Home insurance reminder issued to international property investors

An international financial services provider has moved to remind consumers about the importance of arranging home insurance cover after completing a new property purchase.

According to figures cited by HiFX Insurance, in excess of 800,000 households currently own a property abroad but many of these fail to arrange appropriate home insurance cover.

Now, the insurance specialist has announced that its is extending its home insurance provision to cover European destinations such as Poland, Bulgaria and Romania, as well as places further afield such as Dubai and Morocco.

While confirming the details of the new insurance options, Mark Bodega, marketing director at HiFX, has urged property investors to think about their insurance needs.

Adequate overseas property insurance is essential to safeguard the viability of your investment, he said.

Storm damage and burst pipes rank among our most common claims.

Last month, it was revealed that total mortgage approvals in the UK had fallen, which may have been reflected in the international mortgages sector.

According to figures from the Building Societies Association, the total year-on-year value of mortgage approvals dropped eight per cent in April 2007.