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HiFX says choose holiday home insurance with care

05 June 2007
Homeowners buying property abroad must make sure they get appropriate insurance cover, overseas insurance specialists HiFX have advised.

The first mistake a number of homebuyers make is to purchase insurance for their overseas property without disclosing that the house in question is a holiday home.

But more detailed considerations, such as whether the second home will be an occasional residence or full-time retirement venue, should also influence their choice of policy, said HiFX marketing director Mark Bodega.

The length of time the property is likely to be empty for will be a key question most insurers ask too, he said.

Homeowners are often well aware of issues around the investment returns or legal situation with property purchase abroad, but most put home insurance further down on their list of concerns, he explained.

But getting full insurance cover would make fixing common homebuilding and home repair problems such as burst pipes or storm damage cheaper, Mr Bodega added.

With 800,000 UK residents now owning another property abroad, a growing number may begin to realise the importance of anticipating potential insurance problems, he said.

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