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Beware of underinsuring your holiday home contents insurance

Friday, 06 August 2010 10:58

As the nature of a holiday home is such that it is left unoccupied for long periods of time, it often runs a higher risk of theft or damage. Given this, many holiday home owners underinsure their second homes and the contents of those homes. Many holiday home owners fail to update their insurance and their holiday home content insurance.

While the structure of the home and the property are well worth the investment of an insurance policy, homeowners often forget to insure their accumulating contents. Contents insurance also includes the contents home owners take with them on holiday. To avoid this, Pinion Insurance Brokers (part of the Aon Group Company), recommends policyholders keep an asset inventory system.

Compile a list of your second home content items and assign a replacement value to them. Many insureds are surprised to see how much their contents add up to. The smaller content insurance items are just as important as the larger items, as damage caused by floods or other water damage can result in a large financial loss.

Most insurance companies will provide an inventory for their clients with the total cost of the items. With this inventory, it’s a good idea to take photographs of the items, particularly the more expensive ones. These photographs and your insurance policy should be kept in a secure location so that they are not destroyed in the home.

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Beware of underinsuring your holiday home contents insurance

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