Overseas property insurance is probably the last thing on your “to do” list when purchasing an overseas property but that doesn’t make it any less important.

There are two types of cover available:

Buildings Insurance – If you have an overseas mortgage this is usually arranged with the bank as a condition of your mortgage. Check you have the cover. If not a policy with us can cover your property against risks including flood, fire, malicious damage and the cost of repairing or rebuilding your property.

Contents Insurance – This is also very important and will cover the cost of replacing your contents in the event of damage due to fire, lightning, explosion, flood, etc. Our policies cover this on a new for old basis. Many holiday homes are new build and fitted with brand new furniture and valuable contents such as televisions and kitchen appliances and may have a greater chance of being burgled, especially considering that they may be unoccupied for long periods of time.

There is a greater risk attached to insuring overseas properties as the infrequent use of a holiday home overseas increases the need of insurance as there is a greater risk of being burgled. Most owners of overseas holiday homes usually visit 2/3 times a year leaving the property vacant for the remainder of the year. This also means that any incidents such as a burst pipes or malicious damage may go unnoticed for a longer time compared to your main residence which is occupied every day. Buying overseas property insurance will give you complete peace of mind that your property is protected whilst unoccupied.

Liability Cover

Many holiday home owners are choosing to rent their properties out to help cover mortgage repayments and maintenance costs. Others have specifically purchased their properties on a buy – to – let basis. By not having adequate overseas property insurance to cover lettings you may find yourself liable for slip, trip and fall claims from injured holidaymakers or third parties.

Public and Landlords liability cover is essential if you intend to rent your property out. It will cover you for any court costs, legal fees and possible compensation if a claim is made. Our cover provides £5,000,000 of liability cover as standard.

Many rental companies require you to have liability insurance in place before advertising your property for rental.

Why not buy locally?

Your mortgage lender may advise you to buy insurance from a local company. But be aware these policies may well be more suited for residential properties and not those that are let and left unoccupied.

In buying your overseas property insurance abroad there is every chance that the policy terms and conditions will be written in a foreign language therefore making it difficult to understand any terms, conditions or warranties pertaining to the cover provided. Even if you are fluent in the language there is always scope for misunderstanding which could prove to be expensive in the long run.

The benefit of buying an overseas property insurance policy with us is that it is written in English and governed byUKlaw. If you do have any questions concerning any aspects of the cover we will always be on hand to discuss and guide you.

If you did purchase your insurance overseas you would need to keep up to date with any changes in the law governing your insurance. Local laws and the paperwork required can vary from country to country.

The true worth of overseas property insurance is only fully appreciated when you need to make a claim. Our insurers will deal with the claim for you, speaking to loss adjustors and repairers in the country where your property is situated. This means that there is no language barrier for you to deal with and will hopefully eliminate the frustration that claiming can cause.

If you are interested in receiving a quotation please complete the following quote form and either myself or Sally will be in touch.

 

 

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