House-swappers forgetful over insurance
House-swapping as an alternative to the traditional family holiday looks set to take off this year, according to new research from Lloyds TSB Insurance.
A recent study suggests that 1.6 million Britons have arranged a house swap in 2011, twice the number estimated for 2010.
However, Lloyd’s suggests that proper planning is needed, particularly in the area of potential damage to property or possessions by the incomers.
Almost two-thirds of house-swappers questioned had run the risk of invalidating their home insurance policy by failing to tell their insurer about the exchange.
Furthermore, nearly a quarter of house-swapper respondents returned to a damaged property, with Lloyds TSB Insurance estimating the 2011 cost of swapper-damage at over £100 million.
Homeowners are therefore urged to notify their insurer before embarking on a house-swap, and to register with a reputable house-swap website to reduce the risk of any unwelcome exchanges.
