Danni Worth (Columnist)
INSURING your overseas home can seem more complicated than insuring your main property. And each country has its own different laws, regulations and practices in place, as well as differences in what insurance policies cover.
In addition, there can be language problems in understanding a complex insurance document written in a foreign language.
And should the worse happen;
- Are you confident that you would be able to navigate your way through the process of making a claim?
- What about coordinating with the professional sent to inspect your property or dealing with the local trades people required to repair any damage? Can you be sure that the policy you have bought would stand up to the test and cover your loss?
- Expert advice and guidance at a time of crisis is critical. Would you prefer to receive guidance from a personal contact you have met, or have spoken to in your native language?
You should really buy via an independent broker because they will search the market on your behalf for the best value in terms of cost, scope of cover and levels of service.
They will also represent you at all times, and be by your side when it comes to processing a claim.
It’s easy and straightforward, and one insurance broker can handle all of your insurance requirements.
And to help you in your task here are five key things to take on board:
- A policy often cannot be cancelled until renewal and requires two months’ prior notice.
- Most local policies include security warranties for homes – in itself, not a problem so long as you are aware of this.
- There may be limited liability limits – which may not be sufficient to meet your liability in the event of someone suffering an accident on your property.
- Cover outside of the home is normally very limited on local policies.
- Local policies normally exclude accidental damage.
Making sure you have the right insurance in place will mean you can spend more time enjoying your home, secure in the knowledge that you will be protected if something should go wrong.
