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More insurers to provide cover in emerging markets

Article Date : Friday, July 20, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Insurers are adding increasingly popular locations for property investment to their portfolios, according to a property expert.

Owners of homes in places like Bulgaria, Dubai, Cape Verde and Croatia can now insure their property through UK companies more easily.

Mark Bodega of HiFX said: "More and more people are buying in these new hotspots and often the financial services industry within these countries is quite unsophisticated.

"Not many insurers offer cover for very new markets like Montenegro and Bulgaria, but more will branch out and do so as they become more popular with property buyers."

Policies for second homes and holiday abroad consider different factors than those for domestic properties and Mr Bodega warned that honest disclosure was essential to protect against invalidation of a claim.

Separate policies were needed for protection against co-called land-grab, where authorities claimed illegal sale or building and repossess the property.

Research by HiFX revealed that insurance was low on people's list of priorities when buying property abroad.
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