Tips for Home Insurance Abroad

Buying Home Insurance Abroad
Today more people over 50 are buying holiday homes aboard. Although the market is filled with possibilities for purchase, finding insurance for these homes can prove to be the more difficult task. But before buying anything its important to understand how home insurance aboard works. You might think its the same as any other home insurance, but youre wrong. The good news is this article will explain what makes home insurance abroad different, as well as provide important facts to consider for the over 50 crowd.

More People Today Buying Holiday Homes
Many people over 50 often consider purchasing a holiday location with their disposable income. And why not? If you have the financial means buying holiday homes can be a smart choice. Not only will you be getting a nice get-a-away, a second home can also be a good real estate investment if you shop wisely.

Tips for Home Insurance Abroad
Its legal in the UK to buy home insurance abroad in other areas. For example, if youre living in London you can buy a vineyard in France. Just have a UK insurance company insure it. Your real estate agent can help you locate companies who provide this coverage.

But if youre buying holiday homes outright, directly from an owner, you can also get coverage in France. However, if youre not fluent in French (or the native tongue of the location) hire a translator.

In truth, the biggest problem with home insurance abroad for people over 50 is the language barrier. If you can get beyond that, then youre well on your way to coverage, not to mention, better rates than younger homeowners.

What Your Home Insurance Abroad Should Provide
Buildings Insurance This means everything structure wiseincluding the kitchen sink. It should also include any outbuildings, like garages, as well as tennis courts, decks, fences, etc. As for the price, insure it for what it would cost to rebuild it. Should Mother Nature knock it down, your home insurance needs to cover rebuilding costs.

Contents Insurance Anything that can be moved is considered contents - from Aunt Roses ottoman to the new area rug you bought last week. Many policies cover fire, storm, flood and theft, but not ALL policies. Be sure to check your coverage.

Employers Liability Think youre not an employer? If you pay gardeners, cleaners or handymen to work around your home while youre gone, you are.

Legal Liability Insurance Whether youre living there or not someone might get hurt. This covers you in the event you have any legal actions raised against you. This may not include employees on your property, so see above.

Read the Fine Print Look for clauses or exclusions. Some policies might require you:

Be present at least once in 30 days.
Leave heating on year round.
Rent only to family or forbid you to rent to anyone.

In closing, the most important thing when buying home insurance abroad is to make sure youve read the policy youre signing. If need be, have your agent explain every line so you get the right coverage, no matter where you live or where youre buying holiday homes.

James Zhao is an e-marketer working with various industries including travel, insurance, ebusiness. For more information on insurance, please visit http://www.castlecover.co.uk

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