Buildings Insurance Spain

About Buildings Insurance in Spain

The following are some important points relating to buildings insurance cover in Spain:

Buildings Cover is a necessity, as not having cover can lead to financial loss and no home to live in.

Buildings insurance covers any damage to the actual structure of the building and any fixtures in that building. Usually, anything considered to be part of the building are things that cannot be physically moved when moving house. Items such as windows, baths, fixed lighting, piping, flooring, built-in wardrobes, doors and solar panels are all covered under the buildings section of a policy. More obviously tennis courts, pools and gardens also fall into this category.

Here in Spain, banks and mortgage lenders will insist that you take out buildings cover to cover the mortgage. This is their way of protecting the money that they have invested in your home.

Buildings cover can be estimated by considering the cost to re-build the same house. As a general rule of thumb, take the number of square metres of the property you are insuring and multiply that by the price per square metre for the given area and property type.

Third Party Liability: When purchasing buildings cover, most policies will also have a sum insured for third party liability cover. Take out the maximum you can afford. Third party liability covers any damage caused to others (by the insured) be it bodily injury or material damage. Some policies will include possible damage inflicted by any member of the insured’s family living within the household or even a pet, to a third party. It will not cover damage to the insured or insured’s family or materials. Check out the liability cover – there are huge differences between the amounts offered.