If you purchase an investment property in the US you will need to have buildings cover just in case your home is damaged and needs repair. If you’re a landlord it is your responsibility to ensure the property is insured correctly although it’s not compulsory, if you own the property, insurance should be a top priority as an overseas or domestic investor.
Protecting your investment property in the US from the unexpected is extremely important. Global investments work with various companies with specifically structured policies designed for the overseas and domestic buyer. The insurance covers both the structure and your liability against ‘all risks’.
Whichever state you purchase in we make sure you have the correct policy in place that has you covered from as little as $1 per day.
Our insurance partners can protect both residential and commercial property and if required can cover just liability. For maximum convenience you can chose to pay monthly or pay for a whole year up front.
Of course there are many insurance policies available to cover any eventuality worldwide. For a buy to let property the two most important aspects of cover which are imperative are buildings insurance and Liability insurance.
The Building (Hazard) Insurance covers the “structure” of the property against damage and is on a cash value basis. Based on Global Investments clients needs our insurance partners offer an ‘All Risks’ policy so if it is not specifically excluded, it is covered. This type of insurance is designed mainly for total loss cases, covering the “structure” of the building from things like fire, weather damage, and even some severe cases of theft.
Clients should all purchase Building Insurance to protect their investment and to replace it in the event of a major catastrophe or total loss. The policy does not cover against blocked pipes or leaky roofs, for this you would need to purchase a Home Warranty for items of that nature. If you wish to discuss if this is necessary for your rental property speak to a member of our staff for the best advice.
The Liability Coverage for overseas investors is equally important and necessary. Liability coverage is there to protect you from being sued if someone were to injure themselves whilst on your property. As I am sure many people are aware of the American suing culture and private medical costs, having liability insurance is also a top priority and advisable.
When you complete on a property Global Investments after sales team will complete the insurance application forms on your behalf and ensure you receive a competitive quote which covers buildings and liability cover immediately. This is a no obligation quote and of course if you wish you can always search for your own policy.
If you wish to learn more or you have any specific technical questions relating to insuring your overseas investment property then please feel free to contact us at…..firstname.lastname@example.org