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It is advisable to take care of holiday buildings that are left alone in the winter, because in parallel with the emptying of holiday areas, both the risk of theft and the cost of repairing damage caused by elementary damage and malfunctions will increase significantly: independent insurance brokers Hungary
“It is also advisable to take out vacation insurance weeks before the property is winterized, because the selected insurer can decide within 15 days whether to actually conclude the contract desired by the client. And their risk taking only begins after this decision, “explains Melinda Baksa. Member of the Board of FBAMSZ.
Higher risk – higher fees
Higher risk is associated with a correspondingly higher insurance premium: Most insurers charge a premium of 30 to 100 percent for insuring non-residential properties. At present, for example, insurance is available for a 100 square meter house in Siófok with average parameters of HUF 23,000 per year. If the same building is used as a holiday home, the insurance available starts at HUF 36,000 per year. Each insurer’s premiums can reach multiple times, depending on the broadest coverage and the highest limits.
“Due to the difference in premiums, they often still try to trick a family member into declaring a property as a permanent resident. However, they can easily double-count,” explains the FBAMSZ expert. “If the insurer proves that a minimum of 180 days, the injured party, in addition to suffering the loss, will have to face the total withholding of the compensation.”
In Hungary, about 10 percent of home insurance policies are taken out on non-permanently occupied real estate. Some vacation homes cannot be insured in advance, for example, insurers do not cover buildings in the floodplain.
Additional special restrictions
In the case of vacation homes, insurers generally exclude coverage for valuables (artifacts, jewelry) and, in the case of outdoor properties, they can also significantly limit the provision of general personal property.
Another important requirement is compliance with the theft protection standards included in the contract. The insurer must specify in detail the minimum level of protection of the doors and windows in the conditions. For example, the use of an ordinary padlock is generally not considered sufficient protection, only a MABISZ certified security padlock and padlock strap are acceptable. Some insurers also set different levels of protection and set different maximum compensation limits for each level. In the event of theft below the minimum level of protection, the insurer may reject the moving part of the loss.
In the case of damage assessment, insurers also rigorously examine whether homeowners have done everything possible to prevent damage: whether adequate property protection measures have been implemented, and whether winter heating has been carried out in buildings without heating. etc. If a significant default is found affecting the damage event, they can also limit the amount of the payment.
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