Insurance
Once you have decided to buy your overseas property, you will need to think about protecting your new property and possessions. A good insurance company will offer some practical advice on how to find the most suitable overseas property insurance cover.
It is essential that you have adequate insurance cover to protect you and your holiday home due to the increased risks associated with it being left empty for longer periods of time, and being used for short term or long term letting.
- DO NOT use a normal house insurance policy and not disclose that it is a holiday home, because insurers have the right not to pay if you make a claim.
- ALWAYS use a specialist holiday home insurance policy that is designed specifically for holiday homes. If the property is left empty there is a danger that you may have insufficient cover should you make a claim.
Your insurance cover must be in place when you exchange contracts, as you may need the policy documents before you can complete the sale.
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