Holiday home underinsurance ‘could be a financial risk’

People may be placing their personal finances at risk by not owning adequate insurance for their properties abroad.

New research carried out by Saga Holiday Home Insurance has found that ten per cent of holiday home owners do not have the necessary cover.

This means around 211,000 people are vulnerable to what could happen to their estate overseas.

The study discovered that more than 160,000 individuals over the age of 50 who have insured their European homes in sterling could be at risk because of the weakness of the pound.

Andrew Goodsell, executive chairman of Saga Group, said: “Holiday homes are often left vacant for periods of time making them especially vulnerable.”

People must therefore check their insurance levels to make sure they are protected for the full value of their possessions, he added.

Santander Cards recently released findings that showed Britons are shelling out around £10.45 billion per year on attending weddings, taking into account travel, accommodation and gifts.

By Joe Shervin