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Insurance cover to consider as an expat

05 November 2020

One thing you do need to consider as you prepare for life as an expat is insurance cover. Many of the policies you have at home will not protect you from loss, theft or illness while you are overseas. Even standard travel insurance will not provide cover you while living in another country as it is designed for shorter visits only.   

Just like at home, your expat insurance needs will vary depending on your stage of life. Some insurance cover to consider while you are on international assignment include:

This kind of insurance will protect your belongings, valuable items and maybe cover living expenses if you experience a loss event like fire or flooding. Like all forms of insurance, shop around for the best value and ensure the benefits meet your needs. For example, if you are renting a furnished house or apartment, does your policy contain liability cover that will protect you from losing your security deposit due to furniture damage or wear and tear? 
If you plan to drive in your expat destination, you are likely to require motor insurance. In many countries third-party car insurance is a minimum legal requirement for all drivers. It protects you for liability when it comes to bodily injury or damage to someone else’s car. Also consider a comprehensive policy which will cost more but will provide you with cover for any damage you may cause to your own car. Some comprehensive car insurance policies also have added extras like break-down assistance if your car unexpectedly has a problem while you are on the road. 
Protect your physical health and wellbeing with comprehensive international health insurance during your expat assignment. Expat health insurance is a specialist product that will allow you to access private healthcare in your destination of choice. Like all insurance, cover and cost will vary depending on your needs but you can take out an expat health insurance policy as an individual, couple or family
Medical evacuation insurance may be included as part of your international health insurance cover but if  not, it is worth sourcing separately. Medical evacuation covers the, often high, costs of transferring you or a family member to the nearest suitable medical facility should appropriate treatment not be available locally. 

Are you travelling to a remote or dangerous location on expat assignment? If you work for an NGO, aid agency or private company, there are locations where armed conflict, kidnap or aggravated robbery are a consideration. Ensure any unexpected costs associated with these events are covered by special risk insurance. 

Protecting yourself financially with the correct levels of insurance is only one thing you need to do prior to moving overseas. Discover more items you should consider looking into prior to leaving your home country in our moving overseas checklist today.