If you own a short-term rental or holiday let property, ensuring you have the correct insurance coverage is essential. Too often, property owners assume their existing home or landlord insurance is sufficient – and this could be a costly mistake (writes Howard Reuben, Principal, HCH Financial Services).
Why standard insurance isn’t enough
Most standard home insurance policies don’t cover the risks associated with letting a property to guests. This includes Airbnb rentals, granny annexes, or even buy-to-let properties converted into holiday homes. Without proper coverage, any claims could be denied, leaving you financially vulnerable.
For example, if a guest accidentally damages your property or maliciously vandalises it, your standard homeowner’s policy is unlikely to cover the costs. This risk also applies to liability issues, such as a guest injuring themselves at the property. To protect yourself, you need specialist short-term rental insurance designed for holiday homes.
Key features of holiday let insurance
Holiday let insurance provides tailored coverage for the unique risks of hosting. Here’s what a comprehensive policy should include:
Accidental damage: covers incidents like spilled wine on furniture or countertops.
Fire damage: protection against careless accidents, such as a guest starting a fire.
Theft or malicious damage: whether intentional or not, guest-caused damage or theft is covered.
Public liability: if a guest is injured or their belongings are damaged, liability coverage protects you from costly legal claims.
Loss of rent: if your property becomes uninhabitable due to an insured event, you’ll be compensated for lost income.
Don’t overlook public liability
While not legally required, public liability insurance is crucial. Imagine a guest trips over loose carpet or a chair you’ve provided collapses, causing injury. Without liability insurance, you could face expensive legal action.
Why choose specialist insurance?
Holiday let insurance isn’t typically found on comparison sites. For peace of mind, it’s best to work with a provider experienced in short-term rental coverage. The team at HCH Financial Services specialises in protecting property owners and ensuring their policies meet all necessary requirements.
Protect your investment
Your short-term rental is a valuable asset. Don’t risk invalid claims or financial loss by relying on inadequate coverage. Stop, review your current policy, and switch to a specialist policy if necessary.
For advice or a quote, contact HCH Financial Services at 0333 123 4536 or email advice@hchfs.com. Make sure your property is protected for every scenario!
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