Owning a holiday home overseas, is most often a source of fond memories of enjoyable days relaxing and spending time with family in friends. Alternatively, in some instances, an overseas holiday property is a source of income. In either case, owners of overseas properties should be aware of the unique issues in regard to overseas home insurance. If you already own a home overseas and have home insurance on the property, you likely used a local firm based on the recommendation of your agent. And whilst there is nothing inherently wrong with using a local insurance firm, language differences and varying terms and conditions may result in the home owner assuming they have coverage in a particular scenario, when in fact they do not.
Building coverage is one area an overseas homeowner should review. The amount of insurance should be sufficient to cover the rebuilding value of the home, not simply the property value. Depending on the location of your overseas home, building costs can vary dramatically. Historic or older homes will be significantly more expensive to rebuild than a new construction home. Be sure that the policy coverage reflects local building costs as well as any unique considerations of your specific home.
Owners of overseas homes should also consider public liability coverage, as many overseas holiday homes have swimming pools. Swimming pools tragedies can lead to lawsuits that can be economically devastating to a homeowner. Public liability also is important if you regularly or even occasion let the home or allow friends and relatives to use the home.
Coverage of the home’s contents can be considered, too. While often overseas homes are not lavishly furnished with expensive items, depending on the location, there may be other valuable items that are left at the home such as golf clubs or expensive electronics. Even if your overseas home has an alarm system, the long periods of non-occupancy can make the home more susceptible to be burgled. A small additional premium to cover these items in the event they are lost, stolen or damaged can lend a bit of peace of mind.
And finding a UK firm offering house insurance has never been easier thanks to the internet. A simple search will lead you to a number of websites that can offer instant quotes for coverage.