Cancelling overseas insurance policies
There may come a time when you want to cancel your insurance policy, perhaps because it doesn’t offer enough cover or is too costly. But policies taken out with overseas insurers, particularly in France and occasionally in Spain, are not always easy to cancel. In some cases, insurers expect to have written confirmation of cancellation two months prior to the policy’s end.
With most UK insurers you can simply cancel as and when required, or let your policy lapse. But with many French and some Spanish policies, you may be obliged to pay the full year’s premium if you do not cancel using the procedure specified by the insurer – even if you have taken out another policy.
Such complications may prompt you to wonder how they would react if you made a claim.
While this issue will not concern our landlords building insurance or unoccupied property insurance customers so much, those who have a holiday home will want to ensure items of value are covered. Whether it’s expensive jewellery, laptops, ipads or money, your holiday homes policy is unlikely to cover them. Instead, ‘all risks’ contents insurance that you take out on your main residence should cover any losses of this kind; namely theft, loss or accidental damage that takes place outside your main abode.
Equally, it is the responsibility of any guests staying at your holiday home to arrange cover for any valuable they take with them – such items should be covered by their own ‘all risks’ home insurance policy.