Home sweet home – Protect your home inside and outside

By 30/11/2020December 1st, 2020Petra Egner (CEO Egner-Consult)

Whether you are buying or renting a property in Spain you should be insured against major risks such as fire, explosion, water damages, electrical damages, robbery and theft…

As it happens in many occasions in life, things start to become complicated when you look at them in detail.

Over the past years, we have realized that all over Spain, banks have started to offer insurance products in order to maintain customer loyalty and therewith create new possibilities of gaining money. This has had a huge impact on the market and specifically the client when facing a claim, as many products offered by banks are standard products covering only up to the amount of the signed mortgage, in the case of a property purchase for example. It is easy to think about the consequences for the client when realizing that he has no coverage or only parts are covered and the rest has to be paid out of his private pocket.

Another common example we do experience quiet frequently is the fact that even European customers are “forced “ to contract a private health insurance not fulfilling their needs or pre-existences and ignoring their health status i.o. to be able to open a bank account in Spain to apply for residency. There is a reason why other European countries do have a strict separation between who is allowed to sell and offer financial products including insurances.

In Spain this is based and can be found in  the “Ley de la distribucion de seguros” , but unfortunately we all know that reality tells us a different story. By law you are obliged to contract public and private liability or tenant’s liability. In Spain we have the possibility to cover all the a.m. risks in one policy and even including the insurance for your pet which is mandatory by law.