I am based on La Finca Golf in costa blanca and am in the process of furnishing the property. 

I am quickly discovering that as I want to rent the place out as well as use it myself the subject of insurance is becoming very complex.

So far I have been told I will need to over insure the content as when you have a claim processed they come in and add up the value of all remaining content including clothes etc and then deduct this from the value you have insured.  This could leave you badly short changed on the item you are claiming for.

Also if you plan to rent you need to think about public liability insurance and a legal protection policy (in case you have to claim against any tenants).

The cost of all this seems to vary greatly but it is becoming clear to me that your bank is probably not your best option.  The best one I have found so far is intasure although I am still looking.

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For buildings insurance if you have a mortgage it is probably worth leaving the cover with the lender. We get companies trying to get us to flog their cover to our clients all the time for a commission. I have no doubt that some of them offer good cover, but a lot of lenders will not accept every providers cover and they will be quite specific about required wording and level of cover. On the day of completion the last thing one wants is to have it delayed or cancelled because the cover is insufficient. Additionally as with most insurers where they can see a way out of paying a claim they will (probably more so here than the UK) - if one has the mortgage lenders cover in place a)they have a vested interest in ensuring that a claim is settled promptly and b)they have a joint responsibility to see the claim settled. 

Regards

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Smiley, any advice on insurance if you don't have a mortgage.  The National Trust in the UK offer an insurance cover for homes overseas but I'd be interested to know whether you think the insurance cover would be better taken out with a Spanish insurer rather than a UK based one?

Thanks.

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Gosh Lajj now you're talking. For once I am stumped and the honest answer is I dont know, because I dont know how safe the policy is from the National Trust. I assume it is underwritten by another company but branded with NT. I know that Norwich Union have a policy for overseas homes as do Zurich. Both of them in my opinion offer comprehensive cover and the policy is written in English. Linea Directa who are quite big in the ex pat motor market here are supposedly trying to break into the homeowners market. Premiums for motor cover are extremely competitive although I have heard people who have had problems with claims but no personal experience on that front. However so far I have been confident enough to have motor cover with them myself and have chosen not to heed that warning - sods law - tomorrow something will happen! If it does I am blaming you.

Alternatively depending on where your home is talk to a local broker for quotes - see what they come back with and if you want to let me know the details I will try to enquire as to how reliable the company is if you want me to.

Rgds

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Hi,

whatever policy you take out, you will only find out how good it is when you have to make your first claim, only then will you find any pitfalls in the small print on the policy. We use Intasure, only because it’s underwritten by a British company and we have access to an English broker. In the event of a claim I would hope the process would be less stressful. I have nothing against Spanish companies, and when I am more fluent in Spanish and the Spanish lifestyle I would consider using them, but until then I am taking the most convenient rout.

Hope you never have to find out exactly how good or bad you insurance company is.

Sping.

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Thanks for this information.

We are in the same position as you and I have e-mailed for a quote from this insurer you recommend.

We currently use Mapre, they have been very good. But they came with the "package" when we bought through Atlas, so I have never shopped around. Stupid I know, but in the heat of the moving in process, it was easy to "go along" with the Atlas recomendation.

We have only had one claim; in 2003 when we completed, this was for new locks after an attempted break in (Yes, the same old thing, new property and the thieves lay in wait for you moving in, then strike!).

I found Mapre extremely helpful, they use an English translator when you phone them and our current premium is €236.00 per year. Not sure how that compares to others, this is for contents & buildings.........hence getting the new quote!

I will see what your insurer comes up with!

thanks,

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Hey Janice

Thanks for the information, I just got some quotes and the Company that you mention came out the best.

Looks like we are almost neighbours here in the UK & Spain !!

Thanks again !!

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Hi All

I have just had an insurance claim my in Javea, Spain. my policy is with Abbeygate a Norwich Union policy and thankfully in English they have the most wonderful helpline ever they are English and deal with all the language problems associated with foreign locksmiths and builders etc, abbeygate also provide this free interpretation and information helpline with the home policy to use whenever, actually my husband uses it frequently thank god we have the service it saves us time and money they even make three way calls on your behalf, worth a look they are called globelink language solutions.  

Mrs Lisa Troak

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Thanks for your information. We have just received a quote for our apartment in Algorfa in Costa Blanca. The quote was very reasonable from salsbay and we will be using it.

Bobby and Isobel

Scotland.

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Intasure have quoted us €288 for cover of €183,000 on Buildings & €15,000 on contents - they also sent on a full copy of their policy to compare all the details of cover. They do not appear to have as many exclusions and restrictions as a number of other policies I have looked at.  One Spanish policy listed so many items that were NOT covered in each section that it was difficult to see the wood from the trees so to speak even though the policy itself was quite comprehensive.

One difficulty I have is what figure on buildings to insure for i.e.the rebuilding cost per sq. metre which is different from the price paid per sq. metre.  I have seen figures of €2000 to €2500 per m2 mentioned in relation to price of property depending on location in Spain but nothing about rebuilding costs.  Any advice on same would be welcome.

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