It might be all of the financial troubles here in the UK. But more people are investing in second homes in the UK and abroad to create some extra revenue throughout the year and also using it as a cheap holiday break. Many others have decided to abandon Blighty altogether and seek to fulfil their dream and achieve the lifestyle they crave by buying overseas property.

Whatever the reason and whatever age group you may be, you can escape the cold winds of recession and the weather by following this route, but you still need to look at protecting your investment, whether at home or abroad. Finding a company that will give cost effective cover for second home insurance and overseas property insurance isn’t as easy and can often be more costly than you might imagine.

Looking for a decent company to insure your second home can become an expensive and tiring task. That’s due to the fact that these second homes could be left unoccupied for extended periods, especially during winter with the associated risks of burst pipes and freezing damage. Even if you overcome those hurdles, there’s also the concern about damage by or to any guests that may occupy the property.

If you do obtain cover you will probably find that most holiday home or buy to let insurance policies have restrictions in the small print. Unless you comply absolutely to the letter with security and occupancy requirements, you may be shocked to find your insurance is invalid when you make a claim. There are some providers who understand that most holiday home and second home owners only use their property occasionally.

To accommodate that reality, they have tailored second home insurance policies that have no exclusions or restrictions hidden in the small print (like shutting down the electrics and turning off the water and draining down the heating system every week). If you choose to let out your new second property, with those same policies, you can get some extra advantages such as £5m public liability insurance and contents protection.