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The building cover will be based on an insurable value for your property, which is not the same as the market value for your property . The building and fixtures are insured, not that land your property is built on, which explains the difference. Your insurance policy will be based on what it costs to rebuild your property, not what it would cost to buy it anew. To calculate this ‘rebuild’ value, insurers use standard tables of building costs per square metre. The higher the building specifications of your property, the higher the insurable value, and hence premiums. In Spain, liability insurance is normally part of your home insurance.
Persons under the age of 14 and over the age of 70 are not covered by this clause. We cover the damage that vehicles and vessels can sustain due to fire, explosion or flooding, when they are in a garage equipped with a security system, whether it is a shared space or your own. Includes broken plasma/LCD television screens due to accidental damage.
Our team of experts will advise you on the insurance cover that is best suited to you.
You can usually buy building insurance (seguro de construcción) in Spain as a standalone policy. Some companies may list it under home insurance and sell it as the basic policy option which covers the property structure but not the contents. If your rings or watches are misplaced or lost whilst on holiday, it may be covered by your travel insurance, but is not covered under any house insurance policy in Spain.
Who specialise in general insurance products for expatriate clients throughout Spain . With over 30 years of experience they understand that one-size doesn’t fit all and will tailor insurance cover to a client’s requirements. Purchasing insurance through a broker gives you the added support of them representing your claim in front of the insurance companies. In case you are held liable for any property damage or injuries unintentionally caused by you to others the personal liability coverage contracted in your home insurance will protect you. If you need to make a home insurance claim in Spain, you should contact your insurer as soon as possible. Your insurance company should provide clear details of the claims process when you take out your policy.
Cancel your bank insurance policy.
It can also cover damage to the property, loss of possessions, and even injuries to people who are visiting your home. Most holiday home insurance policies offer cover for theft, damage, and liability, but some also include cover for loss of rent, loss of use, and even evacuation costs. Our house insurance policies do not have a first excess charge unless you are making a claim for garden furniture (€150).
If you want to take out a personal liability policy, you can get a quote on the calculator here . Typical prices are around €75–€100 a year for basic policies. Expect to pay around €125–€200 annually for all-risk coverage. Many companies have cost calculators on their websites, such as this one from Liberty. The home insurance sector in Spain was worth over €4.6 billion in 2020, the third-highest non-life insurance in Spain after car insurance and health insurance.
How long can I leave my property vacant in Spain?
For example, in cases of flooding, where a disaster area has been declared by the government. Torrential rain, summertime storms, high winds (over 80 km/h), snow... If a street light falls down in high winds, hitting your house, we will fix it. For example, if windows or shutters are damaged by heavy rain or hail, we will replace them. If there's one thing we’re proud of, it’s that we always try to make our insurance as clear as possible. That's why you’ll always find an explanation of the Coverage, along with the typical exceptions.
This is because awards for damages also tend to be much lower. Many home insurance policies in Spain automatically renew unless you give advance notice of termination. Typically you will need to write to the company informing them of your decision and giving reasons. The insurer has the right to refuse to renew the contract if they have a valid reason and give you 15 days’ notice. You will need to complete a claim form and give details of the policyholder, policy number, and details of your claim.
Calculating the contents value of your property.
Sources of home insurance in Spain in English include insurance brokers such as Knight Insurance, INOV, Abbeygate, The Insurance Centre and IBEX. Consider whether you should not claim, because you run the risk of increasing your premiums the following years because you have lost your no claims discount. Home or house insurance in Spain is not compulsory but as your property in Spain is probably your main financial asset; you are well-advised to protect it. Instead of paying your home insurance company in installments you should try to pay them off in one go.
Some may not offer insurance for premiums that are small unless another form of insurance in contracted. If you need to make a claim on your home insurance, they do offer a replacement on new-for-old basis. They will pay for a brand-new item of equivalent value, if your item is damaged or stolen. In Spain, all kitchens are classified as contents, as they are considered to be a removable item.
Registration will allow you to read more articles, see fewer ads, participate in the forum, and save content in your favourites. Selected list of coverages to guarantee stable long or short-term renting out. Adecuate protection of your home which keeps working both when you are in Spain and in your country. Many Spanish banks also sell insurance products, including home insurance deals, so it pays to shop around.
The property must be a like-for-like replacement for your insured property. Restaurant or launderette costs in case of electrical damage, to a maximum of €120 per day for a maximum of 10 days. Sometimes you have just a few items in the fridge, on other occasions you may have enough food to survive a siege.
Despite its popularity, Spain is also a country with a high crime rate. Therefore, it is important to take into account the risks that come with travelling to Spain and to ensure that you are adequately protected while you are there. Spain is a popular tourist destination for people all over the world. Many people come to Spain to enjoy the beautiful scenery and the warm weather. However, many people also choose to stay in a holiday home during their trip. No matter where you live in the world, there are certain holidays that are celebrated with great fervor.
Remember that this is not intended to be specific legal advice, just a general overview. As independent lawyers, we can help you both by assisting you to pre-empt most tenancy issues as well as to oversee a tenant eviction procedure, if required. Due to health issues, Money Saver Spain is currently offline until the new year 😞 Apologies for any inconvenience caused. Just click the ‘Get A Quote’ button to get an online quote for Spanish Holiday Home Insurance.
By applying or increasing a first excess on your property insurance, the insurance company will reduce your premiums as you will then be responsible for paying the first €300 up to €2,000 excess charge. However, as anyone who has ever needed to claim on their home insurance knows, the cost of premiums is just one factor to bear in mind. You also want a policy that covers your needs, and that doesn’t shaft you in the small print. Taking out the cheapest house insurance in Spain and saving 50 Euros a year could prove expensive should you ever need to make a claim.
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