International personal property insurance is unique in that it protects your belongings whilst in transit, overseas or in storage. The insurance covering your belongings during transportation overseas that relocation specialists provide, such as removal companies and shippers, is quite often inadequate, and rarely does your existing home contents insurance provide complete cover for your possessions whilst overseas.
An international insurance policy however, protects your entire shipment during transportation and in turn provides you with peace of mind. Similarly, once you settle overseas, an international policy also financially protects your
personal property in the event of damage, loss or theft.
The advantage of an international personal property scheme over a local policy is that you need no command of the local language or knowledge of how local insurance laws, policies and procedures work; as with most services insurance
coverage differs from country to country.
Assessing the Insurance Cover you Need
An international personal property insurance policy differs from a regular domestic home contents insurance policy because it provides you with an extended range of insurance options, namely transit or destination policies.
You can choose to insure your property, whilst it is overseas with you, against fire, theft, accidental damage, breakage, or loss due to severe weather or incidents termed as Acts of God.
In addition, an international policy gives you the option to insure your belongings for damage during transportation from your home to host country and back again at the end of your assignment.
Furthermore, if you are leaving pieces of your personal property in storage when you relocate overseas, then ensuring that you have financial protection for these items in the event of loss or damage is sensible. An international personal property policy can provide this type of additional coverage. Some policies will also offer protection for items travelling with you personally on the journey overseas – think about valuable items such as wedding rings.
Before you obtain quotes, decide on the level of insurance you need for your personal property and have a clear idea of the items you plan to put into storage and those you will transport. Creating a comprehensive inventory will help you achieve this, and will ensure that the quotes you receive back from
insurance companies are accurate.
Personal Property Insurance Exclusions
A standard clause in international personal property insurance policies usually excludes claims for damage or loss of items in the event of a war. For other exclusions, read your policy carefully.
To ensure that all items of special value are fully included in your insurance coverage, make sure you provide an accurate and complete inventory of your belongings, including a valuation.
International Property Insurance Claims
In the event that you need to make a claim because of the loss of, or damage to, any of your belongings, the insurance company will settle the claim in one of a few ways depending on the policy you have taken out.
The insurance company will pay for reparations or restorations where possible under the terms of your individual personal property insurance policy. If the item in question depreciates little in value, then the insurer may pay for a replacement. If the loss is irreplaceable or fixing the damage is out of the question, then the insurer will make a cash payment or indemnity to you.
Getting the Service you Want
Before you choose a provider, be sure to check the following:
- Research the company thoroughly – particularly its reputation. Check feedback sites for comments from clients on all aspects of the insurance provision
- Make sure customer service lines are open at convenient times; you may be in a different time zone than the company location
- Check that you will receive assistance in your native language
- Find out how long the insurer takes on average to process claims. You can find this type of information in testimonials and feedback sites on the internet.
You can now get free and easy quotes to help you choose the best insurance coverage for items damaged when traveling, during the relocation process or while staying overseas.
Amanda van Mulligen
