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What is home Insurance?
When you move to a new home in Spain, it’s almost essential to take out insurance for it. In case of an accident, it guarantees you to insure your property (walls, furniture, and your personal effects) as well as your civil liability. It’s an important type of insurance which protects you against all the unexpected events that may happen in, and outside, of your new home.
Why should you subscribe to home insurance?
In Spain, it’s not an obligation to subscribe to home insurance for the tenant. However, it is strongly recommended because no one’s safe from something unexpected, like; burglarly, fire/water damage, natural disaster… To the owner, having insurance is an obligation if the property is mortgaged.
In these situations, your home insurance will cover the damage to your personal property: furniture, electronics, jewellery, clothing and other sentimental items. As well as damage to your real estate: walls (for example: water damages on the parquet…) roof, ceiling, doors, and windows…
The civil liability guarantee is fundamental because it protects you and your family from any material or immaterial damage caused to a third party. Civil liability covers the acts of your daily life inside and outside your home, for example: if a flowerpot falls off the balcony and hurts someone, if you hurt someone on the street with your bike, and if your child breaks a neighbour’s window while playing… As well the damage caused by the third-party to you home (like fire/water damage, and explosion…etc). The amount insured by this guarantee depends on each contract (usually between 150.000 and 300.000 €), if you don’t have home insurance you must pay the costs of compensation, that’s the reason why it’s strongly recommended to be insured!
What can you do in the case of a claim?
In the case of a claim, you’ll have 7 days to make your declaration after the accident. If you’ve subscribed directly with the insurance company (online or through an agent), you’ll have to contact and directly manage the whole process with them (declaration of the incident, sending the bill, lodging of the complaint in case of theft, request of an expert to analyse the damages and accept the request of a repairer, claims in case of non-conformity…) If you subscribe to home insurance through a broker, you simply have to contact them. They’ll take care of the declaration of the accident for you and make all the necessary managements as well as the follow-up of the file to guarantee you an effective solution.
How much does home insurance cost?
The cost of home (premium) insurance varies according to different aspects of the insurance: the amounts insured, the area of the house, the localisation, if it’s a primary residence or a secondary, if it’s rented…
You’ll have to choose the amount (capital) of insurance that you want for your property, we advise you to insure a minimum of 10.000 €, so you don’t have any bad surprises in case of a serious disaster. Naturally, the premium will increase according to the capital chosen.
Within your property, the capital insured is calculated by the insurance company according to the square meters and the location of the property. In Spain, it’s important to know that your home will always be covered at reconstruction value, and not the purchase value.
Secondary residences will represent a slightly higher cost of insurance because of the higher risk of theft, compared to the principal residence, and it’s will be the same if the residence is located in a flood zone or outside the urban centre.
How to choose the best home insurance?
Choosing the right insurance isn’t a simple task. There are many companies, different contracts and a lot of attractive offers…but do they really meet your needs? Because it’s a contract for a future service, you’ll never know if you’ve made the right decision until you make a claim… also, you have to know that, often, less expensive doesn’t equate to a better option!
It’s advisable to use the services of an insurance broker. The broker is an intermediary between you and the insurance company. Experts in insurance, the broker will propose several solutions from different companies, and will help you choose the best fitting for the best price. If you have a claim, they’ll take care of the complete process and will follow-up with you and defend your rights in case of misunderstanding with the insurance company.
If you want to read further on the subject, read our last article with more details on: What will determine the price of your home insurance in Spain? The 9 reasons why you should work with an insurance broker for your Spanish home?
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