Whether you purchase or rent a home, insurance is a safeguard that provides assistance if the unpredictable occurs by supplying you with an economic safety net. Insurance policies are flexible and are built to order. Generally speaking, the homeowner or renter establishes the value of the property or its contents, then visits various independent insurance brokers and agents either in person or over the internet to seek out the most competitive rate that provides the maximum coverage. Policies are available in both English and Spanish.
Homeowner's "hogar" provides coverage for the structure of the house, the windows, the floors and all the fixtures. Based upon the declared value of the home, all the home's fixed features are covered in case of burglary, fire, flood and 3 rd party liability. These policies can include:
All risk, "todo riesgo" policies, are more expensive but cover both the building and the content and cover virtually anything that could ever happen to or within your home. Again, the homeowner must determine the value of the property and the contents.
Content policies, "Contenido" cover all the moveable objects in the home: furniture, electronics and personal possessions. You must determine the value of your objects and establish this value when you take out the policy. Jewellery and items that cost more then 3,000 euros must be discussed prior to taking out the policy as the company may require appraisals to establish their value. Portable objects, such as laptops or palm pilots are not covered when lost or stolen outside of the home.
Policies for second homes and rental properties tend to be slightly more expensive. A standard homeowner's policy will stipulate that the property must be inhabited eleven months a year as a primary residence, if this is not the case, and the property is a second home or a rental property, let the agent know the details as this could affect a future claim. Renter's insurance, "hogar destino alquiler" and policies for vacation homes, townhouses, farms, villas and apartments are not unusual and are readily available in Spain .
Home Security: Pricing on homeowner's policies depends upon the declared value, however keep in mind that houses with barred ground level windows and/or alarm systems pay lower premiums. Insurance companies take into consideration security doors, alarm systems connected to security companies.
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