Relocating within the same country is a challenging time in anyone’s life. Relocating to a completely new country or continent is on a whole other level. Here are some things to keep in mind as you prepare for your move abroad to make the process smoother and to mitigate any risks.
Your Assets
Home
Moving your assets from one location to another involves many factors: what to pack, how to ship, dealing with customs, unpacking, and much more. And what about the items you leave behind in case you plan to return home? Learn how to keep your assets protected.
If you are leaving a house that you own, you may be able to rent it out for additional income and to offset some of the costs of living abroad. In this case, find a good property management company to handle day-to-day issues with your tenants.
Personal Effects
When packing, you will always need more boxes than expected. If your belongings will be shipped to your new home, there are insurance policies that can cover your belongings from door-to-door while they are in transit. It is recommended that you do not rely on insurance provided by the moving company because there are more affordable and more comprehensive insurance products available.
Personal Effects and Home insurance ensure that your belongings are protected once they arrive at your new house. Some international insurance policies also offer personal liability coverage so you can have peace of mind when entertaining in your new home.
Car
Have you decided if you are taking your current vehicle or buying one in your new country? Either way, be sure you understand the driving laws of the country you are moving to. Some countries require changing license plates, the safety standards levels could be different than your home country, the duty of coverage fees are required, and some countries might charge additional fees just to receive your vehicle. Keep in mind that insurance requirements vary from place to place. Having an international insurance plan can alleviate concerns about driving in a new country so that you’re ready for those fun road trips ahead.
You and Your Family
Your belongings are important, but nothing is as precious as the health of you and your loved ones. Be sure you’re all protected by having the right health insurance to fit your needs.
Health
Maintaining your health while overseas is one of the most important things for you and your family. Before moving abroad, it is wise to research the local area you’re moving to so you can ensure you’ve received all necessary vaccinations.
It’s also important to research the standard of health care in your new location, as this is likely to differ from what you are used to. It may be of lesser quality or it may cost significantly more than your home medical plan. International health insurance policies can offer a level of consistency that enables you and your family to stay happy and healthy while overseas.
Finances
Finance is a key area to take care of before you head off on your international relocation adventure. You may want to find an international bank or a new bank in your destination country before leaving home. If your overseas job provides a 401K or pension plan, you may want to research how to connect it to the one you have in your home country and currency or determine how it will be handled if you are paid in differing currencies.
Life and Income Protection
Another area to consider as part of financial planning is income protection insurance. This provides financial assistance should you be unable to work due to illness or injury.
You’ll also want to consider estate planning. Life insurance and your will are designed to look after your spouse and/or family should the unthinkable happen. Giving yourself and your family a secure financial footing brings you peace of mind and will allow you to enjoy all the great things you’re looking forward to in your new destination.
If you are unsure about how to protect yourself before you move, contact Clements Worldwide for a free consultation. We can help you with many international insurance coverages from Personal Property to Life.