How does house insurance work in Spain?

How much does it cost to insure a house in Spain?

The amount insured by this guarantee depends on each contract (usually between 150.000 and 300.000 €), if you don’t have home insurance you must pay the costs of compensation, that’s the reason why it’s strongly recommended to be insured!

Is house insurance mandatory in Spain?

Home or house insurance in Spain (known in Spanish as seguros de hogar) is not compulsory (except for buildings insurance when you have taken out a mortgage) but as your property in Spain is probably your main financial asset; you are well-advised to protect it.

Do you have to have life insurance for a mortgage in Spain?

Life insurance is not compulsory by law although banks and mortgage lenders often insist on one to protect their interest in a loan. Medicals are necessary in many cases. These are dependent on age and the amount of cover required. The cost of the medical is paid by the insurer.

What is the best insurance company in Spain?

Top 10 insurers in Spain per 2019 turnover

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Rank Companies 2019 shares
1 Vidacaixa 13.38%
2 Mapfre 11.44%
3 Mutua Madrilena Group 8.5%

Do I need insurance for Spain?

Your trip to Spain doesn’t require travel insurance cover, but it’ll give you peace of mind that you’re covered whatever activities are on your agenda.

Can I get travel insurance for Spain?

Because Spain is an EU country, your trip will be covered by any European travel insurance policy. However, there are many different types of insurance that might suit your holiday. When you find the best travel insurance deals through MoneySuperMarket, you’ll be able to tailor your insurance to your needs.

Is public liability insurance compulsory in Spain?

Public Liability Insurance

This is a compulsory form of cover, and protects from claims by third parties against negligence, death, injury, loss and damage of property, and economic or financial loss.

What is civil responsibility insurance Spain?

The Spanish Law on Insurance Contracts defines civil liability insurance as that for which the insurer is obliged to cover, within the limits of the law and the policy, the risk of the birth of the obligation of the assured, arising from a legal liability, to indemnify a third party.

What you need to get a mortgage in Spain?

Required documents to get a mortgage as an expat in the Spanish territory

  • Copy of your passport.
  • NIE number, the basic identification number you will need to buy a property in Spain and to realize any other legal procedure. …
  • Marriage certificate or prenuptial agreement (if applicable)
  • Proof of employment or income.

How much deposit do I need for a mortgage in Spain?

For a Spanish mortgage, you will generally need a minimum deposit of 30% of the property’s purchase price, with borrowing rates currently starting around 2% (lower for premium clients). “The maximum mortgage for non-residents is 70% of the purchase price or valuation, usually depending on which is lower.

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Is it hard to get a mortgage in Spain?

Spain has a very competitive mortgage market and as a result, there’s plenty to choose from when it comes to loans. However, non-residents buying Spanish property with a mortgage have more limited access to loan types and conditions.