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Home insurance in Spain: what you need to know

Home insurance is not mandatory in Spain, unless you take out a mortgage to buy your home. But even if this is not your case, insurance for many reasons is highly recommended. brief overview.

There are two types of home insurance: homeowners insurance and renters insurance. If home insurance is not mandatory, it is highly recommended, as it allows you to deal with accidents that usually happen in the home. Home insurance also generally includes civil liability insurance that covers damages that can occur to the building not only by the insured, but also by his or her children, pets, or household staff. In short, home insurance protects the home, as well as the people who live in it. In all cases, home insurance will cover damage to the “container” (building, structural elements, gas installations, water etc… doors and windows), damage to “contents” (furniture and valuables) and damage to third parties, by civil liability.

Home insurance numbers in Spain

According to UNESPA (Spanish Federation of Insurance and Reinsurance Entities – Unión Española de Entidades Aseguradoras y Reaseguradoras), approximately 3/4 of the homes in Spain are insured. According to ICEA, which specializes in the insurance sector, 37.1% of claims announced in 2021 in Spain related to water damage, followed by broken glass (14.7%), requests for assistance (11.2%) and electrical damage (9.3%). Thefts are the sixth cause of claims, in 3.4% of cases.

Home insurance rates vary by location (age, home security systems, geographic location, etc.). Market prices also fluctuate according to the services provided: covered claims, amount of deductions, reimbursement ceiling and a whole series of factors that the policyholder must make every effort to carefully study according to his needs. It should be noted, on the other hand, that according to Asiturfocus Claims Monitor, 55.2% of policyholders haveNever or almost never“I declare a claim – compared to 16.9% of those who did it at least once a year – and on the other hand, the cost of a claim on average exceeds the cost of the insurance premium. Thus the kelisto.es comparator indicates that the average repair cost is about 200 euros , with an average annual premium of 140 euros.

It is worth noting that depending on the methods chosen, home insurance can include a whole gamut of services beyond coverage of claims, such as computer assistance, medical video consultation, or home fixture review.

Policyholders should also check the obligations of their insurer on the following points: quality of customer interest, channel of communication (we obviously recommend 24/7 attention), average response time, maximum response time in the event of an emergency, or possibility. To monitor claim progress, via the app or online.

Get your home insurance with Contigo France

Contigo France, TARGOBANK Agency, SAU, belongs to the Crédit Mutuel Alliance Fédérale Group. The agency provides a service in French in the field of banking and insurance. She takes care of accompaniment during the most common administrative procedures and takes care of resolving the doubts of families who are settling or wishing to purchase a second residence in Spain.

Safe, secure bracket : Until 31/8/2022 Contigo France offers you Home Insurance and Alarm, with Sector Alarm, allowing you to save up to €100. Click here to request more information.

In addition, you can request more information about the various types of home insurance offered by Contigo France directly on this form.

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