Overseas home insurance is a type of insurance offered to those people who have second home away from home. Overseas holiday homes are left unoccupied for an extended period of time and therefore home owners who are not physically there may be worried that theft, vandalism or other damages may occur. With overseas home insurance, the worries of home owners can be overcome and they can stay relax knowing that the house is covered by insurance even when they are far away from it.
Most holiday homes are unoccupied for a long time, and as such it is advisable for the homeowners to take the empty home insurance.
Singaporeans should take insurance for their overseas travel and overseas house so that when they are set to travel to their overseas dwellings, they are at peace knowing that, should any eventuality take place, the overseas home insurance will cater for the losses.
Overseas home insurance premiums are higher compared to the home insurance since most of the times, and you are not there. There may be damages that could extend while away and the insurance company will be bound to pay. To mitigate such losses, the insurance company will charge more on premiums.
Risk without Overseas Home Insurance
Imagine traveling from Singapore to your house in New Zealand, only to find that thieves broke into and stole all furnishings that had expensively been purchased. What a painful experience this would be? The homeowner will have to bear the cost of repair and replacement and be forced to start from scratch in a foreign country. If there had been an overseas home insurance policy in place, the loss to the owner could have been compensated.
Loss of treasured contents in the house can leave a permanent mark but with careful consideration and sound insurance coverage, homeowners can avoid unnecessary losses overseas.
Another example is a middle-aged couple who had a mortgaged house in Australia which they could spend their holiday. However, they did not renew their overseas home insurance as they did not face any problems in the past. Unfortunately, the unexpected took place, their Australia house caught fire during the dry season and they lost everything. If they had taken a more serious view of overseas home insurance to cover fire incident, they would have renewed it promptly and would have been compensated for the lost. This was the end of his sweet house away from home.
Overseas home insurance should not be an option by the fact that the owner is hardly physical present and the house remains unoccupied for the most of the year. We advise that you do not take chances and assume everything will go on well and should prepare for the unexpected. That is the reason why insurance companies have policies to cater for losses if the unexpected takes place. There are different insurance companies and different policies and the owner has to choose the one suitable for him or her. Time waits for no man, do not procrastinate over the purchase of overseas home insurance because accidents do not warn you when it will strike. If you have not purchase the overseas home insurance, you should do so now to protect any financial loss arising from unfortunate happenings to your overseas house.
Overseas home insurance aside, how about your Singapore residential house insurance? Have you purchased the necessary home insurance and home contents insurance? Have you look into for mortgage insurance if you are the sole bread winner? Have you cover your pets living in your house?
Before you travel to your overseas vacation the next time, you may wish to meet up with us to discussion how to get good insurance coverage for your overseas vacation homes as well as cheap travel insurance every time you travel overseas.