You've finally reached your
goal of having a travel haven that's accessible to you any time of the year;
your overseas home. But just like with your primary home, getting insurance for
your overseas home is necessary to ensure that you're completely
protected. But where should you start? Not only are you attempting to
get affordable homeowners insurance, but you have to try and accomplish this
with the contracts, laws and languages of another country. Add to that the
potential for natural and political events, and you could have a complex task
on your hands. The first thing to be aware of is that a vacation home
in those markets with a long history of insuring properties, such as England or
Singapore will be covered much differently than a second home in an exotic
locale. But that doesn't mean that you have to abandon your dream of overseas
vacation living. Finding The Right Company Is
Key An international insurance company can definitely benefit you
long-term. There aren't many insurance companies in the United States who will
insure homes located overseas, choosing instead to stick with American or
Canadian properties. In addition to locating a company, doing your homework
about the costs to rebuild your overseas home, boning up on local insurance
laws and going over your contract with a fine-toothed comb can all help you get
through the process much more smoothly. Rebuilding Costs Because you're
the homeowner, the job of getting an accurate quote to rebuild your property
falls on you. This can be especially difficult if your second property falls
under the historic category. But instead of making a big potential mistake by
insuring your second home at market value, ask your broker for insight, or
enlist the help of an appraisal service. Be Aware Of Local Laws Some
overseas insurance companies aren't in the business of complying with local
laws when issuing their policies, which can definitely affect whether or not
you get paid should disaster strike your second home. So avoiding these
companies is best. In countries which demand domestic insurance carriers, you
may be able to obtain specialty or short-term contracts. Understand Your
Policy Unlike U.S. insurance policies, those obtained abroad are very
unlikely to be standardized, and you may encounter a wide variety of prices.
Even more vigilance is necessary with insurance contracts for exotic locales,
as the chance for exposure to natural disasters may be much greater. Ensure
that the following are all clearly outlined in your policy: - What amount of
liability for injured guests is included - How your claim will be
settled - What conditions may void coverage, such as leaving the home
unoccupied for a length of time - How your insurer will pay claims, i.e.
cash value or replacement value
Maintaining Your Home For Insurance
Safety When it's time to say farewell to your vacation home for a time, it's
important to ensure that you have a checklist of things to be done before you
leave, and stick to it. Remember that you will be gone from your property for a
significant amount of time, and so anything you do before departure will help
to lessen the possible damage to your home in the event that severe weather or
another peril hits. Your checklist should include items like the
following: - Checking all locks on windows and doors to ensure proper
function and security, including screens - Electrical outlets should be
checked for loose plugs and fraying - Furnace filters should be cleaned or
replaced - Check all pipe connections to your toilet, as well as floater
valves for signs of erosion - Have your roof inspected for weak spots that
can result in water leakage and damage - Check outdoor structures like
stairs and decks for deterioration and safety hazards like loose
boards.
If your vacation home is located in an area that is prone to
tropical storms or other natural weather perils, taking action to protect it,
such as the addition of storm shutters or sand bags before you go is a good
idea that can end up saving you thousands on the cost of your overseas homeowners
insurance.
Getting Homeowners Insurance For Your Overseas
Home
Welcome To The Overseas Insurance Blog!
Fri, 21st September, 2012
This is where you can get more information about insurance for your overseas home.