Insuring foreign property?

Dec McC

Does anyone know an irish insurer with who i can insure a foreign property with?

OverseasCafe

There are a few of them, a Google search will get most of them, but only one of them is Irish as far as I'm aware.

www.123.ie/Property_Insurance

There are others in the UK such as Intasure and HIFX Insure.

I'm not sure how making claims on an overseas property works though. I would have thought it would be a bit cheaper and more straightforward if you dealt with a local provider. The problem may be getting one with English documentation depending on where your property is.

Dec McC

My apartment is in Bulgaria. I've got a qoute thru my management company but its dearer that what i pay for my house here and Bulgaria is a lot cheaper than here - think the man comp. want to get a slice of the action at my expense

Dec McC

Just got a decent quote from these guys.
Just wondering has anyone used them?

OverseasCafe

Probably. Did you try getting a quote from a stand alone insurer while you were over there?

Dec McC

Unfortunately i didn't. The apartment was only completed this year and i only taught about insurance now as i have just got someone to rent it

Victor

A lot will depend on what us being insured,

The structure of an apartment is typically insured by the management company and individual occupiers or landlords insure their contents. However, I imagine this varies from country to country.

Talk to the commercial section in the Bulgarian Embassy and see if they can recommend people to talk to.

How much of the insurane is so the local mafia don't burn you out / break your legs?

Dec McC

Just got another quote from Intasure for €165.

Quote is for a one bed apartment
Buildings cover €85000
contents cover€10000
Emergency travel expenses €1500
and liability for 7.5 million

Emerald Lass

my professional advice ( I work in overseas property) is to insure in the country, and not through a provider outside the country the property is in. The reasons for this is that often the policy you sign up for through the Irish/Uk co isn't actually fully recognised in the other country. Also you have to factor in issues you don't encounter in Ireland - like do you need earthquake cover? when they say structural cover, what exactly is covered (remember building standards and techniques differ from country to country) and so on.

If you estate agent was any good and you were happy with their service, then go back to them and ask them to arrange insurance for you. They will charge a commission - in some countries its small, just an admin charge, in others the EA will lay it on thick! so be sensible. Get cover relevant to the country the property is in, not just because its the cheapest.

Also go on forums dedicated to the area you bought in - ask other owners where they got their insurance, how much they paid, if its any good etc.

You didn't say where you bought, so I can't give much more help, but from experience I have found that in most cases it is best to get valid insurance from the country the property is in, as this is th route which will cause least amount of problems should you need to claim.

Finally, again without knowing the country I can't advise fully, but in many countries you cannot apply for insurance until allpaperwork and deeds have been transferred to your name. Here in Turkey this can take months to years, depending on th ebuilder/council/estate agent. Until the property if fully in your name, then you can only get structural cover via the builder, so make sure that the builder is legit and carries this for your protection.