THE IMPORTANCE OF HAVING HOME INSURANCE POLICY FOR YOUR PROPERTY
Have you just purchased a Property? Or do you already own a property in Spain?
In that case, we strongly recommend you hire a comprehensive home insurance policy in Spain. This is indeed essential for your peace of mind.
Therefore, we would like to take this opportunity to answer in this post about the most frequent questions posed by our clients regarding the importance of having a Home Insurance Policy in Spain:
WHY IS IT SO IMPORTANT?
A property is a great investment, not only because of the value of the property but also considering all the valuable goods inside it that considerably increase the value: i.e appliances, furniture, jewellery, etc. To protect your home against any unforeseen event, there are insurance policies with different coverages and prices. Normally, they are ranged based on the building, content and civil liability.
IS HOME INSURANCE MANDATORY?
In Spain, insuring a property is not mandatory.
WHAT IF I NEED TO APPLY FOR A MORTGAGE?
Most banks require home insurance as an essential requirement to grant the mortgage. However, there is a law by which banks cannot force you to take out insurance with them. Be very careful!
HOW IS THE COST OF INSURANCE DETERMINED?
It is established by the value of the building, the coverage and the belongings. But, it is essential that someone advises you on the real value, because otherwise you may not be covered in the event of an accident.
IN BRIEF, WHAT ARE THE REASONS TO INSURE YOUR HOME?
The kind of situations that can lead you to take out home insurance would be:
- Fire or explosion: Although the chance of a fire or explosion occurring in your home is low, it can happen. In that case, who bears the costs? Home insurance. In addition, the insurance company also usually bears the expenses involved in its extinction.
- Material damage: home insurance also covers material damage resulting from certain events. For example, a broken pipe that leaves you without furniture, a power surge that damages an appliance, etc.
- Civil liability: any third party can inadvertently damage your home. For example, imagine there is a water leak. In that case, this coverage includes everything related to the damage you may cause to a third party as a result of this event.
- Legal defense: a coverage that we find in home insurances, involves having a lawyer at your disposal who can be useful in some cases.
FULLY COMPRENHENSIVE INSURANCE POLICY
Under fully comprehensive Home Insurance, you will receive all this cover, as well as:
1).- Fully comprehensive accident insurance: “To cover all accidental damage to your home´s property.”
2).- Emergency health care assistance: “For insured parties due to a domestic accident.”
3).- Comprehensive legal defense: “Property & Leasing Rights.”
As well as increased insured sums for cover such as:
- Civil Liability
- Aesthetic damages
ADITTIONAL HOME INSURANCE BENEFITS
Given its comprehensive nature, this insurance provides major benefits, such as the most comprehensive home assistance:
- Repair Services due to the mechanical, electrical or electronic malfunction of white goods located in the insurance home.
- Free home DIY service, under which installers will provide customers certain services. Personalized it assistance service, data recovery and backup services. Possibility of having technicians come to your home and repair equipment at special rates.
- Legal advice hotline to answer all legal questions.
- Medical Advice Service for health-related question.
- Specific benefits for covered claims, such as: uninhabitality of the home, document replacement and other expenses: extinguishing, debris removal and firefighter assistance.
Buying your Home Insurance based solely on price may seem like a good idea. Nevertheless, it may also leave you with poor cover and at risk of being underinsured. If this is your current case, you may end up paying more in the long run for not having enough cover when you need to submit a claim.
WE ANALYZE YOUR POLICY AND GET YOU THE BEST PRICE
At BZN Lex INTERNATIONAL LAWYERS we would like to advice you with the best home insurance with the most proper coverage that you will need and at the best price.
Hire Home Insurance and enjoy your home with complete peace of mind. As you will have access to the best cover and care services in the event of an unforeseen circumstance inside or outside your home.
The Insurance Policy, covers any property damage to which your home may be subject, the furniture and possessions contained in your home, as well as the civil liability and health care of the insured parties.
Water damages, fire, broken windows, aesthetic damage, theft, robbery, subsidence, etc, etc.
HOW TO CONTACT US FOR FURTHER SPECIFIC ADVICE?
We hope this information is useful. 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.
Should you be interested in receiving more specific information, (either about this particular tenancy subject or any other), you can contact our firm in several ways:
1. Call us or send us a WhatsApp now to (0034) 687 88 88 73.
2. You can also use our e-mail form at the top of the sidebar of your screen, or alternatively, you can send us an e-mail to email@example.com
Our commitment, we’ll respond to your e-mail inquiry in less than 24 hours.
We are on social media. Follow us on:
A) facebook: BZN Lex International Lawyers@oscarricormorales7
b) Twitter: https://twitter.com/BznLex
Finally, thank you very much for your attention, and in case you might have any questions or doubts at all with regards to hiring a Home Insurance Policy in Spain, again please do not hesitate to contact us. We will be glad to help you!
We look forward to helping you and the benefit of our “know-how”.
Mr Oscar Ricor
“NON-PRACTISING ENGLISH SOLICITOR IN ENGLAND AND WALES”, under the “Solicitors Regulation Authority” (SRA) SRA number 519196 and practicing Spanish Solicitor.