I notified them that a change was happening in the use they would just increase my fees but had no idea they wouldn't offer coverage - after being with them for 30 years with all sorts of insurance and only 1 claim in all that time!! It was difficult to find an insurance company that would cover my situation - after the earthquake (which is so relevant to holiday letting insurance! ) insurance companies are running scared and seem very hesitant to offer any coverage. Where has all the money they collected all the years they didn't have disasters gone, and the premiums from homeowners who haven't been affected?

[SandyBeaches]

Tried NFU, very friendly but could only offer insurance if we lived onsite.

Surprised at this as we have NFU holiday home insurance on one of our properties but don't live on site. But they would only do it for one property, and thinking about it we do have our main property insurance with them so it was just added to the policy.

We've been with NFU over 15 years so would recommend them.

[kg1]

We use Towergate and it includes Public Liability and we don't live on site.

[AMC]

Yes you really do need to be careful, shop around, don't assume that just because you have mentioned what you want from cover that it will be covered if anything goes wrong. IT WON'T, read your documents when they come through, check its what your really want, if not you still have chance to cancel (14 days i think).
If there's a loop hole when you make a claim, they will find it. Yes they will be fair and pay out ok as long as you have abided by the conditions, if you haven't they can and often do find out and you won't be covered.

[Lindisfarne]

Agree with what you say AMC and always best to be on the cautious side but Laurel has chosen Cottagesure to go with who are probably the most ethical insurer in the UK so I am sure they will be fine