With the UK recently gripped by Olympic fever, many homeowners recently experienced their first foray into the world of ‘holiday lettings’ by renting out their property to visitors to the Games. And why not – it offers the chance to earn a lot of money in a short-space of time…

Likewise, anyone who has purchased a holiday home overseas asks themselves the question – should I rent out my property to strangers when I’m not using it, to help pay the bills and provide some regular income?

But if you own a second home, whether it’s in the UK, France, Spain, Portugal or beyond, and are thinking of going this potentially lucrative route, make sure you’re properly protected in the event that anything goes wrong, says Mike Farley, MD of home insurance specialists Intasure.

“There’s a common misconception that standard home insurance policies will provide adequate cover for second homes.” says Mike. “This may not be the case – you may have a clause which does not allow you to leave your property unoccupied for more than 30 days. And if your property is used by members of the public, you need to make sure you’re covered for all eventualities – because you could be held liable for any injury to your guests.”

Of course, having a sufficient level of public liability insurance protects you from these problems. The issue, Mike explains, is that many homeowners don’t realise local insurance purchased in the country of their home is likely to have a much lower level of cover than they need – maybe only up to as little as £200k in Spain, whereas it’s recommended you aim for a minimum of £5 million.

“There are other factors to consider” continues Mike “Checking the property complies with gas and electricity regulations will help avoid any unnecessary accidents, and you’ll also want ’loss of rent’ cover, so should anything happen to your property which makes it uninhabitable, the cost of finding alternative accommodation for your tenant will be covered. Accidental damage by holiday tenants would also be a beneficial extra.”

Mike’s final tip is – don’t forget your possessions, and storing them in a secure place. “Little things like wardrobes being cleared for guests, and the house being cleaned to the standards that you would expect in a hotel, are all an important, but regularly overlooked, part of letting a holiday home,” he adds.

With the right information and the right protection if things do go wrong, a stressful process can be transformed into a fantastic opportunity to earn extra cash.

And even if you aren’t renting your property out, putting reliable cover in place to cover those emergences like a burst-pipe, break-in or storm damage – where the average claim is around £3,500 – is still vital. With a standard policy for a two bed villa in Spain costing just £290, including £10,000 contents cover plus full accidental damage cover, loss of rent and £5m public liability, it makes sense to be properly protected.

Lastly, look for policy documentation written in English – so you know exactly what you’re getting – and check whether you’ll be dealing with a UK-based, English speaking team to resolve any problems that may arise. Make sure your second home is the last of your worries!

About Intasure

Intasure is an insurance provider that specialises in providing comprehensive and flexible cover, against all eventualities, for homes in the UK and overseas. Cover available in over 40 countries.

Authorised and regulated by the Financial Services Authority and with years of experience, every Intasure policy is underwritten by Lloyds of London and other international insurers and offers a host of benefits.

Wider cover for your protection

Intasure’s cost effective policies provide far wider cover than most standard European policies. They also cover your specific property, unlike Local Community Insurance which can be deceptive. Add £5 million worth of essential public liability cover, which is important for anyone who lets their property, and you have truly comprehensive cover at a very competitive price.

You can request a quote to insure your holiday home by clicking here.