INSURANCE

GUIDE TO PURCHASING HOME INSURANCE IN SPAIN

Buying home insurance in Spain can be confusing specially as there is a wide spectrum of English and Spanish based insurance companies operating in Spain.  It is better to first ascertain what you require from an insurance and then search for the product.

Home insurance can be divided into two sections: buildings cover and contents cover. It is important to understand what falls under each of these headings as it will help the insured to make a better decision on what type of insurance they should take out. If you need insurance you can ask for any of the three types:

-          Buildings only

-          Contents only

-          Buildings and Contents

What is Buildings cover?

Buildings insurance covers any damage to actual structure of the building and any fixtures in that building. Usually, anything considered to be part of the building are things that cannot b physically moved when moving to a new house. Items such as windows, baths, fixed lighting, piping, flooring, built-in wardrobes, doors and solar panels are all covered under the buildings section of a policy. More obviously tennis courts, pools and gardens also fall into this category.

What is a Third Party Liability?

When purchasing buildings cover, most policies will also have a sum insured for third party liability cover. This concept is often confused. Third party liability covers any damage that the insured inflicts on others be it bodily injury or material damage. Some policies will include possible damage inflicted by any member of the family living within the household or even a pet to a third party Many policies will also include legal defense to protect against allegations made by others. Third party insurance never pays for your own damage – it pays for damages inflicted by the insured to a third party or defends you by seeking compensation when damages are inflicted on you.

What is Contents Cover?

A content is anything that you own and that you can take with you if you move into a new property. This includes furniture, electro-domestic appliances, electrical appliances such as television sets, computers, etc… clothes, food, ornaments and valuables.

PREVENTION IS BETTER THAN CURE

Once you have purchased your dream home in Spain, it is better to ensure that it is kept secure. The first thing to do is to change the locks as many people could have keys to your home: Real Estate Agents, Construction workers, developers, etc… It is also advisable to have an alarm that links to a central station and the police station.