Insurance on Foreign Properties

Insurance on Foreign Properties
In the USA and Western Europe, insurance is pretty much taken for granted. In much of the world property owners are not so fortunate. Even where property insurance is available it often excludes things like flood, wind or earthquake damage. Title insurance is also unavailable or very expensive in some places.
In the USA flood insurance is underwritten by the Federal Government. There are some conditions on a property owner’s eligibility to purchase this insurance and damage from wind may be excluded. Wind is usually covered under the standard fire or homeowner’s insurance. Earthquake insurance has to be purchased separately.
When one goes to a country like Nicaragua or The Virgin Islands, damage is often still evident from events that happened many years previously. This is because there is no insurance to cover the cost of repair and the owner may not have the wherewithal to make these repairs. Always check the availability and cost of insurance and the protection that the particular policy affords before contracting to buy any property.

David Segrest is a REALTOR in Charlotte NC. His website is http://www.segrestrealty.com His email is david@segrestrealty.com