Insuring your property in a foreign language could become a needlessly complicated process. We direct you to a FSA UK insurance agent, eliminating any language barrier.
What you see is what you get, don’t you?
Unfortunately not, and what you see is NOT always what you get, although if you talk to the right people it is.
So let’s have a look at the issues?
Don’t expect insurance policies for your overseas property to be the same as those in the UK, there are a lot of differences. However, the old adage remains the same, “You get what you pay for”.
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Let’s state the obvious: Can you read your policy? If not, you have a problem. Even if you have a translation from the insurance company, you will often find that these translations are not valid and in the event of a disputed claim, the policy wording in the native language will prevail. So, if in doubt, get a policy from a UK specialist, either from the UK or overseas, or at the very least, get your insurance from a company who can provide you with a “Summary of cover” in English, and who will stand by this legally.
Premiums and Cover
Home insurance premiums are calculated on the geographical location of the property and the potential risks around it. Then the following points are considered: the age, its construction type, materials used, the “rebuild value” and cost to replace the contents, plus how the property is to be used; rental, holiday home or permanent residence.
The level of cover available to you is very important and it is essential you fully understand what the policy does and does not cover. A “One size fits all” approach to insurance can be problematical, as customer needs often vary. So talk to a company who can offer you a wide range of products, so you have a choice and ultimately get the best cover for your hard earned money.
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It is important to check that the legal and regulatory standing of the provider you are purchasing from is authorised and regulated by the Financial Services Authority (FSA) in the UK so you can be confident that we maintain the highest possible standards throughout all aspects of our business.
You will be put in the hands of an independent insurance “Broker” who is regulated and qualified (not an agent who sells policies from only one insurance company).
So, the simple answer to arranging insurance overseas is “talk to the experts”. Our specialist UK broker has offices in Portugal, Spain and the UK, offering support both at home and abroad.
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