{"id":9568,"date":"2019-07-24T09:00:02","date_gmt":"2019-07-24T07:00:02","guid":{"rendered":"https:\/\/my-life.lu\/?p=9568\/"},"modified":"2019-07-11T11:45:06","modified_gmt":"2019-07-11T09:45:06","slug":"how-to-insure-your-second-home-14004","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/how-to-insure-your-second-home-14004\/","title":{"rendered":"How to insure your second home"},"content":{"rendered":"
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About to buy a second home? Congratulations! A property by the sea, in the mountains or in the countryside is your ticket to weekend getaways, holidays with all the comforts of home and the promise of a relaxing retirement. We bet you can\u2019t wait to pack your suitcases, but don\u2019t forget that you\u2019ll need to handle a few formalities first. This includes taking out fully comprehensive home insurance.<\/p>\n

Insuring your second home is something you should discuss in depth with a subject-matter expert. It\u2019s too broad a topic to cover exhaustively here, so in this article the myLIFE team will simply try to draw your attention to the main points you\u2019ll need to consider.<\/p>\n

Outside Luxembourg<\/h2>\n

The first point to note is that home insurance is not a legal requirement in all countries. It\u2019s important to find out what the law says in the country where your property is located. That said, we strongly recommend that you take out home insurance on your property regardless of whether or not it\u2019s mandatory. This is even more crucial if you only stay at the property from time to time.<\/p>\n

Without wishing to be the bearers of bad news, we should point out that second homes often make easy targets for burglars and vandals. What\u2019s more, if an incident occurs, the time it takes for you to find out about it may make the damage worse. In circumstances such as these, insurance will stop an annoyance from turning into a financial disaster. Insurance will also protect you if your neighbours suffer damage, because your insurer will compensate them.<\/p>\n

Within Luxembourg<\/h2>\n

If your second home is located in Luxembourg, all you have to do is contact your insurer to ask for an extension of the policy on your primary residence. If your property is located outside Luxembourg, you should bear in mind that your local company won\u2019t be in a position to insure it. You\u2019ll be directed to one of your insurer\u2019s foreign partner organisations or a sister company if your insurer is the Luxembourg subsidiary of an international group.<\/p>\n

Don\u2019t forget to assess the risks associated with the geographical location of your second home.<\/p><\/blockquote>\n

Find the solution that suits you<\/h2>\n

Whether you decide to take out insurance with the bank handling your mortgage or to approach an insurance company directly, you\u2019ll need to find the solution that\u2019s best suited to your needs and to the location of your second home. As a first step, we recommend drawing up an inventory of your contents and estimating how much they\u2019re worth to calculate the maximum refund. Don\u2019t forget to assess the risks associated with the geographical location of your second home. If your second home is a villa in the foothills around Nice with no direct neighbours it won\u2019t be subject to the same risks as those affecting an apartment in a holiday complex in the mountains.<\/p>\n

Take the time to think through all these factors and bear them in mind when choosing the solution that\u2019s right for you. You may want to ask your neighbours at your second home about the policy they chose if their situation is similar to yours. Above all, you should ask as many questions as possible when you meet the expert whose policy you are hoping to take out.<\/p>\n

Never assume that a risk is covered by default. Check before you sign on the dotted line \u2013 it\u2019s always better to be safe than sorry!<\/p><\/blockquote>\n

Fully comprehensive home insurance<\/h2>\n

Fully comprehensive home insurance should always cover you against major risks such as fire.<\/p>\n

In general, insurance companies also cover the following risks:<\/strong><\/span><\/p>\n