However insurance is still an issue for many. Luckily HiFX Insurance have noted this surge in demand and widened their insurance protection to now cover Dubai, Bulgaria, Cape Verde, Croatia, Morocco, Poland and Romania.
The insurer also advises people not to try and pull the wool over the eyes of UK insurance companies by taking out insurance for the foreign property but forgetting to disclose that it is infact a holiday home as it can end up invalidating the policy.
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It is also important that homeowners think carefully about what they will be using their property for when it comes to filling out the forms and getting their cover sorted. Good questions to ask yourself are if you will be using is as an occasional holiday home or as more of a permanent base? Also whether you intend to let the property out whilst you arent using it and how long this void period will be.
If opting for a local insurance policy, homeowners are advised to consider the implications this might have. Making a claim in a foreign language can be tricky, as can reading the small print you may think you have a good grasp of Spanish, but does this still apply when it comes to the kind of language used in Spanish business?
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Two vitally important considerations when it comes to your insurance is to make sure its sorted by the time you exchange contracts as the relevant documentation normally forms a part of the completion process, and to bear in mind that most insurance rarely covers reclaiming land from ruling authorities something which might affect you if living in a Land Grab area where authorities are reclaiming land where a property has been built illegally.
Mark Bodega, marketing director for HiFX commented: Adequate overseas property insurance is essential to safeguard the viability of your investment. Storm damage and burst pipes rank amongst our most common claims. Overseas repairs can be expensive and, in order to protect your investment, it is essential that any material damage is repaired by trustworthy skilled tradesmen.
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