Tips For Insuring Your Property Abroad

Getting insurance for your property abroad is just as easy as getting it for your home in the UK. Insurance policies can be quoted for online and even purchased online, but before you rush into an insurance contract, take the time to compare not only the prices but also the level of cover you’re getting; more often than not, cheap prices mean lower quality cover.

You can’t afford your insurance policy to let you down when it comes to your property abroad. You’re at a distance from the property, so you may not be able to see the damage first hand, but have to rely on whoever is maintaining or managing the property for you. Alternatively, if you’re living in the property, you want to know that you can call the insurance company, regardless of the time difference and begin to sort out the problem immediately.

What to look for:

• Check exclusions – like all insurance policies, you should make sure that you know exactly what’s covered and what isn’t. This is particularly important if you’re renting out the property, or using it as a holiday home. Insurers often place additional restrictions during periods when the property is unoccupied, and it is worth comparing these restrictions across several policies before you commit to one.

• Security requirements – insurers often place harsher security requirements on your property abroad than they would at home. Check what security requirements the insurer requests, and decide whether you are happy to abide with them.

• For rental properties – rental properties need to have accidental damage and public liability insurance included on their policies. If you are using a rental agency, they may help you to arrange this; but if you’re managing the rentals on your property abroad by yourself, then you must make sure that you have the appropriate cover.

• Excess – the excess amount can be greater on your property abroad than you would find in the UK. If you feel the excess is too high, ask the insurer why it is set at that level, and see if you negotiate a lower excess. Alternatively, look at another policy.

About The Author: HolidayHomeNow has been set up to provide useful, practical information for those people researching and looking into buying a second property or holiday home abroad. For more information have a look at their website www.holidayhomenow.com

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