One in three holiday home owners wrongly insured

Research by holiday-home insurance provider Schofields suggests property owners buy the wrong policy because they seek the cheapest deal.

Schofields surveyed 1,633 UK-based holiday-home owners with at least one property abroad or in the UK.

One in three (33%) said events had made them realise they had the wrong type of insurance cover on their property.

When asked how they realised this, 81% said when trying to make a claim.

Among those with the wrong insurance, 34% said they did not understand the policy they bought or what was needed, 15% felt they had insufficient advice and 18% said details of the holiday home were wrong.

Just over half (53%) had policies with overseas insurers.

A spokesman for Schofields Holiday Home Insurance said: “A huge mistake many home owners make is looking for a cheap deal. Our advice is to look for a good value deal instead.”