As a holiday home is just as vulnerable to damage or loss caused by fire, lightning, malicious damage, rain, wind and hail as your main home, you will need a form of Buildings Insurance to protect you financially should things need to be repaired or replaced. Your property structure will need to be covered financially in the event of unforeseen risks and damages, even when it is not occupied.
Why would you need Buildings Insurance for your holiday home?
A holiday home might pose more risks as it may not always be occupied, and tenants may not look after it. With Buildings Insurance, your structure will be covered, even while it is not occupied and vulnerable to damage.
How to insure your holiday home
Your holiday home can be covered by extending your existing policy to include both your main home and your holiday home. Your second home will then be covered if, for example, a storm caused a leak or if your home is damaged by fire. It is always advisable to let your insurance company know of any damages immediately otherwise your claim could be denied if left too long. This type of insurance does not cover the contents of your holiday home, therefore, a second policy will have to be taken out if you’d like your contents to be insured.
If you have just acquired a holiday home or want to review or renew your current Buildings Insurance policy, make sure you do your homework and compare policies and prices on Hippo.co.za before you make your final decision. The best decision is an informed one. It is also advisable to discuss insuring the structure and contents of your home with a qualified financial advisor.
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