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When buying a property in Spain with a mortgage you are required to take out a Home Owners Insurance Policy and a Life Insurance Policy. The easiest way to do this is from Brokers who speak English. There are many of these on the Costas and in the major cities in Spain. However, it is perfectly legal for a property owner in Spain to take out insurance in another country. Many home based Insurance companies offer policies for properties abroad, although you must make sure the policy is valid under Spanish law. The advantage is that you will have a contract you can understand although these policies tend to be more expensive and can also lead to conflict s, i.e. when the building is insured in one country and the contents in another.
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There are certain aspects to take into account when insuring your property.
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Property insurance is based on the cost of rebuilding your home and NOT on the current market value. Make sure this figure is adjusted yearly to keep up with inflation.
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Certain parts of Spain can be prone to storms and floods, so make sure you are covered if it applies to your area.
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In the case of holiday homes – where the property is not occupied for long periods or if it is to be used for holiday letting – insurance cover can vary so special attention should be paid to this aspect.
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If your home is part of a complex or apartment block, your condominium fees will include community building insurance for common areas such as facades and roofs as well as swimming pools and walkways. Always check what the community policy covers before you decide not to take out building insurance.
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