Spanish Apartment Insurance– insuring your apartment in Spain- What can we arrange for you. We offer you:- Stand Alone Contents Insurance, Valuable First Loss cover your Portion of the Building.
The purchase of Apartments in Spain has become very popular, prices have been increasing steadily and more and more people ( first time buyers mainly) are buying Apartments as a means of getting on the ladder. Apartments are seen as a good bet, they are more affordable, you can use them for your family holidays and if they are correctly sited, you can obtain a good rental income to help pay the bills. Obtaining Contents Insurance for your Spanish apartment can be costly and time consuming but we are able to issue a policy to cover you which can be extended to include cover on a first loss basis for your portion of the Building. Our policy wording has been specially written to cover Spanish property so you can rest assured that all the special clauses will be taken care of
Types of Insurance – as per usual there are two types of cover to consider to cover your investment.. Contents Insurance & Buildings Insurance. In the majority of cases, Spanish Apartments ( Buildings cover) are insured by the Freeholder, and like in Britain the freeholder arranges a block building policy and charges you a portion of the premium. However…….In the event of a claim, claiming from the Freeholders Spanish Policy can prove difficult, especially if you are in a hurry to have repairs effected so as you can get the property re rented. At Assetsure, we can help you overcome this problem by offering you a policy written on a “First Loss Basis.” You tell us the maximum amount of cover you require (say £20,000) to cover what you think the maximum any one claim will be and we will issue a policy on this basis. We can couple the cover with our Contents policy ( which you will almost certainly need) and this will save you money. We will then pay up to your chosen sum insured for any claim ( Buildings or Contents).
How does it work? lets say you experience a Fire at the property, the damage to your Contents is £3000 and to reinstate, your Flat is £6500. You come straight to us and make the claim for both Buildings & Contents from your First Loss policy. Once your repairs have been effected, we will then endeavour to reclaim our payments from the Spanish Insurance Company Of course this “subrogation” can carry on and take quite a while to finalize but that will be our worry. You will have received a payout from your policy and we conduct all the further dealings with the Spanish Company. Our policy wording offers very wide cover and for a key facts leaflet please click here. Copies of the full policy wording are available on request.
Types of Risk – Assetsure can issue policies to cover the following types of risk:- Owner Occupied, Holiday Homes and Holiday Lets.
* If you are considering renting your apartment, it is essential that you have the correct form of policy to ensure you receive the necessary public liability insurance. By taking out a combined policy with us you will receive Property Owners Liability cover ( 1 million Euro) and Occupiers Liability ( 1 million Euro) if you either live in the premises yourself or your rent it out.