Diversifying into holiday lets? Ensure you’re insured

In our ever-changing world, it’s important to adapt to survive - and thrive!

According to government figures, more than 60% of farms have diversified. They have moved away from traditional activities and by using existing assets have created additional forms of income.

One of the most popular, and successful, forms of diversification is converting farm buildings into holiday accommodation. If you’ve considered this, or already have short-term lets on your site, have you thought about what your insurance needs will be?

Your existing farm insurance policy might cover a holiday-let, but it’s not safe to assume that’s the case. Buy-to-let insurance won’t work here either, as this type of insurance is designed for rentals with an Assured Shorthold Tenancy agreement in place.

So what policy do you need? There are a few options depending on the type of accommodation you are letting.

Going without the appropriate cover on your holiday properties is just not worth the risk. In the event of a claim, you may find that the damage, loss or injury won’t be covered. This could be because the policy won’t cover it, or because the insurer didn’t understand the situation from the start!

The best way to to safeguard your investment, is to consult an independent insurance broker with expertise in farm and short-term let insurance. Our team has experience in dealing with all types of farms. This means we’ll ask appropriate questions in order to fully understand the risk, before advising accordingly.

If this could help you, get in touch with AF Insurance by calling 01603 216385 or emailing insurance@theafgroup.co.uk

AF Group is an appointed representative of Alan Boswell Insurance Brokers Ltd who are authorised and regulated by the Financial Conduct Authority.