Overseas & Foreign Property Insurance Abroad

Whether you are looking for insurance for an existing overseas property, or you are just about to invest in a property abroad, it is essential that you arrange adequate overseas and foreign property insurance cover to protect your investment. However finding suitable overseas and foreign property insurance can be difficult as many insurers attach larger risks to holiday homes and overseas properties as they are often left unoccupied for long periods and are used for letting.

There are a bewildering number of alternatives available and options include policies offered by foreign insurers that are written in a foreign language, or UK policies, which have been adapted to try to meet the needs of overseas owners.

Don't be tempted to use a normal home insurance policy and not disclose that the property is a holiday or overseas home because insurers have the right not to pay if you make a claim.

The best option in many cases is a specialist overseas property insurance policy that is designed for general holiday home use, and occasional letting.

When arranging your overseas property insurance cover, it is important that you carefully consider what you will be using your overseas property for. Will you be using it occasionally as a holiday home or residing there permanently? Do you intend to let the property out to tenants?

It is also vital that you have the relevant foreign property insurance in place by the time you exchange contracts on your property as often the notaire/notario will require your policy document before the sale can be completed.

There will be occasions when the notaire or notario may suggest that you speak to a local insurance firm for a quote. Note: a notaire (French) or Notario (Spanish) is a public officer working under the jurisdiction of the Ministry of Justice who gives authenticity to legal documents requiring formality under French or Spanish Law. (Commonly real-estate deeds, family matters and business law etc.).

However, when, or if you do this, please pay careful attention to the level of cover that is being provided. Foreign property insurance policies purchased overseas typically provide a much lower level of cover than a U.K. overseas property insurance policy.

For example, if you are not residing at the property full time there is a real danger you may find that you have insufficient cover should you need to make a claim. In addition these foreign property insurance policies are often written in the local language making clarification of policy coverage more difficult.

To help you choose the most suitable overseas and foreign property insurance policy for your needs, HIFX have put together a basic buyers guide, this includes holiday home buildings and property insurance, holiday home contents insurance.

We strongly advise you however to contact a member of our specialist overseas insurance team to answer any questions you may have about the policies we offer and the cover they provide. For further information please contact us on 0845 470 5128, or +44 845 470 5128 if calling from overseas. Alternatively click here to send the team an email.