Is your hi-tech holiday let under-insured? It’s time to talk to your broker

How long do you think it will be before we’re insuring domestic robots?

It’s closer than we think. In fact, 2018 is the year that smart home automation is set to go mainstream.

The cost is decreasing and integrating automation into our daily lives is second nature to Millennials and Generation Z.

More and more of us have automated lights, central heating systems, washing machines, fridges, and security systems. Internet-linked devices are often controlled by a voice-activated smart hub and apps.

There will soon be a rise in the use of domestic robotics – robot floor cleaners are already here, and the prices are starting to fall.

So, as more people have these systems and devices at home, demand for them in serviced flats, holiday rentals, and Air B&B lets in South Wales and the South West will only increase.

What does this mean for the property owner?

If these devices and systems are in place and you haven’t reviewed your cover, it could mean your property is under-insured.

That’s why it’s vital to talk to your insurance broker in detail to get the best policy for your rental property.

Here are six items which could cost you thousands to replace if they are damaged by tenants or holidaymakers, or damaged in fire or floods:

1. Security systems and access control.

If something happens to your property, it’s so easy to overlook these systems. Yet, they can cost thousands to replace.

2. Integrated sound and TV systems.

It’s important these are adequately covered. They are often a key selling point for high-end rentals, especially for luxury holiday homes. Don’t forget to include TV boxes and data cabling in your calculations.

3. Central heating hubs.

There’s nothing nicer than coming back to a warm flat or house after turning on the heating via an app.

It’s a little touch of luxury for which those on winter breaks would be grateful. Make sure your insurance covers them.

4. Broadband and phone access points and routers.

If your property is damaged in a fire, replacing these items, and the wiring which comes along with them, can be an expensive business. It’s worth checking where your responsibility for this wiring begins.

5. Automatic controllers for lights and blinds.

Don’t forget to include these in your details for your insurer. They can cost hundreds to replace.

6. State-of-the-art kitchen appliances.

From integrated microwaves and cookers to fridges, washing machines, and dryers which are connected via the Internet of Things, it’s important that your broker knows all about your hi-tech kitchen and laundry appliances.

Do you need advice on the correct level of cover for your South Wales and South West holiday rentals? Talk to our experienced Severn Bay team members on 02920 470375. Find out more about our service for landlords here.