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Damage and theft to holiday homes

Wednesday, December 23, 2009

Source: Catherine Deshayes

Water damage, loss of rent and theft are the top three reasons for claims made on landlord insurance policies for holiday homes, according to claims data from leading landlord insurance company, Terri Scheer Insurance...

Terri Scheer Insurance is advising holiday home owners to look for landlord insurance policies that specifically cover holiday home rentals.

"People who rent their holiday homes on a short term basis expose their property to specific risks," Terri Scheer Insurance General Manager, Ms Carolyn Majda, said.

"These include theft, malicious and accidental damage and legal liability issues arising from a holiday maker injuring themselves on a property.

"This can also lead to loss of rental income while damages are repaired.

"The risks can be significant when you consider that a holiday home may be rented out a number of times in a year.

"In addition to water damage and loss of rent, Terri Scheer Insurance has paid claims for stolen paintings, lamps, televisions, DVD players and even a Bose stereo system.

"We have also paid claims for accidental damage as a result of guests dropping objects on glass dining and coffee tables and overflowing bath tubs left unattended.

"Most holiday makers do the right thing, but even the most careful guests can unintentionally damage property. Having the right insurance is a smart option."

Short-term rental holiday insurance can provide reassurance that property owners won't be left out of pocket if their rental property is damaged or robbed over the holidays.

Landlord insurance policies for holiday homes generally provide insurance for short term rentals of up to 12 weeks.