International Buildings and Contents Insurance
It is a legal requirement to have buildings insurance in place in most European cities, just as it is in the UK.
Your local notary or solicitor will require proof that your property is adequately insured before the transaction completes. If your policy isnt arranged ahead of time it will cause complicated and unnecessary delays – we have seen the stress this causes first hand.
We work with a number of international insurance brokers who can quickly and efficiently provide the correct policies and sure they suitably cover your assets. These insurance policies can be stand alone, individual policies, or can cover your entire worldwide assets.
We will bring this up regularly and make the necessary introductions.
International Life Insurance
Although not a legal requirement, when seeking an international mortgage the lender may insist on a corresponding life insurance policy, to cover the reimbursement of the loan in the case of permanent incapacity, or death. Generally speaking, pre-existing life insurance policies are not accepted, and proof a policy is in place will usually be required before a formal mortgage offer is issued to the client.
The mortgage product you opt for will determine the type of policy which you will require. Capital repayment mortgage will require a decreasing term policy (the level of cover decreases in line with the decreasing outstanding loan capital). Converse, an interest-only mortgage will require a level term policy (the level of cover remains constant in line with the fixed level of debt throughout the term of the mortgage).
Through our wide network of home and life insurance providers, Enness International will ensure all fundamental insurance obligations (as well as any specialist requirements such as swimming pool, art and antique cover) are fulfilled, at the most competitive rate possible. We are prepared for this conversation and will guide you through the options.