Insurance

Insurance for Park and Holiday Homes

Buying a Park Home or a Holiday Home can be the start of a new lifestyle away from the stress of a town or city, or a great way to get back to nature in a beautiful rural location. Whatever the reason for buying it will involve a substantial investment and this needs protecting.

Residential Park Home

Where the Park Home is your main place of residence any loss could potentially see you homeless so there are some key insurance issues to consider:

  •          New For Old – being the cost of replacing your home with a new equivalent.
  •          Temporary accommodation in the event of a total loss.
  •          Site clearance and re-siting.
  •          Contents insurance.
  •          Public Liability cover.

Holiday Homes and Lodges

Buying a Holiday Home can be a great investment but most are located in rural areas and not built of traditional bricks and mortar materials. These may be rented to third parties and may be empty for periods of time so need protecting both from the elements and human damage so key insurance issues to consider:

  •          New For Old – being the replacement of your home or the equivalent.
  •          Site clearance and re-siting.
  •          Contents insurance.
  •          Potential loss of rent.
  •          Winterisation – cover for weather damage and security.
  •          Public liability cover.

Finance

Holiday Homes can involve a substantial investment that often requires additional funding from specialist lenders. As the security for the lender is not as certain as a bricks and mortar residence any borrowing will often require a wider security or a personal guarantee. Any permanent loss of a home could leave a substantial debt with no asset or a loss of rental income to support the repayments so ensure the value is protected.

Advice on Park Home or Holiday Home Insurance

While there is no legal requirement to insure a Park Home or Holiday Home it wise to ensure that you protect your investment and cover yourself for any third party liability to the general public, particularly the occupants of your property. As all homes are based in a variety of locations and built of variable materials there are a lot of things to consider so seek the advice of a specialist insurance provider that understands the Park Home and Lodge market.

 

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