French Property Insurance Research
ICM Research finds that many British buying in France are unaware of the need for insurance.
French Property News reported in it's June edition that according to a recent ICM Research (Market research company offering polling, focus groups and telephone surveys in various specialist areas) that was commissioned by Hiscox that there are now much younger and inexperienced buyers of overseas homes. Young people are buying overseas to get a foot on the property ladder and then eventually selling up and buying in the UK. The research backs up the fact that only 4 per cent of those surveyed said that legal liability for guests having accidents on their property worried them. They should fully examine the policy and find out what they are covered for.
According to FPN many countries have strict rules on insurance. One area that is highlighted is if a customer wants to change their insurance policy in France they must give at least two month's notice prior to the renewal. The insurance company might not always give the two months notice of the policy ending, or it could be delayed in the post. Another problem has been that owners of French properties have been told that they must buy a policy from a French insurer and that only policies written in French are legal. This is not the case. European law allows UK insurers to offer services in all other EU countries and homeowners are free to purchase a policy drafted in their preferred language. UK insurers do not have the two month notice period either.
Taking the above French insurance company's rules into account, the two month rule might not necessarily be enforced. One of the jml Insurance clients changed insurance from one insurance provider to another French company without the prescribed notice. A few years later moved to an English company. This company in fact was able to offer more cover for a similar premium. The French company replied regarding the change "I would like to let you know that it is better to have a French insurance contract to insure a house situated in France. would also like to let you know that we could propose you a discount on your existing contract here above mentioned as a commercial gesture."
If you are looking for insurance for your overseas property, written in English follow this link here
© 2007 jml Insurance Services
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Professional Property Organisations in the UK and other countries
