Could overseas properties be at risk due to lack of insurance?

People who have made international money transfers in order to buy a home overseas may be leaving their property at risk.

While homeowners will have saved money by moving their money through a foreign exchange broker, they could later find themselves at risk of losing out if they do not insure the building.

Research conducted by Saga revealed that one in ten over 50s with a holiday home, have not insured their property.

Andrew Goodsell, executive chairman of Saga Group, commented: "Holiday homes are often left vacant for periods of time making them especially vulnerable.

"It is therefore important that people regularly check their level of insurance to ensure that they are protected for the full value of their property and possessions."

Currency exchange rates could make it even more costly to replace and repaid any damage done to holiday homes and their contents as the pound is still fairly weak.

Click here to make an International Money transfer

Posted by Sarah Pitton