Welcome to our blog and thank you for your trust. Today we have to talk about home insurance in Spain, because we are sure that at some point you have wondered if your property is properly insured, if the coverage that is included in your policy is appropriate for your type of home, and if there are a better or cheaper policy.
Throughout this article we are going to detail what aspects you should take into account when purchasing your home insurance in Spain, because it may differ from that of your country in several aspects.
In Meridional, and with the help of our partner Coseba, a national insurance brokerage with more than 30 years of experience, We can get the best quotes for properties in Spain with the guarantee of the most important insurance companies in the Spanish and international market.
Home insurance in Spain
Spain is a popular destination for expatriates, and they already make up more than 12% of our population, many attracted by its warm climate and good quality of life and mostly owners of a home in Spain.
Without a doubt, protecting that property and preventing that “dream life under the sun” from becoming something unpleasant should be a priority from the first moment to take out insurance, and if possible with the advice of a specialist on the subject.
The most common coverages requested from us are:
- Water damage to third parties, which also in the specific case of having contracted complete insurance, not only repair the damages to the injured party, but also fix the origin of your own damages.
- Glass coverage: For example, it should also cover the breakage of a table's glass when placing something heavy on it.
- Locksmith emergency: For example, in case of loss of keys, urgent replacement of the lock.
Is it mandatory to have home insurance in Spain?
Unlike other types of insurance in Spain, home insurance is not a mandatory requirement but it is highly recommended, and even more so if you live within a community of owners.
However, many residents have made the decision to protect their homes in Spain with insurance so they can sit back and relax.
This guide explains what you need to know when choosing quality home insurance, including:
- Introduction to home insurance in Spain
- Home contents insurance in Spain
- Building/maintenance insurance in Spain
- Combined home insurance in Spain
- Civil liability insurance in Spain
- How to choose home insurance in Spain
- Apply for home insurance
- Cancel a contract or change provider
- Insurance for vacation home in Spain
- Useful resources
Introduction to home insurance in Spain.
In general, there are two types of home insurance in Spain:
- Content insurance, sometimes also known as renters insurance, which protects all personal property, such as furniture, electronic devices or valuables among others.
- Insurance on building/construction known by continent, covers fixed built property, including walls, floors, ceilings and any internal fixtures.
Neither contents nor construction insurance are mandatory in Spain, although they are especially recommended if you have a property that is lived in or has been made as a rental investment property.
The usual thing is to take out both insurances within a package, which is really what we call Home Insurance. Most of these insurances in Spain usually also include civil liability insurance coverage, which, as we will see, gives us extra peace of mind.
Can you use home insurance from another country in Spain?
In Spain there are no laws that prohibit the contracting of home insurance from abroad, if you have contracted an extended coverage policy that includes the protection of your property abroad.
The most normal thing is that the company only agrees to offer contents insurance for your home abroad. However, not all of them offer continent insurance for properties outside the country or under very restrictive conditions.
If you move to Spain, you can transfer your current home insurance to your new property if your insurance company operates in Spain. All EU/EFTA insurance companies can operate in Spain as long as they comply with EU guidelines.
In any case, your company will recalculate your premiums based on the characteristics of your new property and the risk factors associated with said property. Please be aware that there may be additional fees and administrative requirements.
Home insurance/Rental housing in Spain
Contents insurance is also known as renters insurance. It is usually a common contract among those who do not buy but simply rent for a period, so they do not need building insurance, which would be a contract made by the owner or renter.
As we have already said, contents insurance in Spain is optional and it is the sole responsibility of the tenant to want to insure their belongings.
Although there are many types of home insurance packages, most are divided into two levels: standard and comprehensive, although there are actually many combinations that should be discussed with your insurance advisor, in this case, Meridional, through Coseba, offers you all his experience of more than 30 years in the sector and his relationship with the best insurance companies in Spain for expats.
Standard plans
Standard plans protect against fire and flood. They also include electrical damage, theft, vandalism and liability coverage. The most common exclusions are limits on the total value of covered items, valuables (such as expensive jewelry), garden items, and damage caused by accident or negligence.
Comprehensive plans
Comprehensive plans, sometimes also called all-risk, usually cover almost all loss events. This means losses due to negligence, stolen property, legal expenses, etc. They also have higher payment limits for insured items of higher value, however, with certain limitations, for example, for intentional damage or damage to vehicles, since the car is required to have its own insurance.
Home insurance costs
As with all types of insurance in Spain, the amount you pay to insure the contents of your home depends on a number of factors, such as the value and condition of your property, the level of insurance coverage you wish to take out , the location of the property and the risk factors associated with it.
Construction/mainland insurance in Spain
In general, building insurance in Spain can be insured as a separate policy, although it is usual to take it out as a part of the home insurance that covers the structure of the property.
Construction insurance is very common among owners who rent unfurnished homes. Some property owners may choose to insure only the building and not its contents. Banks that make mortgages in Spain may require minimum construction insurance coverage.
Like property insurance, building insurance typically has a wide variety of coverages. From interior and exterior walls, ceilings, floors, attics, and bathrooms and kitchens, they are typically protected from fire and flood damage. Most basic policies typically cover electrical and liability damage. The most common exclusions are damages due to negligence, earthquakes, and other natural disasters.
A comprehensive policy contains all of the above factors and may also include heating and air conditioning systems, sanitary systems, and fixed lighting and sound equipment. Most insurance policies cover the full cost of reconstruction, while basic policies often have coverage limits and may only pay for repairs rather than replacement of certain structures.
Construction insurance costs in Spain
The cost of building insurance in Spain varies depending on factors such as the age, size, value, condition, location and materials of the building. Insurers may also ask about the security systems you have installed and the primary purpose of the building (for example, primary or secondary residence).
Combined home contents/container insurance in Spain
Combined insurance is the most popular type of home insurance in Spain. It is usually simply called home insurance, and it consists of having the building part and what is inside insured within the same policy. Generally, liability coverage is also included. Combined insurance is especially suitable for homeowners who have bought a home in Spain and are going to live there.
Buying combined home insurance in Spain can typically save you between a 10% and a 20% compared to the cost of purchasing two separate policies.
What does civil liability insurance in Spain consist of?
Civil liability insurance in Spain covers all expenses in the event that an incident occurs that causes injury or damage to third parties or their property, whether in your home or caused by your property. It can cover legal expenses, medical expenses, property replacement expenses, and even funeral expenses in the event of a fatal accident.
In Spain, civil liability insurance is usually part of your home insurance. Some basic policies may not include it as standard, but it can usually be added for a small additional premium.
It is not very common in Spain to take out individual civil liability insurance, unless you have a business or are liberal professionals. There are not many insurance companies that offer non-business liability insurance.
How to choose home insurance in Spain.
It is not easy to choose the right home insurance in Spain because the offer is very wide and with many options, and it is also essential that it adapts to our budget and the characteristics of our property. In addition to the price, you also have to consider some of the following aspects:
How much the company pays in the event of an accident.
Yes, you can adapt the policy so that you don't pay for coverage that you don't need and so that you don't lack something that you do need.
Any bonuses, discounts or incentives, for example no-claim bonuses or gifts for new customers.
Check the reputation of the insurance company and customer reviews online.
How to request your home insurance in Spain?
It's very easy for you right now. At Meridional, we will first ask you about your property, its characteristics and, above all, what aspects you would like to protect; From there we will make several proposals tailored to your needs and budget and of course we will advise you through the decision and hiring process.
During the process it is often necessary to provide detailed information about the property, such as its age, size and condition. The insurance company may request a professional appraisal.
Cancel a contract or change provider
If you find a better deal or are not satisfied with the current service, you can cancel the contract or change the insurance company in Spain. Each company has its own termination rules. The notice period can be from 15 days to three months. If you have temporary coverage, you may have to pay a cancellation fee unless you have a good reason to cancel.
In any case, at Meridional we can help you with all these procedures and we will do everything possible to ensure that you are with us for a long time. Taking care of our clients is precisely what we do best.
Many home insurance policies in Spain renew automatically unless you give advance notice. Generally, you should contact your insurance company as directed, informing them of your decision and explaining your reasons. Also, the insurance company has the right to refuse to extend the contract for valid reasons and give 15 days' notice.
Holiday home insurance in Spain
Many of our clients use their properties in Spain as holiday homes. For this case, we have among our leading companies some that offer vacation home insurance that covers, in addition to the mandatory insurance required by law for this business, other coverage that will allow you to sleep more peacefully.
Vacation home insurance typically includes the same coverage as general homes, as well as being able to insure against specific risks associated with second homes, such as protection against loss of rental income.
Useful resources
General Directorate of Insurance and Pension Funds (DGSFP) – regulates the Spanish insurance sector
https://www.consumo.gob.es/es/consumo/reclamaciones Information about all consumer help offices in the Spanish state
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