All about real estate insurance in Spain advice, Spanish property guide

Real Estate Insurance in Spain Advice

14 Sep 2022

Real Estate Insurance in Spain

Houses for sale in Alicante and in other popular Spanish cities continue to attract expats. According to statistics, more than 12% of the country’s population was born abroad. This trend can be explained by the warm climate and high quality of life. However, in order to avoid unpleasant situations, buyers of local real estate need to think about protecting their properties from risks like fire or burglary.

Unlike other insurance types, home insurance in Spain is optional. But many residents get themselves insurance policies to protect their property in case of emergency. You will find all the information about Spanish home insurance below .

Types of Spanish home insurance

In Spain, real estate insurance is divided into two types:

  1. Movable property insurance (seguro de contenido), such as furniture and other valuables.
  2. Immovable property insurance (seguro de construcción), such as walls, floors, ceilings, and any internal adjustments.

None of the insurance types mentioned above are mandatory. Although it is recommended to have them, especially if a person owns expensive real estate. As a rule, you can purchase policies as a combined package.

Spanish insurance companies

The country has numerous insurance companies. The following services are in great demand:

  • Allianz;
  • Caser;
  • Liberty;
  • Linea Directa;
  • Luko;
  • Seguros El Corte Inglés.

Some companies, for example, Liberty and Caser, offer special programmes for expats living in the country. Keep in mind that most companies, however, only issue policies in the Spanish language.

Many Spanish banks also provide insurance services, including insurance of movable and immovable properties.

Movable property insurance

Movable property insurance (seguro de contenido) is also called renters’ insurance (seguro de inquilinos). This is due to the fact that this service is often used by tenants who, for objective reasons, do not need building insurance. Seguro de contenido and seguro de construcción usually come together.

Insurance packages tend to differ significantly between companies. Most of them offer a minimum of two insurance levels (standard and against all risks) or a standard plan with the possibility of choosing additional coverage if needed.

Standard plans protect against fire and water damage. Sometimes they also include damage of electricity, theft, and vandalism. Full packages, in turn, protect owners from all sorts of risks, such as damage caused by negligence.

The cost of movable property insurance

As with all insurance types, the amount that should be paid to cover faults for household items depends on various factors, including the value and condition of a housing unit, the selected package, the unit’s location, and risk factors. The average cost of a standard policy ranges between €75-100 a year. To cover all the risks, you need to pay about €125-200 a year.

Real estate insurance

Almost all Spanish companies provide real estate insurance (seguro de construcción) as a separate policy. Some have programmes that cover damage of certain property types, like apartments in apartment complexes or vacation homes that are unoccupied for the most part of the year.

Real estate insurance is especially popular among landlords who rent out unfurnished residential units. As with seguro de contenido, there are several different levels of seguro de construcción coverage. Standard plans will protect inside and outside walls, ceilings, floors, attics, and, as a rule, bathrooms and kitchen spaces from fire and water damage. Sometimes, they also include coverage for electrical damage.

Complete packages will take into consideration all of the mentioned factors and protect heating, air conditioning, and plumbing systems. Most comprehensive policies cover the cost of a complete reconstruction, while standard policies have limits on the coverage amount and may only cover repairs, but not replacements of some items.

The cost of real estate insurance

The cost of real estate insurance in Spain depends on such factors as the age of the building, its size, value, condition, location, and building materials. Some companies also take into account the security systems installed by homeowners and the main purpose of the unit.

The minimum cost of a standard policy is €100 a year. Comprehensive programmes can cost around €400-500 a year.

Assistance with purchasing property in Spain

A buyer can choose the best option and receive support during every stage of the transaction from highly qualified specialists at Spain-Real.Estate regardless of where in Spain he would like to buy a residential property. Visit the aggregator’s official website to view the top offers currently available on the Spanish real estate market.

Comments on About Real Estate Insurance in Spain article are welcome.

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