International lovers get to experience the world from a variety of perspectives, but international travel can make selecting insurance a bit difficult. Whether you have homeowner’s or renter’s insurance, you need to know how these policies keep you protected while traveling overseas.
In fact, if you have one of these insurance policies, you might not need travel insurance. In other words, it’s important to know what your real estate insurance covers so that you don’t waste any money while traveling.
To find out more about real estate insurance amidst your international travel, keep reading. In this article, we look at how international travel affects homeowner’s insurance, renter’s insurance, and real estate insurance. Let’s get started.
Real Estate Insurance and International Travel
Real estate insurance includes homeowner’s and renter’s insurance. If you have either of these insurance policies, you should check up with your policy specifics to find out what they cover during your international travels.
Homeowner’s insurance can be a lifesaver whether you’re at home or traveling internationally. The point of homeowner’s insurance is to cover any liability, including theft, losses, or breakage of your personal property.
The great feature of homeowner’s insurance is that your items aren’t only covered whenever they are in your home. Most homeowner’s insurance policies offer 100% global protection. This can help your property remain safe and insured, even when you take them overseas.
The caveat to homeowner’s insurance is that the insurance company may stipulate exactly which items are covered and how much they will cover as a whole. For example, some insurance companies do not cover big-ticket items, such as computers.
To find out more about homeowner’s insurance, see here.
Renter’s insurance works much like homeowner’s insurance in that it protects you against liability. For example, renter’s insurance will cover your personal property whenever you are traveling abroad. More so, it will also protect you in the case that you should damage any rental property while you are overseas.
Also like home insurance, your renter’s insurance will have certain stipulations, exceptions, and limits. It’s important to know what these limits are beforehand so that you are adequately covered.
Check Your Policy
To figure out exactly what is covered by your insurance policy, you need to read the policy thoroughly and talk to an insurance agent. Looking at your policy will tell you which items are covered by your homeowner’s insurance and how much they are willing to cover.
Once you know which items are covered, that may give you an idea of which items you want to bring overseas. If a particularly high-ticket item is not covered, leave it at home, where it is less likely to be broken or stolen.
Similarly, invest in travel insurance if your real estate insurance does not cover enough for your travels. Travel insurance offers more coverage, high deductibles, and some medical insurance, which are things that real estate insurance does not offer during travels.
Do You Need Travel Insurance?
At this point, you may be wondering why you should select travel insurance if your property is covered worldwide by homeowner’s and renter’s insurance. In many cases, travel insurance can be helpful considering the high deductible. The deductible means that you pay small expenses, but you are protected in the case of a large breakage or theft, often over $2000.
More so, travel insurance provides some medical coverage. This is something that traditional homeowner’s or renter’s insurance does not cover. Given that international travel can potentially expose you to more illnesses and travel accidents, medical insurance is a plus.
With this in mind, travel insurance is a great thing to consider if you are worried about medical issues or expensive liability. However, shorter trips or trips in which you don’t intend to bring big-ticket items may benefit from homeowner’s or renter’s insurance.
Real estate insurance often offers global coverage, helping you out when you are traveling internationally. Both homeowner’s and renter’s insurance can protect you from liability, whether you are at home or on the other side of the globe.
There are certainly times when travel insurance is advantageous. It is important to consider your budget and how much you can afford in the case of the worst to select which policies are best for your international travels.
In Collaboration with Ocere Ltd