Living Abroad Insurance Tips

Top insurance tips to help would-be expatriates moving to live abroad, and to guide those who have already made the move so that life is covered!

Getting everything arranged for your move abroad takes a great deal of time and effort, and to get it right lists have to be written, plans have to be adhered to and there is a lot of stress that goes with the inevitable excitement.  If you manage this part of the move successfully however, it will set up your new life very well indeed.

And we feel that this is key to getting off on the right foot abroad, after all, if you arrive in a state of disarray and then have to face the inevitable chaos that ensues when you attempt to get your new life in order, you’ll be drowning in cardboard boxes for months!

On top of all the arrangements that have to made to ensure that your move abroad goes swimmingly, is getting all of the essential insurances in place to make sure that you and your family, your health, wealth, wellbeing and even personal possessions are covered at home, on the move and abroad.  In this report we’ll cover all of the living abroad insurance tips that you need so that you don’t even have to write your own ‘to do’ list, we have it covered for you.

Travel Insurance for Expatriates on the Move

You have travel insurance when you go away for a long weekend, you have it when you go on your annual skiing trip or holiday to the south of France – well guess what, you also need it for physically moving abroad.  I know that sounds daft, but it is one of the key and critical insurances soon-to-be expats forget all about until the very last minute!

If you’re moving your possessions abroad you insure them, you cat and dog are probably insured too, but what about you and your family?!  After all, you will have to go on boat, a plane or a train to get out of the UK, so you will need travel insurance.

You can think about whether a single trip makes sense, or whether you would prefer to get an annual policy.  The pros of having the latter are that you’re then insured if you want to return home at any point following your move, or if you want to make the most of your time abroad and explore other regions or nations close by.  The only thing you need to be wary of is that if you do opt for annual cover, that your insurer is happy with the fact that you are using the policy to move abroad with, and that thereafter you will be resident in another nation.  Most insurers will be fine with this, but need to be told upfront.

What About Insuring Your Household Effects?

If you’re shipping your goods abroad your removal firm will offer you insurance – you need to place a value on each and every item in the shipment, be aware that there are excesses and also maximum payouts per item insured for example, that if shipping by sea electrical goods often aren’t covered, and that you may have a time limit to make a claim once you reach the ‘other side’ – which is important if your goods are going into storage unseen for a period of time.

You don’t have to insure through your removal company however, and just as with any insurance, it can pay to shop around – if you can be bothered to do so with the weight of other things on your mind at this point in time!  Make your own inventory of goods that you’re shipping too, so that you can cast your eye over everything as it is off-loaded.  This is important as there is sometimes a lot of time, and always a lot of excitement, stress and thrilling new experiences that can distract you in between packing up and unpacking.  You will want to make sure everything that was shipped has arrived!

Staying Healthy With Expatriate Medical Insurance

Whether you need health insurance or not will depend on a number of factors – for example, the nation you’re moving to, the length of time you intend being overseas, whether there is a reciprocal care agreement between the UK and your new nation of choice, whether you’re eligible for care under any such reciprocal agreement and finally, the availability and standard of care in your new country.

Few countries have a free national health system – and even where there is a level of state care available, most people are expected to pay for certain types and levels of treatment.  Therefore, annoyingly, most expats need medical insurance – however, don’t despair!  You may not need such a comprehensive level of cover – perhaps you only need cover for emergencies, perhaps you only need cover for a certain period of time if you’re only going to be abroad temporarily, perhaps your employer has a scheme you can sign up to or perhaps they even subsidise your payments?

Medical insurance is something that has to be thought about on an individual basis and in terms of the nation you’re living in.  If in doubt, use an expat financial adviser’s services and get them to advise you about what you might need in terms of medical insurance, and who best to go with for the standard and level of cover you need at a price that is right for you and your family.

Household Insurances Abroad

Just like ‘back home,’ you will need contents and perhaps building insurance when living abroad.  If you own the property or your landlord insists upon it, you will need building insurance, and for the vast majority of people, contents insurance is essential too.  However, in some countries you also need earthquake cover and personal liability cover too.  In Germany for example you need the latter as it is absolutely par for the course for neighbours to ‘sue’ each other over leaking pipes, blocked driveways, and so on and so forth.

Look into the vagaries, specifics and peculiarities of household insurance based on the country you’re moving to, and the vast majority of the time a local insurer will offer you the best deal.  However, make sure you understand excesses and exclusions – do NOT assume that things will be the same as they are back home, as such an assumption can be your undoing!

Life and Protection Insurances for Expatriates

You will get to the point where you are fed up with paying out for a so-called service that you wish strongly you never call upon or need – i.e., you’ll soon be bored with paying insurance companies for just a cover note!  However, before you throw in the towel and say ‘enough already,’ you just need to make sure that your family and your own wellbeing and livelihood are all taken care of.  To that end you need to have a think about anything and everything from life insurance to income protection insurance.  We have covered the considerations you need to bear in mind in another article entitled ‘How Can Expats Protect Their Income When Living Abroad,’ and this goes in depth into the different products and solutions available to you.

Therefore, suffice to say at this point, do not overlook these critical types of insurance requirement, because in so doing you will undermine your stability and security and that of your family when you move abroad.

Legal Insurance Requirements Abroad

The final consideration you need to have in mind is whether there are any other types of insurance that are critical when living in your chosen new nation.  For example, car insurance is a legal requirement in most nations (!), and as mentioned, you really should get personal indemnity insurance if you move to Germany, (it’s called Haftlichversicherung.) Find out if there are any other insurances that you have to have when you live in a given country…

To conclude, it can be stressful and overwhelming at times when planning a move abroad – but at least the rewards are very real and very long lasting!  To enable you to hopefully get going with the planning of your move, the above report identifies the insurance requirements you will have when you move abroad.  Work through them, tick them off and know that you are a step closer to the dream life every time you get to the end of a list!  It is worth it you know…