Holiday home cover restricted

Holiday home insurance is now widely available in the Republic, but the cover will be subject to certain restrictions if the homes are left unoccupied.

All eight insurance providers surveyed by Ifsra, the financial regulator, offered quotes for a four-bedroom detached house in Co Wexford that was empty for four months of the year.

The lowest quote was provided by FBD, at €228, while Royal & Sun Alliance quoted the highest premium. At €552, this was more than double the rate FBD quoted.

However, FBD and two other insurers, Eagle Star and Hibernian, will only provide holiday home cover if the owner's main residence is also insured with the company.

Typical exclusions on holiday home insurance policies include what is known as an unoccupancy clause.

This clause dictates how homeowners must manage their properties during the winter.

Owners may be required to either turn off the water supply at the mains and drain the system, thus preventing damage caused by burst pipes, or leave the heating system on permanently at a certain temperature.

Insurers will refuse to pay out in the event of a claim if the homeowner has not complied with the terms of the policy.