Failing to insure a holiday home could lead to expensive disaster
Posted on July 16th 2008
Britons could face "extremely complicated and expensive" consequences if they fail to ensure that their holiday property is covered by home insurance.
Recent research from Zurich Private Clients revealed that one in ten people do not have insurance for their foreign home, while a further 11 per cent were unsure if their policy was sufficient.
But Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers' Assocation (BIBA), has warned that complacency could lead to a nasty shock in the event of theft or damage.
He said: "The reasons are costs - people don't want to pay for it - and other people believe that they don't need it.
"They think that there is nothing in the holiday home of value and it's made of stone so nothing's going to happen to it as it's been there for a hundred years.
"The cover is there and is actually fairly reasonably priced as there are specialist policies. The message is to get out there because if you do get bad weather or any kind of incident then it could be extremely complicated and expensive to try and put it right."