Schofields Holiday Home Insurance News & Advice Blog

Schofields Holiday Home Insurance News & Advice Blog http://blog.schofields.ltd.uk Wed, 01 Sep 2010 15:14:04 +0000 http://backend.userland.com/rss092 en Risks when renting your holiday home to friends

Discovery of old friends A recent survey highlighted that a very high percentage of second home owners have been subjected by family or friends to a request (directly or more subtly) for a free or cheap holiday. No-doubt the credit crunch, weak pound and ‘staycation’ trend are all contributing factors. Just about anyone that owns a holiday rental will, at some time or another, have suddenly found they have friends and even family coming out of the woodwork. It can be amazing how quickly the conversation will be steered around to that holiday property they’ve just heard you have read the rest of “Risks when renting your holiday home to friends” >>

]]> http://blog.schofields.ltd.uk/1649/letting-holiday-home-to-friends/ Wear and tear at your holiday rental The peak summer holiday rental season is nearly over and no doubt your holiday home has seen an influx of guests – some properties see as many as 30-40 different families throughout the year. I often come across rental owners ‘ranting’ about guests who have stained towels, bedding or sun lounger cushions, left a mug ring on a coffee table or misplaced sun umbrellas. Owners need to accept that holiday letting comes at a price - accidents happen. Occasional damage and wear and tear are part of the risks when holiday letting. On occasions, owners need to absorb these cost as ‘part of the territory’. Don’t get me wrong, damage deposit deductions should be made when there has read the rest of “Wear and tear at your holiday rental” >>

]]> http://blog.schofields.ltd.uk/1644/wear-and-tear-allowance/ Recap of holiday home news: 25 August 2010 Earning an income from your holiday home isn't easy. One of the best ways to increase your holiday lets rental potential is to target a niche - child friendly, boutique, walkers, bird watchers etc. and tailor your offering (furnishings, facilities, advertisements) to appeal to your niche market. Also consider what extras you can offer to help you stand out and get more bookings. For more advice on how to rent your holiday home follow our tips. What is the best day to get holiday home bookings? A recent report from Expedia found that read the rest of “Recap of holiday home news: 25 August 2010” >>

]]> http://blog.schofields.ltd.uk/1638/holiday-home-news-25810/ Is your second home really ‘fully insured’?

Second homes and risk If you don’t immediately accept the logic of that, you may wish to think for a second about the risks that could turn your dream home into a nightmare. You probably wouldn’t think about leaving your primary residence or its contents uninsured. There are no obvious reason to believe that your second home is immune from many of the risks your primary property faces. So why do many second home owners take a laid back approach when read the rest of “Is your second home really ‘fully insured’?” >>

]]> http://blog.schofields.ltd.uk/1627/is-your-second-home-fully-insured/ Forest fires threaten holiday homes abroad battle forest fires that are sweeping through the country. Infact, July was the worst month for fires in Portugal since 2005, with 5,524 registered across the country.

Recent reports from Spain also indicate that July 2010 has been the hottest July for the last thirty years and Portugal recorded its hottest July for 79 years. Scorching temperatures, drought and tinder-dry forests all increase the risk of forest fires. The fact is that many overseas property investors purchase homes in idyllic settings often in the rural countryside surrounded by forests and scrubland read the rest of “Forest fires threaten holiday homes abroad” >>

]]> http://blog.schofields.ltd.uk/1617/forest-fire-insurance-abroad/ Carbon monoxide safety at holiday accommodation Carbon monoxide safety should be of paramount concern to all holiday home owners, especially those who let out their holiday homes. But what happens if guests fall ill at your holiday rental and decide to take legal action following suspected carbon monoxide poisoning? A comprehensive holiday let insurance policy should include public liability insurance (an indemnity of £2m is recommended). This type of insurance usually covers legal expenses in dealing with such a claim and compensation costs should it be proved the owner was negligent. This unfortunate incident has highlighted how important read the rest of “Carbon monoxide safety at holiday accommodation” >>

]]> http://blog.schofields.ltd.uk/1610/holiday-accommodation-carbon-monoxide-safety/ How to rent your holiday home

How to get more bookings at your holiday home Now, there are some things that you just can’t do much about. If you own a property in a location nobody read the rest of “How to rent your holiday home” >>

]]> http://blog.schofields.ltd.uk/1588/how-to-rent-your-holiday-home/ Government consults on furnished holiday lettings tax rules The proposed changes to the special tax rules for furnished holiday lettings include;

increasing the number of days for which a property must be available to let from 140 to 210 days each year;

increasing the number of days for which a property is actually let to the public from 70 days to 105 days during a year;

the proposals also restrict the use of loss relief from furnished holiday lettings so it can only be set against certain income

read the rest of “Government consults on furnished holiday lettings tax rules” >>

]]> http://blog.schofields.ltd.uk/1582/holiday-lettings-tax-rules-consultation/ Theft & burglary questions to ask your holiday home insurer Our experience at Schofields is that unfortunately during the summer months, theft and burglaries increase at holiday homes – as both home owners and holiday makers arrive with an array of expensive gadgets, jewellery and money. Although many of us have a perception that the idyllic rural locations where our holiday homes are located are virtually read the rest of “Theft & burglary questions to ask your holiday home insurer” >>

]]> http://blog.schofields.ltd.uk/1574/theft-burglary-questions-to-ask-your-holiday-home-insurer/ Recap of holiday home news: 23 July 2010 holiday home and holiday letting news round-up, the format has changed but the content is as useful as always...

The summer holidays are traditionally a period when overseas property sales increase, as those with dreams of owning their own place in the sun travel abroad. However, buying overseas can be problematic and those buying abroad often get carried away in the moment. Before you sign on the dotted line, follow these 10 golden rules to avoid your overseas dream turning into a nightmare. But how much should you pay for an overseas holiday home? which are the best value sun spots? Help is available following research by read the rest of “Recap of holiday home news: 23 July 2010” >>

]]> http://blog.schofields.ltd.uk/1566/holiday-home-news-23710/ Home insurance concerns following IPT rise The deficit Given the current national deficit, comparatively few people seem to be questioning the need for some forms of belt-tightening going forward or that the government needs to raise more income. However, some are pointing out that insurance increases must be seen in the context of VAT also read the rest of “Home insurance concerns following IPT rise” >>

]]> http://blog.schofields.ltd.uk/1561/home-insurance-ipt-increase/ Does overseas home insurance cover mould? Parts of Europe have experienced a substantial amount of rain over the winter – especially France, Spain and Portugal. This has resulted in high levels of humidity in the air. Consequently we receive calls from customers who have discovered mould/mildew on walls and furnishings: chairs, sofa, curtains, cushions and beds asking if they can claim on their overseas property insurance. Unfortunately home insurance doesn’t cover mould or damage caused by climatic or atmospheric conditions. Therefore read the rest of “Does overseas home insurance cover mould?” >>

]]> http://blog.schofields.ltd.uk/1555/does-home-insurance-cover-mould/ Budget news for holiday lets & second homes

Furnished holiday lets As expected, the withdrawal of the furnished holiday letting rules on 6 April 2010 has been cancelled. For the tax year 2010-11 the legislation continues as before, and owners of furnished holiday lets will continue to enjoy generous tax breaks. One of the main tax advantages of owning a furnished holiday let is that owners can offset any operating losses (and expenses such as holiday let insurance) against other income, such as employment income. There are also capital allowances, starting at 40 per cent, on expenses to the property read the rest of “Budget news for holiday lets & second homes ” >>

]]> http://blog.schofields.ltd.uk/1540/furnished-holiday-lettings-budget-news/ How to book your holiday securely online According to their research, one in three internet users fail to authenticate the travel provider they were booking a holiday with and one in five do not check the web page is secure when entering payment details. Holiday rental frauds Although relatively few and far between in comparison to the thousands of holidays booked direct with villa owners each year – holiday rental scams do exist read the rest of “How to book your holiday securely online” >>

]]> http://blog.schofields.ltd.uk/1532/booking-a-holiday-securely-online/ French flood insurance claims deadline Floodwaters reached more than six feet in some areas causing substantial damage - holiday home owners are urged to check their properties. For those insured with French insurers the deadline for homeowners in the Var to declare damage is July 31. Normally French policy terms require claims to be submitted within five to ten days for storm and flood damage. As we have discussed before, this tight deadline for filing French insurance claims can leave those property owners read the rest of “French flood insurance claims deadline” >>

]]> http://blog.schofields.ltd.uk/1524/french-flood-insurance-claims/ Is your overseas property insured when empty? You may wonder whether you’ll need special insurance when your property is unoccupied and what your obligations may be as a policyholder (for example, will you need to drain down water systems). These concerns may be particularly relevant in the current economic climate as the credit crunch may mean that many people are tightening their belts and your property is empty rather more frequently than usual. Of course, if you are lucky and have read the rest of “Is your overseas property insured when empty?” >>

]]> http://blog.schofields.ltd.uk/1507/empty-overseas-property-insurance/ How to cancel your home insurance policy It protects people who may have been pressurised into buying insurance products that they really didn’t want or those that may have made an error in terms of the policy they’ve selected. These days, although pressure selling is hopefully less common, it is perfectly possible to still use this cooling off period to consider your deal and to reassure yourself that read the rest of “How to cancel your home insurance policy ” >>

]]> http://blog.schofields.ltd.uk/1501/how-to-cancel-your-insurance/ Register your gite or holiday home in France with mairie holiday homes and gites in France to register their property with the local mairie before 1 July 2010 deadline – homeowners could face a fine from €45 to €450 if they fail to do so.

Following the introduction of a tourism law, which was passed in July last year, anyone who runs a gite or a furnished holiday let in France must make a declaration to the maire in the commune where the property is situated. Also, if you are planning on running a holiday rental, you should register before commencing business. Complete the two page form - Déclaration en mairie de location d'un meublé de tourisme – read the rest of “Register your gite or holiday home in France with mairie” >>

]]> http://blog.schofields.ltd.uk/1495/register-gite-holiday-home-with-mairie/ Employers liability insurance for holiday homes The reason for this is simple. If you employ someone to, say:

clean your property;

mow the lawns and maintain the property;

be available to handle any queries at your property from the people you rent to;

then you may be legally employing them. That applies to any situation where you are hiring them to carry out tasks for you at your request and have a contract of service read the rest of “Employers liability insurance for holiday homes” >>

]]> http://blog.schofields.ltd.uk/1486/employers-liability-insurance/ Recap of holiday home news: 11 June 2010 It’s time once again for our holiday home news round-up, here’s what’s been happening: how to add value to your holiday home, predicting holiday weather, tips for buying euros, France travel tips & domestic tourism set for a boost. How to add value to your holiday home He is one half of TV’s Location, Location, Location's dynamic duo, property expert Phil Spencer. Following the release of his new book 'Adding Value to Your Home’ his property investment tips are just as applicable to holiday homes. Phil emphasises the importance of “enhancing your property so it is a place to take pleasure from". This is especially true for holiday lets. Gone are the days read the rest of “Recap of holiday home news: 11 June 2010” >>

]]> http://blog.schofields.ltd.uk/1473/holiday-home-news-11610/ Capital gains tax rise for second homes The increases, planned to be announced in the forthcoming emergency budget on June 22, will affect all assets sold which fall into the capital gains category and this typically includes second homes. So, once the read the rest of “Capital gains tax rise for second homes” >>

]]> http://blog.schofields.ltd.uk/1463/second-homes-capital-gains-tax/ Insurance for a granny flat or annex Converting a coach house or outbuilding into a self contained annex can also be a wise investment, adding 10% to the value of a house. However problems can arise when annexes are holiday let to generate revenue. Having a self-contained annexe or granny flat that’s holiday let, whether attached or in the grounds of your home can present problems when it comes to annex insurance or granny flat insurance. It’s likely that once the insurer of your main residence read the rest of “Insurance for a granny flat or annex” >>

]]> http://blog.schofields.ltd.uk/1455/granny-flat-annex-insurance/ Ash cloud insurance policy launched Concerned holiday let owners feared that this season’s bookings would be severely affected as it became apparent that holidaymakers could not get insurance to cover cancellation due to the ash cloud. The knock on effect being holidaymakers delaying booking their overseas holidays due to the uncertainty of flight cancellations, or booking with a tour operator which offer more protection than booking direct with a holiday home owner. Thankfully from 1 June read the rest of “Ash cloud insurance policy launched” >>

]]> http://blog.schofields.ltd.uk/1448/volcanic-ash-cloud-travel-insurance/ Do open windows invalidate holiday cottage insurance? Combined with a surge in UK holiday bookings due to the ash cloud chaos and the weak Euro, UK holiday let owners are set to have a record year. However, holiday home owners are advised not to neglect their holiday cottage insurance obligations during soaring temperatures. Cottage owners could risk invalidating their cottage insurance by leaving windows or doors open during hot spells. By leaving windows and doors wide open, holiday home owners are offering an open invitation to opportunistic thieves. Many insurance policies do read the rest of “Do open windows invalidate holiday cottage insurance?” >>

]]> http://blog.schofields.ltd.uk/1428/leave-a-window-open/ Recap of holiday home news: 21 May 2010 It’s time once again for our holiday home news round-up, here’s what’s been happening: What to consider when buying a UK holiday home, is the ash cloud uninsurable? why choose a Euro mortgage, ten tips for holiday rental success and weekend flights cost more. What to consider when buying a UK holiday home

Ash clouds and fluctuating exchange rates are expected to result in more and more of us holidaying at home or investing in a holiday let. Bookings aren't easy to come by, so consider these six golden rules before investing: LOCATION - who is your market, is it seasonal? A read the rest of “Recap of holiday home news: 21 May 2010” >>

]]> http://blog.schofields.ltd.uk/1421/holiday-home-news-21510/ Ash cloud: how to check if a flight is delayed or cancelled This means that holiday let owners will need to keep track of guests flights in order to re-schedule dates, key collection details or further assist departing guests. Having recently assisted a family member who was stranded abroad due to the ash cloud, these are the steps I used to keep updated on the status of a flight. Ideally you will have a record of the guest’s flight number on your booking form to make this process easier.

Check the airlines website to see if flights are disrupted or cancelled. Usually

read the rest of “Ash cloud: how to check if a flight is delayed or cancelled” >>

]]> http://blog.schofields.ltd.uk/1400/ash-cloud-flight-information/ Public liability insurance for an apartment in Spain apartment insurance in Spain through a community block policy or via a Spanish bank which provides the mortgage, then this insurance is likely to cover the buildings structure against perils, such as fire and flood.

But what about public liability insurance for your Spanish apartment? Most community insurance and foreign policies don’t cover public liability or provide low levels of third party protection. This can leave holiday apartment owners with a shortfall in liability cover. Unfortunately, as with most insurance, this shortfall is only exposed when there is a claim and it’s too late. What does public liability insurance cover? This insurance protects against third party claims being made read the rest of “Public liability insurance for an apartment in Spain” >>

]]> http://blog.schofields.ltd.uk/1389/public-liability-insurance-spain/ Water leak from apartment above: who pays? This is how most holiday apartment insurance companies in the UK would deal with the claim (note: foreign insurers may deal with it differently, which often complicates matters. See below). Any water damage to your property from the apartment above would have to be claimed for under your insurance policy and you would have to pay any policy excess, which would be deducted from read the rest of “Water leak from apartment above: who pays?” >>

]]> http://blog.schofields.ltd.uk/1381/water-leak-from-apartment-above/ Can insurance companies refuse to insure my house? home insurance market is set to change, as insurers reconsider their exposure following the floods and big freezes that have hit the UK since summer 2007. The knock on effect of this is that insurers are expected to increase premiums, excesses or refuse cover for high risk properties. The home insurance market

The problem is that household rates haven’t increased in relation to the sharp increase in property damage claims caused by flash floods, storms and freezes.

According to the ABI, the coldest winter in 30 years cost insurers £650m for weather related losses – such as the Cockermouth floods in November
The AA, which

read the rest of “Can insurance companies refuse to insure my house?” >>

]]> http://blog.schofields.ltd.uk/1373/can-insurance-companies-deny-coverage/ Recap of holiday home news: 30 April 2010 It’s time once again for our holiday home news round up, here’s what’s been happening: Volcano travel insurance claims & your rights, how to value a holiday home, which airlines are worst for extra fees and how to avoid them. Iceland volcano: travel insurance claims & your rights - which.co.uk Following the volcano in Iceland which caused travel chaos this month, resulting in flight cancellations and extra accommodation costs for thousands, many holiday home owners were faced with guests who couldn't get to their holiday rental. Rather than the holiday home owner having to refund the rent and lose out, guests have been advised to contact their travel insurer to see read the rest of “Recap of holiday home news: 30 April 2010” >>

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