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.

The latest figures released by the holiday rental company Holiday Lettings show a 20% increase in demand for villas and cottages when compared to March last year. And there was a 54% increase for holidays booked in February and a 55% increase in demand for the Easter bank holiday.

This may be due to the economic downturn; families are increasingly reluctant to spend the premium to stay in hotels and so are looking at the rental market as a way of affording that much deserved holiday.

The close proximity of Spain coupled with the fact that many Britons have fond memories of holidaying there in the past will always ensure it remains a popular holiday destination.

If you are looking to visit Spain on holiday this year and need travel insurance please visit our website http://www.underwoodinsurance.co.uk/travel-insurance  where we have click to buy travel insurance facility.

And if you are hoping to get some rentals this year but do not have adequate insurance in place, (public and landlords liability cover is a must) please visit http://www.overseaspropertyinsurance.co.uk/quote-request  and complete the online form to obtain an insurance quotation.

Rental properties tend to be larger and more spacious than most hotel rooms and they will generally have greater privacy.

Holiday rentals are generally more affordable, particularly for families or groups of friends. When you compare the cost of renting a house to renting several rooms in a hotel, rentals are almost always cheaper.

Holiday rentals also do not have the staff expenses, although some properties or apart-hotels will offer outside services such as cleaning, cooking, a driver etc.

Holiday rentals can be found almost anywhere you wish to holiday and at prices that can easily fit into your budget.

Hotel resorts on the other hand are the idea of luxury. And from the start everything is simplified for you. Often package deals include flights, transfers, hotel and tourist activities all bundles together so you pay one price and know exactly what you are getting.

When staying in a hotel you have someone to take care of your every need, from a concierge to help you find places to visit, daily housekeeping, room service, and turn down service, restaurants, spas, swimming pools, gyms, child care and entertainment. 

 Although many apartment complexes are also offering services like this with restaurants and spas on site.

Hotels and holiday rentals offer two very different kinds of holiday experiences. Choosing between them is matter of personal preference. You need to decide how you wish to spend your holiday. If you prefer privacy and the comforts of home then choose a holiday rental. If you would prefer to be pampered and enjoy lots of activities then choose a hotel resort.

The type of holiday you have could really be influenced by where you stay, so be sure to explore each option before deciding.

Whichever way you choose to holiday always remember to buy travel insurance. Click on the following link to use our click to buy facility http://www.underwoodinsurance.co.uk/travel-insurance/

Between January 2010 and March 2011 house insurance premiums have risen by 6% taking the average cost of a policy from £142 to £151. At a rise of 2.5p per day, it is not rising at the same rate as car insurance but when you add this to all the other increased outgoings you can certainly begin to see the strain on the average homeowner.

And it doesn’t stop there; things are set to get worse with a continued increase in the premiums charged.

As with car insurance, the rise in home insurance premiums has been blamed on the increase in fraudulent claims which are suggested to add £44 to the cost of every premium sold.

Quick Tips

Here are a few quick tips to help reduce your home insurance premiums this year.

1. Install a home security system – The NACOSS standard alarm system can reduce an annual premium by up to 7.5%
2. Neighbourhood Watch – By joining your local neighbourhood watch scheme you could save up to 5% off your annual premium
3. Don’t Smoke – Most insurers will ask if anyone if the household smokes. If the answer is yes this could increase your premium
4. No claims discount – If you have any minor issues it may be worth dealing with these yourself. The fewer claims made, the higher your no claims discount and the cheaper your premium will be.
5. Accidental damage cover – Do you really need this on your policy? This can increase premiums by up to 25%. Think about exactly what you want to be covered for.

If you would like Underwood Insurance Services to provide a quotation for your home insurance please call us on 08458 62 07 61 or email personal@underwoodisl.co.uk and we will be delighted to help.

Alternatively please visit our website

The announcment confirms:

• A property must be available for let for no less than 210 days a year. The previous minimum requirement was 140 days.
• The property must be let for 105 days a year. The previous minimum period was 70 days a year.
• Losses made on a holiday let can only be offset against the income made on that same holiday let. It can no longer be offset against general income.

The changes will be introduced in 2 stages:

• For the 2011/12 tax year, effective 6^th April, losses on a holiday let can only be offset against the furnished holiday let income and not the owners general income
• From the 2012/13 tax year, the change to the minimum number of days available and days booked will be increase as outlined above.

You should also be made aware that from 4 January 2011 the standard rate of IPT – insurance premium tax - will increase from 5% to 6% for general insurance products – including UK car and home insurance. The higher rate will also increase from 17.5% to 20% for those buying travel insurance and warranties sold alongside other items such as electrical goods.

Legislation was introduced in 1981 which lifted rent controls on new contracts, and a law introduced in 1990 allowed landlords to set expiry dates on leases. However more than half of the rentals in Portugal are subject to older restrictions, with some dating back as far as the 1960s. This means that some properties are being rented for as little as €5 a month for a four bedroom apartment in the capital!

Under the older restrictions leases can be passed to children or spouses so even the death of a tenant isn’t grounds to break a lease and incorporate the new laws.

 A law introduced in 2006 gave landlords greater powers to negotiate rents, but they only have the ability to do this if the municipal authorities certify that the buildings are in a good state of repair. Unfortunately this isn’t the case with many properties which are crumbling due to lack of investment as the rental income has failed to keep pace with the cost of maintenance.

It is estimated that Portuguese housing needs a €74 billion of renovation work.

 The new laws are aimed at stopping this vicious circle by simplifying the terms to evict nuisance tenants, simplifying the licensing process for renovation work and simplifying the process for certifying that buildings are adequately maintained and therefore justifying a rise in rental payments and in the process helping the Portuguese economy to grow.

You may not be aware that even if you have amended your existing UK Will to include your Bulgarian property it may not be recognised by Bulgarian authorities. It is therefore paramount that if you own a property in Bulgaria to set up a Bulgarian Will.

It is particularly important to have a Bulgarian Will if you have purchased your property under the name of a Bulgarian company.

There are two different types of Will in Bulgaria – Notarial and Personally Handwritten.

Notarial Will

The Notarial Will must be executed by a notary in the presence of two witnesses in the following way:

• The testator (you) expresses their Will to the notary verbally
• The notary writes the Will as it is expressed and reads it back to the testator in the presence of the two witnesses.
• The notary records the date and place of making the Will.
• The Will is signed by the testator, the witnesses and the notary.

This is okay if you can get out to Bulgaria and arrange the time to visit the notary to do this.

Personally Handwritten Will

The personally handwritten Will must be entirely handwritten by the testator. It must state the date it is written and must be signed by the testator at the bottom of the document. The Will is then to be sealed in an envelope and given to the local Bulgarian notary for safe keeping. This has to be done in the following way:

• The notary makes a Protocol (legal record) over the sealed envelope containing the Will
• The Protocol is signed by the Will maker and the notary
• The notary enters the Protocol into a special register

A personally handwritten Will can be executed from the comfort of your own home with no need to travel to Bulgaria to visit a notary.

We have an arrangement with a leading local solicitor who can help you with the process. For more information please contact us on 01633 247742 or email us at overseas@underwoodisl.co.uk

Bulgarian Wills do not require a great deal of information, however they are greatly recommended to avoid any legal issues for dependants.

 A legal lifeline has finally emerged from the courts for foreign buyers who have thought to have lost millions of pounds in Spanish property scams. In a recent case, a judge deemed Caja Cantabria, the bank responsible for protecting client’s funds, as having failed in its duty and ordered it to issue a full refund of both deposit and stage payments.

 It is thought that this decision could set a precedent for all future cases.

 Click on the link below to see more information from Darren Wallbank, director of ReclaimYourDeposit.com

http://www.homesgofast.com/news/view_news/2029

 Due to the increased popularity of Calabria with Brits holidaying there as of March 2011 Ryanair will be operating three flights a week on Monday, Wednesdays and Fridays from Stansted to Lamezia Terme International Airport in the stunning Calabria region. This combined with a new Monarch route from Gatwick will provide a huge boost to the tourism industry in Italy and mean it’s easier, quicker and cheaper for you to take that holiday or get increased rentals on your overseas property.

The leap in flights to the area is also leading to a major expansion of the Calabrian airport, including 500 additional parking spaces and the creation of a new terminal dedicated to low cost carriers such as Ryanair.

For further details on how inexpensive travel insurance is CLICK

BRITS holidaying abroad are being warned they could be hit with costs of up to £45,000 if they fall ill or have an accident.

With thousands preparing for their annual break, many families believe that a European Health Insurance Card is a suitable replacement for travel insurance.

However, health authorities in Spain – where a whopping 30 per cent of Brit holidaymakers head in the summer – often refuse to accept EHIC cards, leaving summer breaks ruins and finances bled dry.

“There is a misconception that the EHIC is a form of insurance cover, but this is not the case,” said Sarah Findlay of a finance website.

“The cost of uninsured repatriation could be as much as £45,000, a sum most could not afford without a loan

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