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Страхование жильяFor every person a home is a castle. An accessible and reliable way to keep it safe and sound is to insure it. You will not find a better means to protect yourself against property loss due to natural disasters and other possible perils. Insurance of a house or flat in Spain is the simpliest and most efficient way to cover material losses and make you look forward with confidence.

Claim Procedure

Upon occurrence of an insurable event, whether it be fire, pipe break, breakdown or other emergency, you should inform your insurance agent. The agent will organize and synchronize corresponding procedures, assess the damage, ascertain measures to be taken.

After that, representatives of a repair or construction company will arrive and conduct operations required. If your house contains especially valuable or collectible items, they can be included in the list of belongings in the course of insuring your property in Spain. As a result, the indemnity sum will be increased (along with the premiums).

Real estate insurance is mandatory to apply for a mortgage. It serves the purpose of bank protection and is listed in the mortgage bill of sale.

Claim Calculation

If Spanish property is purchased as an investment or used as a residence during holidays, it is of great importance to calculate the insurance coverage. It should include the cost of property restoration, which is often priced below market rates. At that, all outbuildings, gas pipe lines, oil storage tanks, terraces, tennis courts, swimming pools, partition walls, gates and fences are taken into account.

To estimate the cost of restoration in case of home insurance in Spain, a claim adjuster makes allowance for all factors and assesses the value of your property. It is essential to assess the value and risks correctly. If the insured’s capital is underestimated, it will be impossible to cover all your losses with the indemnity sum provided.

If the object of real estate insurance in Spain is part of a residential complex or multicompartment building, the premium may increase to include protection against the damage inflicted by a third party (neighbours) and damage claims (to the construction company or housing cooperative). Keep in mind that the annual premium depends on the property type, indemnity sum, security measures and contract terms.