Contents Insurance Spain

About Contents Insurance in Spain

The following points are important to note when considering contents insurance cover in Spain:

A general contents item is anything that you own and could take with you if you moved house. This includes furniture, electro-domestic appliances, clothes, food, ornaments, valuables and entertainment equipment such as televisions, computers etc.

Many people will have buildings cover as it is often a pre-requisite when taking out a mortgage. However whilst a bank may be concerned about the physical house, home owners also stand to lose a great deal in terms of contents.

How do you price your contents? The best way to assess the value of your contents is to painstakingly go through all the rooms in your house and add up how much each item is worth. It may be easier to categorise them under general headings – furniture, soft furnishings, household linen, electro-domestic appliances, valuables, general collections, garden furniture, electrical equipment and home entertainment.

When contracting insurance it is best to ask your agent for details of the policy. For instance some Spanish insurers will define valuable as any individual item over a specific amount (e.g. 6000 euros). In the case of the latter, only items over the 6000 limit will need to be individually specified. Each company will have different limits so that what is considered valuable by one may not be by another. Read the small print!

Accidental damage – some insurance companies will cover you for accidental damage of contents subject to an additional premium being paid. Most Spanish Insurance companies will NOT offer this on their standard home policies.

All risks insurance – whilst common in the UK, only select companies will offer the option of all risks cover in Spain. All risks cover is just what it sounds like – it covers all risks. For instance, if you have your wedding ring covered under an all risks section, and drop it in a drain, your ring will be covered. Items that you select to be placed under the all risks section will be insured at an agreed value based on a recent valuation or purchase receipt. Cover can be selected within a choice of geographical limits – either Europe or Worldwide. Adding items to this section of your policy can push up the premium substantially. If you know that you definitely want an all risks cover, let your agent know beforehand.

Is your house secure? Ensure that you adhere to security standards as prevention is better than cure and the better your security, the cheaper the premium.