So you've found your ideal Monaco Property Investment and now you want to get an understanding of the best insurance policies to protect yourself. Here’s our five-point guide.
Monaco property investment is one of the safest in the world due to the extraordinary characteristics of this tiny sovereign state. Measuring less than two square kilometers, the world’s smallest country after the Vatican City enjoys economic and political stability, enviable investment facilities and a stable real estate market which are all factors that make the Principality of Monaco the ideal destination for property investors. However, even when considering the relative safety of investing in Monaco property for sale it is crucial that buyers do their research when it comes to taking out an insurance policy to protect their Monaco property investment fully. Before contacting an insurance broker to talk about your Monaco property investment, however, why not look at our five-point guide to understanding home insurance in the Principality?
1 - Well regulated
There are approximately 40 insurance firms operating in Monaco but whilst it is understandable that you might feel overwhelmed by the choice, you shouldn’t. The business of insurance in Monaco is strictly controlled and any firm you decide to take out a policy with will be closely regulated. Speak to your advisor when you buy your Monaco property for sale and ask for recommendations for an insurance broker that speaks your language, figuratively and literally speaking, to help protect your Monaco property investment.
2 - ACPR oversight offers peace of mind
Although Monaco is very much a separate country from France, the control of insurance companies in the Principality is overseen by the French bank and insurance supervisory authority (ACPR), offering complete peace of mind for your Monaco property investment.
3 - Familiar policies
The main legal and policy notions of Monaco property insurance are also based almost exactly to property insurance policies in neighbouring France.
4 - What’s covered?
Property insurance in Monaco covers the bricks and mortar of the property as well as the contents of the home in the event of fire, water, damage, theft, and vandalism.
5 - Check the cost
The cost of home insurance for your Monaco property investment will depend on the costs incurred in the event of replacing the property and any additional content covered. Home insurance is therefore not universal, but particular to each case.
If you’re looking for information on insuring your Monaco property investment then contact a reputable insurance broker or property and real estate agent, such as Ageprim, to help guide you.
