It is probably prudent to arrange house insurance for the
day you buy your house, as you would in the UK.
Remember that the market value of your property does not reflect
the rebuild value. The rebuild value includes the full cost
of reconstruction of the building in its present form. This
amount must include all outbuildings, barns, fuel tanks, swimming
pools, terraces and patios.
Your policy should cover theft, fire, storms, floods, burst
pipes, explosions, electrical faults and lightning but obviously
all this must be double checked and always make sure you understand
the small print. Premiums will vary according to where your
property is, the size or if it is left unoccupied for long
periods. In my area, it is not possible to insure a house
against either earthquakes or landslides, which are not uncommon.
However, in such instances, it is the state that steps in
to recompense those who have lost their homes.
Regarding contents’ insurance, most people do not take
out expensive contents’ insurance for their holiday
homes as they are often left unoccupied for periods. Should
you have any valuable items in your Italian home you would
be wise to have them covered under the all risks section of
your main residence policy or indeed your travel insurance.
When calculating the contents sum insured you should work
out how much it will cost you to replace your contents on
a new for old basis at today’s prices. Include everything
you would take with you if you were to move home including
furniture and furnishings, TVs, electrical items etc.
If you are considering letting your Italian home you must
choose a policy that covers accidental damage to contents.
Often insurance policies will include a clause covering you
for ‘unfaithful domestic servants’ – mine
does and I don’t even have any!
Remember always to read the small print. You may find for
example that your insurance is not valid because you did not
install the right type of locks or shutters. Check it all
out before you take out the policy as your home in Italy may
be many miles away and it is worth making sure your cover
is suitable from the outset.
Italian home insurance, like car insurance, is automatically
renewed each year. If you wish to cancel or change your policy
you should give at least one month’s notice in writing.
Whether it is better to have an Italian or English insurer
is a personal choice. In general you will find Italian house
insurers offer more limited cover than UK insurers and you
may also prefer to have your policy written in plain English
than having to have it translated before you sign on the dotted
line.
This is not compulsory in Italy to have life insurance but
your insurer will be able to provide you with a quotation
if you would like to take it out. However, if you have an
Italian mortgage then your lender will probably insist on
you taking out a life insurance policy to cover the loan amount.
We have done a tremendous amount of research to find the best
insurers who specialise in property overseas and I would be
delighted to help you with all your insurance questions or
indeed to find you the best policy. Click on: http://www.Italybuyingguide.com/resources.htm
to fill in our form and request futher assistance.
