INSURANCE W
While premium costs don’t vary dramatically from
country to country, some of the local laws governing insurance requirements do. For example, when buying
hen it comes to insurance and overseas property there are two main areas you need to consider; the fi rst is the traditional home
insurance you would take out to cover your completed property and belongings, the second is how best to protect yourself against an issue arising from the land your property sits on or the build quality of the property itself.
Home Insurance For a second home abroad, a standard home policy, such as the one you have for your main residence in the UK, won’t suffi ce - you’ll need specialist cover. This is due to the locations and way we use holiday homes being different to our main homes: they are often left unoccupied for long periods, rented out to third parties and can be in areas more prone to natural disasters than the UK.
in France it is a legal requirement to be insured at completion, in Turkey it is law to have earthquake insurance (Dask), while earthquake cover isn’t available at all in Italy and Greece. Beware of local peculiarities too: subsidence cover isn’t available in every European country and in some countries regular electrical power surges can cause damage to property, so you’d need to check you were covered for this. Premiums for buildings insurance, calculated on the type of property and number of bedrooms, covers you against damage to your permanent fi xtures and fi ttings, typically with a blanket cover of up to £/€1million (covering the cost to rebuild the property). The sum insured should be index linked, so updated yearly. Features that tend to increase a premium are a private pool/ hot tub, conservatory and non-habitable outbuildings.
32 AIPP CONSUMER GUIDE
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68