Research from Saga has revealed that one on ten (11%) over 50's own a holiday home abroad and the average holiday home-owner spends only a month a year at their second home. It appears that people may be visiting their overseas holiday home less than they used to so Saga has simplified its policy to match changing customer needs. The un-occupancy limit has been removed, meaning policyholders will be covered if an incident happens whenever the property is vacant.
Saga now offers up to £25,000 for protection from loss of rent, a key concern for owners who rent out their properties as a source of income, and up to £2m cover for legal liability as owner of the home. Statistics show that the over 50s are careful about who they rent their homes to, with almost half (48%) just letting to family members. However, trusting the people staying in your property may not be enough to protect it from financial fallout.
Other new additions include £1,000 worth of garden cover, trace and access cover up to £2,000 and £500 for sports cover. Key features that have also been improved are an increased £750 for replacement locks and cover for contents in the open has been increased to £1,500. The policy also includes cover for temporary alternative accommodation if you suffer loss or damage to your home making it uninhabitable and £500 cover for travel and accommodation should an emergency arise at the property.
