with the companies previously mentioned on this board. Thank you for any leads! (We close, we hope, in a few weeks on our place!)Homeowners Insurance (non-EU Res.)?
Homeowners Insurance (non-EU Res.)?
Does anyone know of an insurance company that will provide a homeowners policy to us? (our primary residence is in the US) I did a search and found out that you need to be a UK resident with the companies previously mentioned on this board. Thank you for any leads! (We close, we hope, in a few weeks on our place!)
with the companies previously mentioned on this board. Thank you for any leads! (We close, we hope, in a few weeks on our place!)
good idea
thanks - no, we have not opened a bank account over there yet...but I will give the local bank a ring and see what information they have 
Hi, I have an earlier post about this somewhere on LMH...
We use intasure and are quite happy with the policies as written, but thankfully have yet to file a claim.
www.instasure.com
You do not need to be a UK-resident to purchase this insurance. We are Americans; the holiday properties are in Portugal.
We use intasure and are quite happy with the policies as written, but thankfully have yet to file a claim.
www.instasure.com
You do not need to be a UK-resident to purchase this insurance. We are Americans; the holiday properties are in Portugal.
Hi Musetta,
I would also phone your insurance broker in the US and discuss options to extend what you already have on your primary residence.
Also, if you have a US liability umbrella on your primary residence, autos etc., you may be required to add this property to the policy if it has a worldwide reach, which so far as I know, they all do.
If the best option is to take a separate homeowners using above recommendations or wherever, as opposed to adding a second home that is rented out onto your existing homeowners for your primary residence, then your US broker would still need to see a copy of the policy. This is needed to show that the property has a minimum $500K underlying liability coverage, otherwise your US umbrella may be cancelled.
I don't expect this to make much sense to anyone outside the US, but hope it makes sense to you!
I would also phone your insurance broker in the US and discuss options to extend what you already have on your primary residence.
Also, if you have a US liability umbrella on your primary residence, autos etc., you may be required to add this property to the policy if it has a worldwide reach, which so far as I know, they all do.
If the best option is to take a separate homeowners using above recommendations or wherever, as opposed to adding a second home that is rented out onto your existing homeowners for your primary residence, then your US broker would still need to see a copy of the policy. This is needed to show that the property has a minimum $500K underlying liability coverage, otherwise your US umbrella may be cancelled.
I don't expect this to make much sense to anyone outside the US, but hope it makes sense to you!
Makes perfect since Thanks. I spoke with the broker I use for my primary residence and it is not a problem to add all the liability I need for the home in Italy with renters. (and the cost is minimal for the protection it provides!) Now...we have to decide if we want a traditional "homeowners" policy to cover the actual house and not just our liability (and we'd have to use a separate company for that).
Thanks. I spoke with the broker I use for my primary residence and it is not a problem to add all the liability I need for the home in Italy with renters. (and the cost is minimal for the protection it provides!) Now...we have to decide if we want a traditional "homeowners" policy to cover the actual house and not just our liability (and we'd have to use a separate company for that).Musetta,
My knowledge of Italian insurance is nil, but I have learnt from personal experience in the UK and the US, and from previous conversations here, that insurance in Europe is completely different from the US. You may find there is no such thing as a traditional homeowners policy as we understand it here. Instead, you may be offered two or more separate policies, including one for building structure and another one for contents.
The advantage of separate policies is that you can specify the contents value, or not take it all, rather than the US way, where the insurance company insists that a percentage of the rebuild cost for the building structure is added automatically for contents as one policy. Perhaps Carole-Anne can give you a better idea of how it works in Italy.
Zurich Insurance for example, which I have used on both sides of the Atlantic at various times over the years, (and actually think are quite good,) offers completely different types of policies for each country in which they operate. Things like reinstatement cost, flood, medical liability, underinsurance are handled differently, and in my experience European policies generally offer better coverage at half the cost of US equivalents.
I'm not familiar with the intasure Debk recommends above, but I would certainly look at it, and if you can find a UK company, you might even be able to get accidental damage cover for contents, which I can't find a US underwriter to touch even on a primary residence.
My knowledge of Italian insurance is nil, but I have learnt from personal experience in the UK and the US, and from previous conversations here, that insurance in Europe is completely different from the US. You may find there is no such thing as a traditional homeowners policy as we understand it here. Instead, you may be offered two or more separate policies, including one for building structure and another one for contents.
The advantage of separate policies is that you can specify the contents value, or not take it all, rather than the US way, where the insurance company insists that a percentage of the rebuild cost for the building structure is added automatically for contents as one policy. Perhaps Carole-Anne can give you a better idea of how it works in Italy.
Zurich Insurance for example, which I have used on both sides of the Atlantic at various times over the years, (and actually think are quite good,) offers completely different types of policies for each country in which they operate. Things like reinstatement cost, flood, medical liability, underinsurance are handled differently, and in my experience European policies generally offer better coverage at half the cost of US equivalents.
I'm not familiar with the intasure Debk recommends above, but I would certainly look at it, and if you can find a UK company, you might even be able to get accidental damage cover for contents, which I can't find a US underwriter to touch even on a primary residence.
Let me start by saying that most people here don't use insurance because it's so expensive! Even motor insurance is generally just 3rd party (fire and theft can more than double the costs, so people don't take it).
However, as far as buildings and contents go, you can get separate or combined policies. The buildings policy generally includes liability insurance which covers you personally and if you have guests and are running a business.
For some reason, the cost of buildings insurance is based on a fixed sum based on the size of property, regardless of the quality of materials, age etc. My bank uses €1200 per square meter.
When I got a quote from them, they applied discounts for taking contents with the buildings, which meant I would pay about €70 less than if I took just the buildings! Italian logic for you!
However, as far as buildings and contents go, you can get separate or combined policies. The buildings policy generally includes liability insurance which covers you personally and if you have guests and are running a business.
For some reason, the cost of buildings insurance is based on a fixed sum based on the size of property, regardless of the quality of materials, age etc. My bank uses €1200 per square meter.
When I got a quote from them, they applied discounts for taking contents with the buildings, which meant I would pay about €70 less than if I took just the buildings! Italian logic for you!