Holiday Home Insurance

by Mark Stücklin

Holiday home insurance is a specialist form of insurance for anyone who owns a holiday home. A holiday home insurance policy will offer protection against accidental damage and public liability protection giving you peace of mind.

This is a policy to cover physical loss or damage to your holiday home building and contents as well as expenses incurred for alternative accommodation and emergency travel. Buildings include any permanent structure used for domestic purposes within the grounds of your holiday home. Contents include household goods, carpets and personal property, money and valuables.

In addition, this policy covers you for a wide range of perils, including (but not restricted to) fire, flood, storm, theft, escape of water and your legal liability.

Some of the benefits include:

• Cover whether occupied or unoccupied
•  Public liability cover of up to £5million included as standard
• Loss of rent included following a claim
• Emergency travel after a claim

If you take out a mortgage in Mallorca you may find that you need to take out insurance specified by your mortgage lender. However, if this is not the case, or you do not use a mortgage, then you will need to make your own arrangements to insure your property. There are many English-speaking insurance brokers operating in Spain (as well as brokers in the UK offering insurance for property in Spain) and you are unlikely to have any difficulty arranging insurance.

Ideally, you will need insurance cover to start the moment you take possession of the property but in many cases, you won’t be able to get a binding quote until a couple of weeks before the policy is due to start. However, you can and should look into the question of insurance and try and find a good broker when you first start looking for a property. Doing so makes it easier for you to get the best quote with the least hassle when the time comes. 

There are many other things that you can look into at this stage, for instance, surveyors, appraisal companies, furniture providers and security companies. Anything you can do to bring forward the work and get everything in place before you buy will help you to stay in control of events rather than the other way around. If you have balanced the workload over the period of your search you will find the negotiation and purchase stage much easier and less stressful. It also enables you to evaluate and select the best products and providers and keep costs down.

Morgan and Morgan are well versed with holiday home insurance in Mallorca and can introduce you to reputable brokers in the UK and local in Mallorca. Contact us for an introduction. 

This article is a part of The Comprehensive Guide to Buying in Mallorca that includes various articles like arranging a mortgage broker to hiring an independent lawyer.