How do I obtain the foreign equivalent of homeowner's insurance when buying a vacation home in another country?
I am considering purchasing a property in another country as a vacation home. I'll continue to live in the US (nation of citizenship), but may consider using the foreign home as a retirement locale, too, in several years.
What type of insurance do I need to purchase on the foreign property? Can I add it to my US policy, or do I need a country-based carrier?
If it matters, the home would be in the Caribbean (haven't picked the exact country yet).
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Can I add it to my US policy, or do I need a country-based carrier?
Adding it to your US policy is highly unlikely. I recently
had occasion to rent an apartment in a different state
in the US, and my insurance agent in my home state could
neither add this to my home-owner's policy nor write a
renter's policy in the other state. I had to get an agent
licensed in the other state to write a renter's policy.
This was with State Farm, by the way. Maybe other insurance
companies march to the beat of a different drummer.
For a policy on property in a different country entirely,
I doubt the average insurance agent would have a clue as
to what the minimum requirements for a policy are.
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