UK Money News
3rd July 2008
Second homes left uninsured
Millions of property owners have failed to take out insurance on their second homes, a new survey has found.
Figures from the Association of British Insurers (ABI) found that one in ten people who own a second property have not insured it.
Malcolm Tarling, spokesperson for the ABI, warned this group that in neglecting to take out cover they are exposing themselves to risk of financial disaster if the house is burgled while it is unoccupied.
He said: "There are specialist insurers around that will insure second homes. Obviously there is the issue of the value of your homes and security. It depends very much on whether the property is left unoccupied for a long time.
"If it is part of a guarded complex, it's going to be cheaper than if it's on the middle of a dusty hill-top in the middle of a Greek island."
Research conducted by Zurich Private Clients found that 52 per cent of second homes are left completely unoccupied for a month or more at a time.
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