Subsidence cover in spanish buildings insurance

Hi all,

We were just checking out buildings and contents insurance and I noticed that there is no mention of subsidence cover.

I checked with our broker who said that it isn't covered and as far as they were aware, no  insurer covers subsidence in Spain.

I found this a little odd, and thought i'd ask around on this forum to see it others have any experience with other insurers, or if indeed this was the fact. If it is the case, apart from damager caused by fire, what other major reasons would there be to have building insurance if not to have to rebuild due to the house falling down?

Carl

'Earthquake proofing'  is a useful feature, all the properties in the area where I live, enjoy.  

Can't say I have ever looked at whether there is subsidence cover in ant insurance policy I have had.

Hi

I was also worried about this lack of cover for earthquake.  However I have a company that will cover it but only for first 10 years after construction. They are IBEX and their rates are comparable with most companies. They also cover bicycles which again is unusual in Spain. PM me if you need a phone number

Hi Steone, sorry I'm a bit confused. Are they covering earthquake damage or subsidence damage?

Regards, Carl

Seone, sorry .My post was intended to convey:- 

 'Earthquake proofing' is a feature  in the construction of all the properties in the area of Spain where I live  

Hi Johnhn, as it is in the area that my house is situated in - nonetheless, it doesn't really address the issue about buildings being covered for subsidence (or in the case of my insurer Earthquake damamge).

Regards, Carl

Liberty Seguros do an accidental damage buildings policy that will cover this, otherwise payment will be made only if there is a state of emergency declared.Minor earthquake damage is only covered under the "acccidental "damage part of the buildings policy-many people do not take this out  as it costs more.

As for subsidence, Many firms wll not cover this anyway, particularly if there are known problems in the area, and the builders 10 year  insurance probably isn't worth the paper it's written on as there are so many conditions attached to it.

I have lived in an Apartment for the past 11 years, my son also owns a couple of apartments.  Thus our insurance policies only over 'first fix' building problems,  as the buildings are covered by the community policies.

But as Camposol says, one would expect that major earthquake, subsidence problems would be covered by the 'Insurance Consortium' cover.  Which we all pay a percentage to when we pay our premiums.

We have a Liberty Seguros ' All risks' cover that includes subsidence and earthquake cover, it covers everything.

I asked for this cover as the national emergency cover is rather sketchy, the wind has to be high enough and the earthquake has to be strong enough for the cover to kick in leaving you high and dry if your property is damaged and they try to weasel their way out of covering you.

Many thanks Mr Kevin, I'll ask Liberty Seguros for a quote.

Johnzx - I can't open your picture.

Regards, Carl

Many of the insurers or insurance policies issued via brokers in Spain do not include subsidence cover, if they do it is limited dependent upon the age of the property. Some will say that they include it, if you have full accidental damage, but you have to be careful here as it is not specifically stated as covered in the policy. It does come back to the old saying of unless stated do not assume or believe what you are told.** EDITED - Against forum rules **

Hi Bryan, do you have an email address and website for BWI insurance Brokers?

i note your login is BWI - are ou connected to these guys in any way?

Regards, Carl

Hi Carl,

I am connected to BWI, this is my own company, I have run insurance brokerages here in Spain for the last 9 years, prior to this working in the insurance industry in the uk for over 15 years, firstly setting up and running a business for a UK company that already operated in Portugal and wanted to add spaiin to the portfolio, then after this was sold to another company and managing the offices, after being made redundant I decided that I would go by myself and am pleased to say that all of the companies that I have worked with over the years have supported me superbly in my operation.

I am more than happy to give advice where I can to help anyone.

** EDITED - Against forum rules **

I hope this helps, Bryan

hi Bryan, can you please send me a private message with BWI email and website - seems you can't publish it onthe forum.

Also, I think it best if you state upfront if you have a vested interest in any company you recommend.

Many thanks, Carl

We have a policy with Liberty Seguros. The building was built in 1975 and was well over 20 years old when taken out.

The policy specificially INCLUDES subsidence, and that is written clearly in the policy document. However, claiming on the policy has been fraught with difficulties.