Overseas property insurance

Questions and Answers

Can anyone recommed a good insurance company for an overseas property?

Q) I have a property in Mallorca which I intend to let occasionally. I want insurance particularly for Public Liability, but I feel that insurance firms only give a comprehensive package which includes buildings, contents and Public Liability. I would welcome any advice that anyone might be able to give me. The property is an apartment in a complex so I dont think I will need to insure for the rebuilding cost.

A) My advice is to go for the comprehensive package. Can you afford to lose your investment if the place burns down? Even if you could afford to lose the property wouldn't a prudent investor protect their interests? - at the end of the day you are talking about maybe saving a few hundred pounds but put yourself at risk of losing many thousands. I am assuming that the property is not insured as a whole block by a management company? Is it down to you to insure your part of the building? If the building is insured under a 'block policy' - it is highly likely you would have property owners liability covered as part of the package anyway.

Do you need International Trade Credit Insurance to build a project Overseas?

Q) I was reading up on project development overseas and came across an insurance coverage that seems of interest: Trade Credit Insurance http://www.castlerockinternational.com/property-insurance/trade-credit-insurance. I have a client overseas that is developing a $300M Project in a foreign country with $120M of it on loan. Does anyone have any experience with this type of international insurance coverage?

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How can I buy an umbrella liability insurance policy without having a home owners or renters insurance?

Q) I own a rental property in Houston. Since I live overseas and do not have home owners or renters insurance, the insurance company of my investment property will not write a $1000,000 umbrella policy. My investment property's dwelling policy has $300,000 liabililty coverage in it. Is there any way I buy $1000,000 umbrella policy? Any names of insurance companies? Thank you Thank you everyone who took time to answer my question. Here is few clarifications: I personally own the house and not through a corporate entity? I have a dwelling policy TDP-1 on my rental. It is written by CYPRESS TEXAS LLOYDS. I called the agency who sold me this policy. They said they can bump the current $300,000 liability to $500,000 for additional $500 per year. This would certainly help but I want $1 million coverage.

A) You say you have a dwelling policy on your rental so I'm guessing it's residential (1-4 units) and it's properly insured as a rental. Who owns the property, you personally or through a corporate entity? If it's personal you can try a company called RLI (public company, look up their web site and find an agent). They allowed umbrellas without supporting business. If it's owned by a corporate entity, you'll need a commercial policy with commercial umbrella. You may want to inquire if the dwelling policy can be bumped to $500K on liability limits. My blog has an article on dwelling coverage for rental properties you may find interesting.

Gifting vs Selling a condo?

Q) I am trying to make a financially smart decision between gifting my condo to my parents (who live overseas) versus selling the property to them. From my research I found out that if I gift the property, the processing fees will be much lower ($500), however if I gift the condo, my parents won't get title insurance issued (not sure if this info is totally accurate). If I decide to sell the property, the fees will add up to approximately 5-6K. With that said, my parents will still give me the money for the condo but in the form of a gift. A few questions: Are both scenarios legal? If I gift the property, can I arrange for the title insurance and other types of legal protection just like when purchasing?

A) Open an escrow and have them order a title policy. It is a little more expensive but now much. A couple of thousand at most. Use a CPA to make sure the tax implications are not going to bite you or your parents.

What is your opinion on this...?

Q) a friend emailed this to me Worth the read... > Crime definitely pays! > Question: "What is the influence of crime on the S.A. Govt?" > Answer: Crime generates millions and millions of Rand's for the > S.A. Govt > > Here are the facts: > > Example 1: > Take just one million home owners in Gauteng who pay for "armed crime > reaction" (not crime prevention) where private security > companies react AFTER the crime has taken place - no wonder they > never make any arrests! This service costs on average R250 p.m. > Therefore 1 000,000 x R240.00 X 12 months x 14% VAT, generates > R403 million in tax revenue for the S.A. Govt! > Example 2: > A car thief steals a R500,000 car and receives between R10,000 and > R30,000 for his deed. The car owner is paid out by insurance and then > purchases another similar vehicle, on which he pays 14% VAT of > approx R70,000 as a direct result of crime. Who profited the most? > The thief or the S.A.Govt? > > We must begin with a mechanism whereby the S.A. Govt is forced to > reconsider this unconstitutional and immoral practice of profiting > from crime! All South Africans should demand that all payments > related to protection of life and property should be VAT free and Tax > deductible! This principle should also apply to replacement of stolen > property as well as estate duty. If a person dies as a result of crime > we should also demand that estate duty not be paid.How much do you > think the S.A. Govt has made out of estate > duty from the murders of 1300 South African farmers? > > The S.A. Govt likes to compare us to overseas. Well overseas, your > safety and security is covered by your income tax and is tax > deductible! It is time that South Africans stood together and made > the Govt and public aware of the Govt's "income" from crime. In the > meantime crime is the goose that lays the golden egg. > Is it also not unreasonable to expect victims of violence and > hijackings to pay their own medical costs? The Govt should pay for > these expenses as well as family counselling for victims! > Come on South Africa, ask the right questions and demand the right > answers! seriously guys! if you dont have anything intelligent to say...dont awnser this question Innocenti.. Im so glad that there is 1 person on yahoo that sees it the way I do! It is shocking to think about it. And another thing...we cant compare sa to other countries

A) my opinion is...it's too long to read, i dont have much time....

moving to london!! heeelllp!!

Q) I'm in the early stages of planning a move to London which will hopefully happen after the new year but I'm not really sure where to start. So I have ALOT of questions. I've bumbered them so its easier for everyone haha. Ive got the obvious applications, Visa and Passport. I've acquired the right forms - first time passport and ancestry visa. 1) How soon should I lodge those? I know you have to apply for a passport before you can apply for the Visa so obviously I would do that first. 2) Do I need to have passport photos taken before I lodge the applications? 3) How do I go about finding a rental property? Is it even possible for me to rent in the UK? 4) Is it possible to find fully or partly furnished places? 5) Which are the bad areas on London? (Im 20 years old - Moving out of home, have lived with friends before but never alone). 6) How do I go about looking for a job? 7) How do I apply for a National Insurance Number? 8) How much money do you think I should save before I move to London? 9) Is London and expensive city to live in? 10) Will I need travel insurance if I'm going to live over there or is travel insurance only for holidays? 11) Should I get any sort of medical insurance before I go? Sorry, I know thats alot but its all so confusing. Incase theres anything Ive missed... 12) is there anything else you would like to add or you think I should know? Also, I should add. Ive mentioned before. Im 20 years old. From Australia. Currently living at home, taking time off my University Course (Nursing). Im basically wanting to go to London for a while as Im not sure where I want to go with my life and basically Im just looking at it as an adventure. I think Im at a time at my life where I need to go out and be independant. You should also know that Im not afraid of failing so dont be kind with your comments because I know moving overseas is going to be hard! Sorry for a long post. Thanks in advance! Ps. I just thought of something else! 13) What do I do with bank accounts? Can I keep my Australian accounts and open ones in London or do I need to transfer my current ones?

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moving to london...!

Q) I'm in the early stages of planning a move to London which will hopefully happen after the new year but I'm not really sure where to start. So I have ALOT of questions. I've bumbered them so its easier for everyone haha. Ive got the obvious applications, Visa and Passport. I've acquired the right forms - first time passport and ancestry visa. 1) How soon should I lodge those? I know you have to apply for a passport before you can apply for the Visa so obviously I would do that first. 2) Do I need to have passport photos taken before I lodge the applications? 3) How do I go about finding a rental property? Is it even possible for me to rent in the UK? 4) Is it possible to find fully or partly furnished places? 5) Which are the bad areas on London? (Im 20 years old - Moving out of home, have lived with friends before but never alone). 6) How do I go about looking for a job? 7) How do I apply for a National Insurance Number? 8) How much money do you think I should save before I move to London? 9) Is London and expensive city to live in? 10) Will I need travel insurance if I'm going to live over there or is travel insurance only for holidays? 11) Should I get any sort of medical insurance before I go? Sorry, I know thats alot but its all so confusing. Incase theres anything Ive missed... 12) is there anything else you would like to add or you think I should know? Also, I should add. Ive mentioned before. Im 20 years old. From Australia. Currently living at home, taking time off my University Course (Nursing). Im basically wanting to go to London for a while as Im not sure where I want to go with my life and basically Im just looking at it as an adventure. I think Im at a time at my life where I need to go out and be independant. You should also know that Im not afraid of failing so dont be kind with your comments because I know moving overseas is going to be hard! Sorry for a long post. Thanks in advance! Ps. I just thought of something else! 13) What do I do with bank accounts? Can I keep my Australian accounts and open ones in London or do I need to transfer my current ones?

A) London is a culturally diverse city. There has been an unfortunate rise in knife crime within the city (Not central) . Living in London is EXCEPTIONALLY expense in comparison to other cities. Homes cost around £250,000-500,000 + ($USD 500,000 - 1,000,000 +). Check out some estate agents in London to find out rent prices. You have to have a large amount of cash to live in London, especially central. Most homes in London should be fully furnished and have modern interiors as the previous property boom which just ended a few months ago saw house prices boom and with that money was to be made. Do a lot of research about the city before moving here. Don't just rely on peoples answers from here. Oh and compared to Australia it's cold as hell (what a paradox) here, especially in winter... I haven't seen any snow for a while.

Moving to London - where to start?

Q) I'm in the early stages of planning a move to London which will hopefully happen after the new year but I'm not really sure where to start. So I have ALOT of questions. I've bumbered them so its easier for everyone haha. Ive got the obvious applications, Visa and Passport. I've acquired the right forms - first time passport and ancestry visa. 1) How soon should I lodge those? I know you have to apply for a passport before you can apply for the Visa so obviously I would do that first. 2) Do I need to have passport photos taken before I lodge the applications? 3) How do I go about finding a rental property? Is it even possible for me to rent in the UK? 4) Is it possible to find fully or partly furnished places? 5) Which are the bad areas on London? (Im 20 years old - Moving out of home, have lived with friends before but never alone). 6) How do I go about looking for a job? 7) How do I apply for a National Insurance Number? 8) How much money do you think I should save before I move to London? 9) Is London and expensive city to live in? 10) Will I need travel insurance if I'm going to live over there or is travel insurance only for holidays? 11) Should I get any sort of medical insurance before I go? Sorry, I know thats alot but its all so confusing. Incase theres anything Ive missed... 12) is there anything else you would like to add or you think I should know? Also, I should add. Ive mentioned before. Im 20 years old. From Australia. Currently living at home, taking time off my University Course (Nursing). Im basically wanting to go to London for a while as Im not sure where I want to go with my life and basically Im just looking at it as an adventure. I think Im at a time at my life where I need to go out and be independant. You should also know that Im not afraid of failing so dont be kind with your comments because I know moving overseas is going to be hard! Sorry for a long post. Thanks in advance! Ps. I just thought of something else! 13) What do I do with bank accounts? Can I keep my Australian accounts and open ones in London or do I need to transfer my current ones?

A) I'll have a crack at these in order! 1. Get your passport ASAP - sometimes they take a while to come through so sooner is better. In terms of a visa, if they're for a certain length of time then often you can only get them a certain number of months in advance from when you plan to enter the UK, so look into that and lodge it accordingly. Certainly when I got mine they would only give it to me 3 months in advance. 2. Yes! 3. You can certainly rent in the UK. Have a look at www.gumtree.com - it's a site where people advertise for flatmates, lots of options. 4. Yes, you shouldn't have too much difficulty. 5. Generally, East and South London are a bit rougher. Having said that, though, the Isle of Dogs is lovely and I lived in Canada Water which was also really nice. 6. Same as you would at home! Look at newspapers, websites etc etc! 7. Getting a National Insurance number is a complete pain. Bank accounts are also a real drag; there are companies that offer you "UK Starter Pack" kind of things where they'll sort all that out for you - totally worth it to save all the hassle. Have a Google and see what you can find. 8. I think you'd probably want to have at least £1500 (excluding airfares) - bond and advance rent on a flat is not cheap, and you'll need somewhere to stay until you find a flat (unless you have relatives or friends who'll let you crash on their couch!) 9. London is a very expensive city to live in. My flat was costing me £120 a week and that was sharing with one other person. It was a great flat though! A friend who lived on the Isle of Dogs was in an equally nice place and paying £90 a week, sharing with two others. 10. I only had travel insurance to get there - in case my luggage got lost or anything. Coped fine without it for the two years I was there. 11. It might be wise. I didn't, but then I never get sick. I think if you're in England legitimately and have an NI number then you're covered by the NHS - you might want to research this though. 13. See answer to #7! Don't close your Aussie accounts though, having them won't stop you opening a British account. And get a credit card for emergencies. 12. Moving overseas is not all that hard! You're looking at it the right way - it's a huge adventure and you'll have an amazing time. I loved every minute of my two years there; leaving family and friends behind is tough but you have so much amazing stuff ahead of you that it's really worth it. Just a thought, if you're not too picky about work then there are companies that will sort you out a pub job before you go - and they usually have accommodation with them. Even if you don't intend to stay in the job it can be a really good jumping-off point - and solves the immediate accommodation issue. Otherwise, youth hostels are good places to stay until you get a flat sorted - clean, safe and not too expensive. I stayed at the one in Earl's Court because it was on the tube line from Heathrow where I'd landed, but there are several in and around London (www.yha.org.uk for more info!). London is an incredible city, so much to see and do - you'll love it. I'd love to have my time there again.

Help!!! First time homebuyer having trouble with Underwriter.?

Q) My husband and I are working with a mortgage company to buy our own first home. At the beginning we told the mortgage company that our credit was not real good, they said this should't be a problem. I have to say, that we have been overseas for at least 6 years since my husband joined the army. We provided them our SSC's, rental payments, income, etc. We got pre-approved. They told us to pick a house (loan amount $ 130.000) and give them the address and details. We done so. Now they are asking for all kinds of verifications of rent, car insurance, etc. of the last 2-3 years for the underwriter. In according to get the final approval for the loan, we have paid of debts. and also paid the appraisel for the property. So you can imagine how outragous our phonebill and other expenses is/was. Anyway, we got all the information they asked for and provided the last papers today. My question: What else can they possible ask for? How long will it take until we finally find out what's going on?

A) A good mortgage professional should be able to tell you up front what is required and what kind of documentation you need, not take information piece by piece and keep coming back to you when underwriting says they need something more. Some underwriters tend to be excessive and ask more documents that are unnecessary for things that have been documented elsewhere. Explain the situation to your loan officer, by email if you don't want any more phone bills and ask him to give you a status update. Don't be afraid to take your business elsewhere if you are not happy.

Would you vote for me?

Q) I am only 15 years old and i want to go into politics when im older On the economy i would: Institute a flat tax of 14% on those that earn above $120,000 Institute a flat tax of 12% on families earning in between $70,000-$120,000Institute a flat tax of 10% on families earning 60,000 or less Give a tax rebate of 6% to families that earn 60,000 or less Give a property tax rebate of 6% to families that earn less $140,000. Institute a flat tax of 12% on small businesses owners and a tax of 10% on farmers. Give a rebate of $3000 to all small business owners and farmers. Institute a flat tax of 15% on corporations. Give a tax rebate of 4% to corporations that don't send jobs overseas or those that protect the environment. I would create jobs by investing in American infrastructure. Social Issues I support gay marriage. Immigration- I am against illegal immigration and i would secure our borders to maximum capacity and make it illegal to pass laws that would make cities sanctuary cities. I would place troops near the border and fund using more technology to capture illegal aliens and drug traffickers. I support programs to help and give other options to women who are considering abortion. I would make sure that education is a top priority and invest in it and make sure that there are more teacher inspections before hiring. I would set up a program to make it optional to get health insurance through the government (pay 50 dollars a month for every family member) or to get it through a private company. I support clean coal, nuclear energy, wind and solar technologies along with hydrogen powered vehicles. I would give tax relief to families willing to make smart transitions to any of the aforementioned technologies. I would invest in using these technologies to reduce our dependence on foreign oil. . I am against gun control(i think anyone with a clean criminal record with just misdemeanors should be able to own a gun) I think all home owners and business owners should be able to own one as well as long as they have it locked and in a secure place far from the reach of children. diana,first and foremost i do know what a flat tax is.its a tax at a constant rate. second,if you aren't going to answer the question,shut it and leave.

A) Not really horrible. I might. I have interest in political careers too =]

Are my ideas more centre-right or centre-left?would u vote for me?

Q) On the economy i would: Institute a tax of 14% on those that earn above $120,000 Institute a tax of 12% on families earning in between $70,000-$120,000Institute a flat tax of 10% on families earning 60,000 or less Give a tax rebate of 6% to families that earn 60,000 or less Give a property tax rebate of 6% to families that earn less $140,000. Institute a tax of 12% on small businesses owners and a tax of 10% on farmers. Give a rebate of $3000 to all small business owners and farmers. Institute a tax of 15% on corporations. Give a tax rebate of 4% to corporations that don't send jobs overseas or those that protect the environment. I would create jobs by investing in American infrastructure. Social Issues I support homosexual civil unions to give gay couples the same civil rights. Immigration- I am against illegal immigration and i would secure our borders to maximum capacity and make it illegal to pass laws that would make cities sanctuary cities. I would place troops near the border and fund using more technology to capture illegal aliens and drug traffickers. I support programs to help and give other options to women who are considering abortion. I would make sure that education is a top priority and invest in it and make sure that there are more teacher inspections before hiring. I would set up a program to make it optional to get health insurance through the government (pay 50 dollars a month for every family member) or to get it through a private company. I support clean coal, nuclear energy, wind and solar technologies along with hydrogen powered vehicles. I would give tax relief to families willing to make smart transitions to any of the aforementioned technologies. I would invest in using these technologies to reduce our dependence on foreign oil. .I am against gun control(i think anyone with a clean criminal record with just misdemeanors should be able to own a gun) I think all home owners and business owners should be able to own one as well as long as they have it locked and in a secure place far from the reach of children.

A) You have my vote.