Be prepared with foreign property insurance
There’s nothing better than being able to invest in foreign property, but whether you’re moving abroad permanently or simply want a holiday home there’s one thing you always need to remember – foreign property insurance is vital. You want to protect your investment just like you do with a home in the UK so having adequate cover is essential, but in this area it’s even more important to be prepared. Insurance obligations will often be different for a foreign property so it’s essential you’ve got a specialist policy that can accommodate, and if you look wisely and are aware of your responsibilities you can be confident that your home is as safe as possible.
Types of policy you might need
There are plenty of different policies you might need depending on your circumstances and the type of property that you own, and here’s just a quick overview of some of the most common types available:
Overseas holiday home insurance. This is specifically designed for homes that aren’t going to be lived in year-round, and could be tailored to include the option of holiday lets and rentals. You’ll ideally want a policy that includes buildings and contents cover as standard, but there are plenty of additional options you might need as well – public liability, for example, will be vital if you let out your home to paying guests, but you’ll also want to look for things like temporary accommodation cover, loss of rent protection and cover for any emergency travel that could be necessary. Make sure that you’re aware of any limitations regarding occupancy and letting rules as well, and always ensure you discuss your needs thoroughly with your insurer for a tailored and adequate quote.
• Expat insurance. If you’re planning to completely relocate abroad then you’ll have different insurance obligations once again, and it’s essential you’ve got a policy that meets your precise needs. Buildings and contents cover will be just the beginning, and depending on where in the world you’re going you’ll probably need to be prepared for different risks than usual – storms, hurricanes, floods and similar concerns could all be apparent, so having a policy that covers all these things is essential. You’ll need to make sure you’re fully aware of any restrictions that are in place as well, and also remember to look for any additional policy features that could give you additional peace of mind.
• Title insurance. Title ownership is often a tricky business in foreign countries, and unlike in the UK it isn’t State guaranteed. This can cause any number of different issues – someone could approach you and claim to be the real owner, for example, or you might find it difficult to sell because you’re unable to prove legal ownership – and if your ownership were to be challenged it could be expensive to rectify. Not all foreign lawyers will be covered for this type of scenario either, so having your own form of title insurance is essential. This type of policy will cover you in the event that another person makes a claim on your home, if your ownership is threatened, if documentation proves invalid, if someone builds a structure that encroaches on your land and even if you’re found to have no legal right of access to your home – all of these risks (as well as others depending on your individual policy) can be prepared for, and considering the difficulties that could arise it makes sense to be prepared.
Choose specialist insurers for complete protection
The legality of owning a home abroad is often vastly different to owning one in the UK, and that’s why you need an insurance company that’s aware of the nuances and difficulties that could arise. They need to be fully versed in all aspects of foreign property ownership and all necessary insurance obligations to ensure you’re getting advice and support you can trust, and they need to provide an exceptional level of cover in the process to ensure complete protection. Seeking the specialists may take a bit more research than normal but it’s bound to be worth it, because once you’ve found the perfect company you can be safe in the knowledge that your property is in good hands.
But, don’t think that you need to seek a foreign insurance company in order to get that level of expertise, because that can often be a huge mistake. The language barrier will only be the start of your worries and you could well find that you’re not fully aware of your level of protection or of the restrictions in place, and there’ll be nothing worse that needing to make a claim without knowing which way to turn. Having inadequate cover is a very real possibility, but choosing a specialist UK-based firm will avoid all of those potential issues – they’ll have all the expertise necessary to ensure you’ve got the perfect quote, and will also be able to provide additional support when you need it most. You’ll have the peace of mind you need to know that everything is under control, and when you’re in a foreign country that can be invaluable.
Invest in adequate protection and have the peace of mind necessary
Concerns about your foreign property can create a huge amount of pressure that simply isn’t warranted, because if you have the right insurance policy in place you can be confident that your home is as safe as possible. There are plenty of different policies you might need to consider depending on your requirements but as long as you seek specialist companies you can’t go wrong, and even if you’re not completely sure of the type of cover you’re after they’ll be able to help. As long as you discuss your needs with your insurer and give as much information as possible you’ll be able to have the perfect policy that can accommodate, so get searching and you’ll soon be able to enjoy your foreign home without having a thing to worry about.