Tips on How to Save With Short Term Home Insurance
A short term property insurance protects your childhood home or inherited asset from damage due to flooding or vandalism particularly when left vacant for a very long time. If you still have a house in Ireland even after bankruptcy or foreclosure, it is most likely you will still need some protection. It is a really good idea to check into buying a short term policy before the end of your mortgage term. To learn more about short-term policies in Ireland and share your personal requirements, please contact an experienced short term home insurance company today.
When you are buying a short term home insurance policy, this means that the policy is designed to be effective in the event of you or the person borrowing the property being unable to stay in the property. Short term policies offer various types of coverage, including buildings and contents insurance as well as liability cover. There are a number of policies available, and many will include other types of cover such as accidental death or sickness, and travel insurance, to name just a few.
Some short term home insurance policies include cover for liability claims, accidental death and illness, and travel insurance, but not all do. Check to see what’s included in your policy before you purchase one. For instance, while you may get buildings and contents cover for a set period in the event of your home being damaged by a fire, if you do not already have a homeowners policy with a sufficient amount of cover, then you may have to take out additional cover.
If you are renting property, then you should be aware that you can only make cash claims up to the amount of cash you are paying in premiums and not for damage or theft of the building or contents. It will still depend on the individual circumstances of your situation, and your rights as a tenant. However, most short-term home insurance policies offer standard cover for both property damage and any liability claims. The amount for standard cover will vary according to the provider, so it’s worth asking how much this standard cover is in the first place. Of course, you will have to take into account that in most cases, the landlord will also offer standard home insurance cover.
One type of short term home insurance cover you might consider is ‘orphan’ cover, which covers you in the event of you dying or becoming seriously ill, leaving your home unoccupied. ‘Parental Leave’ and ‘Unchanged’ are two types of orphan cover, and both cover you if the person who lives in the property becomes unfit or dies. In the case of ‘unchanged’ or ‘parental leave’, if the policyholder has died, then your entitlement to the payout is unchanged. This means that no one else can claim on the policy for you. ‘Parental Leave’ means your spouse or partner must be eligible for an inheritance; otherwise, your inheritance is forfeited to the policy.
Short-term rentals offer more protection than standard home insurance policies. In these cases, you will typically be protected against damage to the building itself (including any leaks or broken windows), theft, fire and the accidental injury or death of a guest. However, most short-term rentals are rented out, and therefore are at risk for theft by tenants. You should protect your rental property with a security alarm system and make all your furnishings and equipment state-of-the-art in case they are stolen.
Temporary home insurance can also be useful in situations where you have an interest in owning residential property, but you are renting out the property for part of the year. In these cases you can offer cover for up to twelve months. However, landlords will usually offer cheaper premiums than house owners will. When you offer cover for twelve months, you are protecting your property for the full year. Therefore, if your home was destroyed in a fire, you would be protected throughout the entire year. Temporary buildings insurance policies offer cover to you throughout the time that you own the property but offer different benefits for each period.
Finally, a great way to save money on your short term home insurance is to arrange it with your lender. Many lenders will offer you a reduction in the premiums by arranging your cover with them. This does not mean that you will be given a discount on your loan, but it will mean that you will have less to pay out if you become bankrupt. As with standard cover, you will be protected against damage, theft and fire, and will not be eligible for any compensation payout should you die or become homeless. In short, by providing you with cover at a cheaper rate when you are renting out your property, you can save yourself significant sums of money on the cost of cover.