The number of people who live in the UK but have homes abroad keeps going up. In some cases, like with Spain, these homes are bought for vacations. In other cases, like with Cyprus, they are bought so that the owner can spend at least part of their retirement there. In either case, the British owner of the home would usually rather have the overseas home insured by an insurance company closer to home than by one that is based abroad.
So, what can you expect from a UK home insurance company if you have a home outside the UK and want insurance for it?
Contents and building insurance for a home
A number of companies that sell overseas home insurance policies have combined home contents insurance and home insurance into one policy. This huge insurance policy should cover you in both cases.
Insurance for the public
Should be a must, especially if you're thinking about renting out your overseas home when you're not there.
Loss of Money
If you think that renting out your overseas home will bring in a lot of money, you might want to think about getting insurance to cover any lost income. Basically, this insurance will pay you back if your holiday renters have to cancel at the last minute.
Theft
As with home insurance policies in mainland UK, you need to make sure that theft is covered. With your vacation home, you need to take all the usual steps when it comes to insuring your property. Also, you need to pay close attention to the excess deductibles, which in most cases can be anywhere from GBP50 to GBP200.
Natural Disasters
Recent hurricanes, tsunamis, and earthquakes have shown that some places outside of the UK are more likely to be hit by natural disasters than the UK itself. Because of this risk, you should make sure that your home overseas is well insured against it.
You can get cheap insurance for your overseas home over the internet, or you can work with a company in your area that specialises in overseas home insurance. Keep in mind that since this is essentially your second home, your home insurance premiums will be a little bit higher than they would be for your main home, especially if you use it in any way to make money.
