Money Market UK – Insurance for home swaps
Friday, 01 March 2013 23:41
Insurance companies are catching up to consumers who swap their homes with overseas guests for cheaper breaks
One way to have a holiday without breaking the budget is to swap homes with families in another country. An agency that specialises in this found a worry putting off potential customers was what happens if there is damage to their home while they are away?
Love Home Swap approached insurance brokers Insurance Tailors, who managed to put together a deal with home insurer Hiscox. Traditional home insurance policies can often be unsuitable for as they can exclude key elements of cover such as accidental property damage for the duration of the swap. At present the unique policy only covers homes in Europe, but global cover is being worked on.
Traditional home insurance policies can often be unsuitable for as they can exclude key elements
The Homeswap Insurance policy covers home swappers for damage to the contents of their property during a home swap and to complement rather than replace standard home insurance. It includes cover for general contents and fixtures and fittings in the property while a third party is in your home and participating in a homeswap arrangement. Cover includes accidental loss or damage, malicious damage and theft by a third party.
Love Home Swap is a home swap holiday service, with 35,000 properties in 150 countries – from London lofts to Swiss ski chalets, Californian condos to Balinese beach retreats. You can look online or use LinkedIn, Skype and Twitter Connect and a Facebook app allowing you to find swaps from within your wider social network. Membership is £99 a year for standard membership for an unlimited number of swaps.
Debbie Wosskow of Love Home Swap advises, “We expect to run 500 swaps a month from the UK and lots more across the rest of the world. In the UK this is the first insurance of its type and we are lucky to have an insurer with the pedigree of Hiscox.”
The UK is particularly popular with swappers from the US and the rest of Europe, particularly France, Italy and Spain. UK members also home swap with each other – often swapping city for countryside. School holidays are popular times for this to take place, especially Easter and May Bank Holiday when people are looking for shorter haul swaps.
By Ian Youngman
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