An increasingly popular new revenue stream for landlords is letting out their property to holidaymakers for short periods when they’re not living at the property.
It can generate financial returns greater than the buy-to-let average, and allows the owner flexibility for living in their property themselves in between renting it out to others.
But whilst the growth of holiday property letting has created a brand new market thanks to sites like Airbnb, many are unaware of the specialist insurance needed, at times, to run this type of business.
Here we detail everything you need to know about holiday let insurance.
What is holiday let insurance and how does it differ from home insurance?
Many would assume that letting their home on a short-term basis to holidaymakers and people travelling for business, would be covered by their standard home insurance policy, but that is not always the case.
Insurers may choose not to pay out if you were to make a claim in the event of a fire, theft, damages or accidents to your property, meaning you will be putting your property at risk during their stay.
For any holiday let, you will need specialist, tailored insurance that takes into account the risks associated with this type of let. Even if you are using a third-party hosting platform like Airbnb, you will need dedicated holiday let insurance to fully protect your property as most platforms do not include cover.
What does holiday let insurance cover?
Holiday let insurance can be applied to any property – from terraced houses to whole blocks of flats – and includes all of the features you would expect from a typical household insurance policy. For instance, our cover can include:
- Being able to be applied to portfolio insurance, where you have several properties.
- Cover for letting to professionals, students, DSS and asylum seekers.
- Claims hotline with counselling support.
- Domestic assistance helpline with advice and contact details for tradesmen.
- Discounts for alarms and security locks.
- Discount when you take buildings and contents cover.
- Easy payment by credit card or direct debit.
What happens if my house is left unoccupied between lets?
If your property is left unoccupied for 30 days or more, you must inform your insurer. If you’re planning on leaving it empty for this period of time, or can’t find a tenant, you will need to purchase unoccupied home insurance.
Holiday let insurance you can trust
If you’re looking to let your property on a short-term basis, the specialist home insurance providers at Adrian Flux are able to help you set up an extra income stream by providing you with the cover you need to do so.
For a swift, hassle-free quote, call the experts on 0800 369 8590 or book a callback at a time that suits you.