Do you have a holiday house in Spain?
If you own a holiday home in Spain, then you should keep in mind that your second home is also susceptible to the risks that may plague your main house.
Acquiring insurance for your holiday home is essential to protect the property in case something goes wrong.
But what does it take to get holiday home insurance for your house in Spain? Here’s what to know before taking out a cover.
Why Do Need Insurance Cover Specifically for Your Holiday Home?
You can’t buy standard home insurance for your holiday home in Spain because insurers consider your second home to be riskier than your main home.
Holiday or second homes are usually left unoccupied for long periods, meaning that if something goes wrong, it will take longer to detect. For example, water pipes tend to burst during the wintertime.
If you’re not around to attend to the problem post-haste, there is a greater chance of extensive water damage occurring in your home.
In the same vein, the risk of theft is much greater if a house is empty than when it is occupied.
Because of the greater risk of theft and damage to your second home, you’re required to get insurance cover specifically for the property.
What Types of Holiday Home Insurance Are Available to You?
Before taking out insurance for your second home in Spain, you should understand the options available to you.
Generally, there are two main types of holiday home insurance you can buy. These are the buildings insurance and the contents insurance.
The buildings insurance covers the structure of the property while the contents insurance covers your household belongings.
Both types of covers are essential to ensure the property is protected against potential damage, and your household contents are protected against theft.
Depending on your unique needs, you can acquire additional insurance.
How Can You Arrange Holiday Home Insurance for our House in Spain?
Various approaches exist for you to take out insurance for your holiday home in Spain. Here are the 3 main avenues to consider.
1. Arrange Holiday Home Insurance from the UK
Some UK-based insurers offer insurance cover for overseas homes. They may charge higher premiums than home insurers based in Spain.
But, on the plus side, they will handle all the paperwork for you and they will explain everything to you in a language that you understand.
2. Work with an Insurance Broker in Spain
Want someone based in Spain to arrange your holiday home insurance? Hiring an insurance broker based in Spain is the way to go!
There are many local insurance brokers ready to serve you. On the plus side, they understand the ins and outs of holiday home insurance in Spain.
The problem is you may have a hard time finding one who fluently speaks English. This can hinder effective communication and compromise service delivery.
3. Get an Insurance Cover through a Spanish Bank
Looking for the cheapest way to take out insurance for your holiday home? Getting second home insurance through a bank in Spain will save you the most cash.
All banks in Spain can offer various types of insurance, including holiday home insurance. On the downside, don’t expect much customer support, especially if you ever need to make a claim.
How to Get the Best Price for Your Holiday Home Insurance
How much should your holiday home insurance policy cost? The cost of insurance for holiday homes varies from homeowner to homeowner. This is because the market value, contents, and risk exposures of each home differs from other homes.
With that said, you should buy insurance that caters to your specific needs and situation.
To get the best deal, you should get and compare quotes from various insurers to find the best quote. Comparison sites are a great way to find cheap quotes, but be sure to also check insurers that these sites miss.
Need help with buying, selling or renting property in Spain? Contact us today for help!