Overseas investors must insure property adequately

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by Kay Murchie

A recent study by overseas currency specialists, HiFX have established that overseas property investors get so involved in looking for a house abroad that insuring their property gets overlooked. They also highlighted that legal issues and investment viability are important issues that are sometimes neglected.

The company is advising not to use a standard home insurance policy and that it’s important not to divulge if the property is a holiday home as this might invalidate any policy. They also urge people to consider the language barriers associated with applying for insurance in foreign countries and to ensure that documents are in order when contracts are exchanged.

A HiFX spokesperson, Mark Bodega, commented that there are some important issues to think about when insuring property abroad. Adequate overseas property insurance is vital to protect the viability of your investment. Burst pipes and storm damage are common claims. He also mentioned that repairs overseas can be expensive and to safeguard your investment, it is crucial that damage is repaired by skilled tradesmen.