This covers the full cost of rebuilding your home from the ground up, including materials and labour, but not the value of the land it’s built on
What is second home insurance?
If you’re lucky enough to own a second home (or a third, a fourth or a fifth), you probably want to make sure it’s insured as well as your main residence is. But what you might not know is that you can’t legally insure a second home with a standard home insurance policy.
In fact, second homes are treated differently by the law in all sorts of ways, including for the purposes of council tax and capital gains tax, as well as home insurance. So what makes a house a second home?
There are several deciding factors, including:
- How much time you spend at each property
- Which address you use for legal, voting and banking purposes
- Where you keep most of your possessions
- Where your family spend most of their time