Thursday 7th June 2007
People who have bought or are planning to buy property abroad have been advised to consider their options carefully when it comes to taking out home insurance.
Overseas property firm HiFX has urged Britons to think about what they will be using the property for and whether language barriers will be a factor.
The company also suggests people should avoid using a normal home insurance policy and recommended having a policy in place before contracts are exchanged.
"Adequate overseas property insurance is essential to safeguard the viability of your investment," said HiFX managing director Mark Bodega.
"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."
In related news, holiday insurance provider InsureandGo this week unveiled a new prepaid card for holidaymakers that it says will allow travel insurance claims to be processed more quickly.
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