It’s likely that if you found your way here, you have a second home in Spain, and you want to take out home insurance for your holiday residence. In Spain, you have plenty of options for home insurance, which is why it’s important to keep the following points in mind:
Things to keep in mind for your home insurance
- Premises: In terms of house insurance, premises refer to anything related to roofs, floors, wiring, windows, etc. An insurer will pay for repairs for damage caused by fire, theft, water and anything else caused accidentally. However, each company may have its own, very specific, criteria about what it will cover in each case. For example, when you have good insurance like SegurCaixa Home, you will be covered for damage resulting from lightning or an explosion. It’s important to take out good insurance, and not to cut corners on price, because in the event of an accident you might have more than one nasty surprise.
- Contents: When taking out content insurance be sure to be very accurate in your valuations of all furniture and household items. This is an area in which you may find the biggest differences between policies. For example, good insurance can even cover a street robbery, which is why you should check each plan carefully.
- Civil liability insurance: This is one of the most important aspects as it covers all compensation that you have to pay to other people for damages they may suffer, which, in the case of injury, can be substantial. This is why we advise taking out civil liability insurance with coverage of €300,000 at a minimum. Otherwise, you may have a big problem in the event of a serious accident.
- Legal expense insurance: Legal expense insurance allows the holder or their family to claim for damages incurred from the responsible party. It also protects the defence against potential claims made against the holder or family that lives with them.
One of the recommendations we make may sound very simple but is in fact essential when you have a home in Spain, and you live elsewhere: be able to manage your insurance in your own language.
It is crucial, and not just when taking out insurance, to understand each and every aspect of your policy set out by your insurer. These are complicated concepts and just one misunderstood word can result in issues down the road if an accident occurs.
But, above all, it will be when an accident happens that it you will realise the importance of an insurer that speaks your own language. This is why we always recommend HolaBank. HolaBank is the value proposition for expatriates in Spain. Created by CaixaBank (one of the leading banking institutions in Spain), it offers a range of banking services and products aimed at expats along with support in the customer’s own language.