As a second home owner in Ireland you may be at risk of losing your
home insurance coverage if you leave your properties empty for a significant amount of time.
Figures published by the Irish Independent and compiled by the Irish Brokers Association, reveals worrying trends that may result in residents being unable to claim for repairs to their property. The study highlighted the number of homes that are currently left empty for several months as owners are unable to find tenants or holidaymakers to live in them temporarily. This may be the result of fewer people choosing to take breaks due to the impact of the recession on their finances. The research shows that the number of unoccupied homes in Ireland has soared to 350,000 since 2002, where this figure was just 140,000.
The majority of houses that lie vacant are private homes, while others include second homes and flats that are rented out as holiday villas by their owners. This indicates that some property owners may be risking their second income by allowing their insurance to become invalidated. The association warns that many house insurance policies are void if the property is empty for more than thirty days at one time. This is because premiums are calculated on the likelihood of the home being burgled, amongst other criteria.
Empty properties may be at greater risk of attracting intruders, which insurance companies wish to avoid. As an Irish homeowner you are advised to read the small print in your policies so you are aware of the rules on unoccupied properties. You are likely to find that if you have taken out both buildings and content insurance your policy will cover your house and its items, following damage or burglary. This is imperative for your main and second home to protect them from disasters.
If your second property is a source of income for you it is advised to get a policy that will finance repairs to it if floods, fire and storms occur. Likewise, insuring your valuables and furnishings in your properties can help you to replace them if they are snatched by burglars, or damaged by other events. You may like to check with your insurance company how long you can leave your property empty for so you have the opportunity to make alternative arrangements, which may help you to prevent invalidating your policy and instead, safeguard your business income.
Rochelle Martinez, Freelance Web Content Article Writer for three years. Some of her articles are about
http://www.quinn-direct.com.
