First off, expatriate insurance policies are designed to cover financial and other losses incurred by expatriates while living and working in a country other than one’s own.
Insurance should be arranged prior to relocating to a new country or destination. Policies will generally cover the duration of your stay and can be purchased on a 6 month to annual basis. It is important to purchase this insurance from a reputable company since there are a lot of fraudulent ones out there.
The most common insurance policies purchased by expatriates include:
- Personal property
- Automobile insurance
- Personal liability insurance
- Emergency evacuation
- Medical and dental coverage
- Short-term travel insurance
In some cases, specialty insurance can be purchased for high-risk areas of the world that provide coverage for:
- War and terrorism
- Kidnap and ransom
- Casualty insurance
It will be wise to get personal property insurance will provide coverage for all your valuable items. This type of cover is usually attached to a home insurance policy which will provide coverage for all “fixtures and fittings within the home” and “additional items of increased value”. With a home insurance policy it is possible to include specific items on a “worldwide all risks” (WWAR) basis which will protect your valuables outside of your home.
Automobile primary liability (also known as third party liability) insurance is generally a required purchased in the country in which you are located. Local governments will require this in order to register your vehicle. Be aware that limits of coverage can be very low in some countries and even developing cities like Jakarta, Indonesia or Kuala Lumpur, Malaysia. If you are uncomfortable with the level of coverage available with third party coverage, you may wish to obtain comprehensive motor insurance. This type of plan can increase coverage to an appropriate level of protection.