What Is Overseas Property Insurance?

Malcolm Tatum

Overseas property insurance is a type of home insurance coverage that helps to provide protection for real estate that is located in another country. Insurance of this type is often desirable for insuring vacation homes located internationally, as well as investment properties that are rented or leased for short periods of time. There are providers who offer overseas property insurance on homes that are currently occupied by tenants as well as properties that are only occupied from time to time.

People who own homes in Europe should have property insurance on their foreign homes.
People who own homes in Europe should have property insurance on their foreign homes.

The scope of coverage provided by overseas property insurance is very similar to that of domestic forms of property insurance. Typically, the owner can choose to include protection from a wide range of events, including damage due to theft, insuring the contents of the property, and even protecting the property from various types of natural disasters. Some policies will also include protection for situations involving the interruption of utility services to the property for reasons other than non-payment of utility bills. The range of coverage provided will vary, based on the location of the property, the types of events that the insurance provider considers to carry no more than a reasonable degree of risk, and the level of protection that the owner wishes to secure for the allowable events.

There are distinct advantages for securing overseas property insurance. In many cases, the scope of coverage may be superior to buying insurance packages offered in the nation where the property is located, especially if insurance laws and regulations in the owner’s home country are more liberal. An added benefit is that the cost of the coverage may be bundled in with the costs of domestic property insurance, allowing the owner to manage all insurance needs through a single provider. This can often result in some sort of discount package that saves a significant amount of money each year.

Choosing the best overseas property insurance package requires evaluating offerings from several different providers and assessing the terms and conditions included in each of those packages. In addition, checking into the reputation and reliability of the provider is also very important. The idea is to secure insurance from a provider who is known to provide strong service and support in the country where the property is located, while also offering the insurance plans at reasonable rates. While this process may take some time to complete, the end result will be securing overseas property insurance that offers the right combination of benefits with an equitable cost, allowing the owner to be secure in the knowledge that the property is properly insured against damage and other adverse situations.

Discuss this Article

Post your comments
Forgot password?