Property investors abroad reminded of importance of insurance
ready2invest.co.uk, 6 June 2007
Investors purchasing property abroad should consider their choice of insurance policy carefully, according to new claims from a financial services provider.
HiFX, which recently found that insurance is a relatively low priority for buyers overseas, implored investors not to use a normal home insurance policy to cover a holiday home, as it could become void.
Additionally, policies from local insurers could prove problematic because of the language difference, while investors in Spain could find that their insurance is invalid if they become victims of a "land grab" scheme.
Mark Bodega, managing director of HiFX, explained: "Adequate overseas property insurance is essential to safeguard the viability of your investment."
"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," he added.
HiFX has also announced an expansion of its insurance services to places such as Dubai, Croatia, Montenegro, Romania and Bulgaria.
Previously, the company explained that the combination of a strong pound and weak dollar makes property investment in some dollar-influenced economies an attractive prospect.