House insurance is essential no matter where you live. Whether a natural disaster strikes, destroying the home and / or its contents or an accident sends a visitor or a loved one to hospital, you will need financial protection.
Insuring a home in Spain has some special considerations, and Spanish policies have some different provisions from customary UK insurance features.
One such difference is the Consorcio. This is a special insurance fund provided for through taxes. The Consorcio is mandated by law in Spain and is handled by the Consorcio de Compensacion de Seguros, or Insurance Compensation Consortium. The Consorcio pays for claims related to “earthquakes, natural disasters, flood, volcanic eruption, exceptional cyclonic storms, and the falling meteorites and other astral bodies, as well as events arising out of terrorism, riots or popular uprising, and deeds or actions of the Armed Forces or Security Forces during peacetime.” While many of these unfortunate events that can cause a loss of property are covered by UK law, one important difference is that claims extend to damages caused by terrorism under the Spanish Consorcio. One of the factors to consider is the price of the homes. Parc Central Residences price are less to offer major benefits to the individuals. You can compare the price to have the best deals. There is the availability of peace of mind and relaxation to the buyers with less rate.
Spanish soil is drier than soil in the United Kingdom, for the most part, and the water table is further beneath the surface, so subsidence insurance is relatively unnecessary. That is not to say that water damage isn’t a major problem, however. All along the Spanish coast, where many British holiday homes are located, flooding can be a serious concern, and it has been over the last several years. Meteorologically speaking, when a cold front surges over the inland mountains and combines with the hot, dense, humid air of the Mediterranean, torrential rainfall can occur. This happens most commonly during the cooler and colder months. Floods have been common in areas such as Alicante, Costa Blanca and Andalucia.
Another item of note is that valuables such as jewellery are not covered by home insurance policies in Spain since so many of the properties insured remain vacant for long stretches of time. It is advisable, then, for vacationers to have their valuables covered through their primary residence’s policy and also through travel insurance.
There are also many nitpicky details associated with many Spanish home insurance policies. It is vital to read all of the fine print, or home owners may find themselves with no recourse because of a simple mistake. Some issues to consider include the type of locks on the doors, using the shutters each time the occupants leave the house, the temperature the property must remain at all year long (primarily for issues dealing with the plumbing system), and whether all pipes must be drained during times without occupancy.
A final consideration that affects many foreign investors is whether the policy allows for letting of the property and what, if anything, concerning the renters will be covered. It is best to find a policy that will cover bodily injury of anyone on or near the property and the possessions of any occupants, whether the owners, friends, family, or strangers. Remember to choose a policy based on coverage needs, rather than price wants. In a time of crisis, you’ll be glad you did.