Holiday Home Insurance | A Guide To Sums Insured
Are you covered?
Our holiday home insurance policy may give you peace of mind should the worst happen, but you'll need to give us the correct sum insured so we can ensure the right amount of cover is provided. The tools below will help you calculate the right figure.
Rebuilding costs
Your rebuilding sum insured should represent the amount that you would have to pay to build your holiday home again should there be a total loss eg in the event of a fire.
The Association of British Insurers' (ABI) rebuilding cost calculator is designed to help you assess the rebuilding cost of your property, if it falls within a range of standard house types. There is of course no substitute for instructing a professional Surveyor to prepare a Rebuilding Cost Assessment for insurance purposes.
Index linking
Because your Holiday Home Insurance buildings sum insured is index-linked (ie its adjusted according to inflation), if the worst happens, your claim will be paid in full up to the sum insured. However it is important that the sum insured was correct at outset and that it is increased to reflect improvemnts that you make to your holiday home property, such as adding an extension.
Content Calculator
Your contents sum insured is the total value of replacing your holiday home contents should there be a total loss eg in the event of a fire. It's important that your sum insured is correct so that Ecclesiastical can quickly pay any insurance claims you make.
Working out your contents sum insured can be difficult, but the Association of British Insurers' (ABI) calculator, can make it easier. By using the AB's home contents table to calculate your sum insured, we'll have a more accurate amount to base your insurance premium on. As index linking does not apply to the contents section of your Holiday Home Insurance policy it is important that you ensure that the sum insured is sufficient at renewal.
Loss of rental income
The Holiday Home Insurance Policy provides loss of rental income cover for insured perils, which consequently render the holiday home uninhabitable. As it may take some time to rebuild a holiday home levelled by fire; cover is provided for up to two years. You will be insured for a minimum of £75,000, however additional cover is available should your projected gross holiday letting income exceed £37,500 per year (£75,000 over two years).
Should you require any additional guidance please contact a member of our Holiday Home Insurance Team on 01237 429444.
All you need to know about our Holiday Home Insurance Policy can be found here.
Links
The Association of British Insurers (ABI) rebuilding cost calculator
Association of British Insurers (ABI) contents calculator
http://www.abi.org.uk/Public/Consumer/HouseholdPersonal/homecont.asp