Saga launches new holiday home insurance for over 50s

21 April 2009 / by Rachael Stiles
Saga home insurance has enhanced its overseas home insurance policy for the one in 10 over 50s who own a property abroad.

Saga has found that, despite the current economic climate, buying a property abroad remains a popular goal amongst those aged 50 or over, so the specialist over 50s insurer has launched a newly enhanced level of holiday home insurance.

The new level of cover has been designed to meet the changing needs of overseas home owners, because Saga's research shows that they are spending less time at their second homes than they used to – just one month a year.

The enhanced Saga home insurance policy for overseas properties will have no un-occupancy limit, meaning the property will still be covered for damage even when it is empty; it will also include up to £25,000 for loss of rent – particularly valuable to those who use their second home as a source of income by renting it out.

Saga's research also found that the over 50s are wary about renting their second homes out to just anyone, with 48 per cent saying they would only let it to family members, but Saga is mindful that accidents can happen whoever is staying in the property, and urges owners that it is therefore important to protect it with adequate cover.

Saga's enhanced cover also now includes £1,000 of garden cover, £750 for replacement locks, £500 for travel and accommodation expenses if an emergency arises at the property, and temporary alternative accommodation if the property is uninhabitable.

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