Will Home Swapping Affect Your Premiums?

Home swapping is a rapidly growing trend for those planning to go on holiday on a budget. The concept is rather simple, allowing you to swap your home with another person for the duration of your holiday. The appeal of home swapping is evident; it completely eliminates the cost of accommodation and even care hire in some cases. Besides being a cost effective way of enjoying your holiday, one of the most appealing aspects of home swapping is that it can show you a side of a country that you would never really experience as a tourist.

This phenomenon is by and large a reaction to the huge economic slump that people have been experiencing in the past couple of years. British Holiday spending has been rapidly decreasing since 2009 and is expected to continue doing so after the announced increase in air passenger duty in November. It is estimated that almost 1.6 million Brits plan to home swap in 2011, almost doubling last year’s figure.

Despite many of the advantages of home swapping, many are put off by the potential damage done to their properties when away on holiday. If you intend to home swap it is essential that you have some form of content or home insurance. Recently revealed figures showed that almost 25% of home swappers return home to find their property or contents damaged. If you intend to house swap and wish that your insurance premium will not increase, it is imperative that you make sure that your content and home insurance is up to date. Notify your insurer if you intend to home swap or you may find yourself unable to claim damages and will be left to pay out of your own pocket.

When home swapping it is important that you remove all your high cost valuables from the home to minimise chances of damage and theft. Using reputable home swapping websites will also help ensure that the people living in your home over the holidays will be less likely to damage your possessions.

Home swapping can be a fantastically rewarding experience, however it is vital that your have some form of home insurance to safeguard against any potential disasters. If you are cautious and make sure the people you home swap with are trust worthy, you can lie back and relax knowing that things will most likely be in order when you return home.

Jennifer is a part of the digital blogging team at cashzilla.co.uk who work with home insurance comparison site Confused.com. For more information about me, or to keep up to date with the latest in finance news, check out my posts at cashzilla.co.uk or visit my Twitter account, @cashzilla.

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