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House insurance advice please?

Posted: Tue Jun 13, 2017 12:16am
68 replies1536 views20 members subscribed
Marmike

Posts: 11

Location: Las Filipinas

1 helpful posts

Hi everyone.

We purchased our house last year and for convenience, arranged house insurance through our bank.

Our insurance is now due for renewal. Can anyone advise if it is best to go through the bank, or if there is a better alternative? Not sure how to shop around in Spain for house insurance!

Also, wondering how best to estimate the value to insure? With the property prices relatively low at present, I'm sure the demolition and rebuild costs are more than the market value. Is there a cost per square meter value that can be applied for insurance purposes?

Any advice would be very welcome.

Thanks

Mar

Gran Alacant Insurances

Gran Alacant Insurances

Helpful member

Tue Jun 13, 2017 1:35pm

Posts: 243

Location: Gran Alacant

137 helpful posts

Posted: Tue Jun 13, 2017 1:35pm

Hi Marmike,

A correct and reliable way to assess the rebuilding value of the property would be based on the built m2 and m2 of tiled terraces (e.g. terraces, balconies, solarium) together with e.g. private pool or fences if existing (exact m2 details can be taken from the deed).  It is not necessary on the other side to insure the plot or market value.

With these values, the insurance companies can calculate and suggest an up-to-date rebuilding value. 

We are Agents for Liberty Seguros, if you wish we can assist you and provide you with a no-obligation quote.

Kind regards, Alfonso - Gran Alacant Insurances


Find out more about Gran Alacant Insurances - a paid advertiser on this website.

cazz67

Tue Jun 13, 2017 1:55pm

Posts: 108

Location: Los Dolses

30 helpful posts

Posted: Tue Jun 13, 2017 1:55pm

Marmike wrote on Tue Jun 13, 2017 12:16am:

Hi everyone.

We purchased our house last year and for convenience, arranged house insurance through our bank.

Our insurance is now due for renewal. Can anyone advise if it is best to go through the bank, or if there is a better alternative? Not sure how to shop around in Spain for house insurance!

Also, wondering how best to estimate the value to insure? With the property prices relatively low at present, I'm sure the demolition and rebuild costs are more than the market value. Is there a cost per square meter value that can be applied for insurance purposes?

Any advice would be very welcome.

Thanks

Mar

Hello Mar

I have sent you a private message.

Caren

John56

John56

Legendary helpful member

Tue Jun 13, 2017 2:10pm

Posts: 2075

Location: La Zenia

2491 helpful posts

Posted: Tue Jun 13, 2017 2:10pm

Marmike wrote on Tue Jun 13, 2017 12:16am:

Hi everyone.

We purchased our house last year and for convenience, arranged house insurance through our bank.

Our insurance is now due for renewal. Can anyone advise if it is best to go through the bank, or if there is a better alternative? Not sure how to shop around in Spain for house insurance!

Also, wondering how best to estimate the value to insure? With the property prices relatively low at present, I'm sure the demolition and rebuild costs are more than the market value. Is there a cost per square meter value that can be applied for insurance purposes?

Any advice would be very welcome.

Thanks

Mar

Like you we insured with our bank when we bought our property as we didn't know better. On renewal we got even better cover for less money with  Liberty Seguros, would recommend them.

Sheila64

Sheila64

Helpful member

Tue Jun 13, 2017 2:51pm

Posts: 364

Location: Playa Flamenca

279 helpful posts

Posted: Tue Jun 13, 2017 2:51pm

We insured with Sabadell. Last year we had a better quote from Mapfre, but could not stop the renewal with Sabadell as they require minimum 2 months notice. They said that it is the law in Spain, so check with your bank before signing up with a new insurer. I have made a diary note to cancel ours this year!

John56

John56

Legendary helpful member

Tue Jun 13, 2017 3:27pm

Posts: 2075

Location: La Zenia

2491 helpful posts

Posted: Tue Jun 13, 2017 3:27pm

Ours was with Sabadell also but we stopped it by changing the status of the Direct Debit to "Not Pay" using the Online Banking service and it was only two weeks before the renewal date.

Sheila64

Sheila64

Helpful member

Tue Jun 13, 2017 3:47pm

Posts: 364

Location: Playa Flamenca

279 helpful posts

Posted: Tue Jun 13, 2017 3:47pm

Wow, thanks for that, John. I am surprised the bank told me that there was nothing I could do!

Fpegman

Fpegman

Helpful member

Tue Jun 13, 2017 6:05pm

Posts: 144

Location: La Marina

51 helpful posts

Posted: Tue Jun 13, 2017 6:05pm

Sheila64 wrote on Tue Jun 13, 2017 2:51pm:

We insured with Sabadell. Last year we had a better quote from Mapfre, but could not stop the renewal with Sabadell as they require minimum 2 months notice. They said that it is the law in Spain, so check with your bank before signing up with a new insurer. I have made a diary note to cancel ours this year!

The law in Spain requires 1 month only to be given to cancel insurance  

Sheila64

Sheila64

Helpful member

Tue Jun 13, 2017 6:12pm

Posts: 364

Location: Playa Flamenca

279 helpful posts

Posted: Tue Jun 13, 2017 6:12pm

They seem to make it up as they go along! Thanks for that.

Betty2445

Tue Jun 13, 2017 7:29pm

Posts: 30

Location: Villamartin

12 helpful posts

Posted: Tue Jun 13, 2017 7:29pm

Fpegman wrote on Tue Jun 13, 2017 6:05pm:

The law in Spain requires 1 month only to be given to cancel insurance  

We have a 2 bedroom lower ground apartment, with one apartment above  

We went with Direct Linea , great price €99 with a lot of cover 

They don't have an office, but they speak English and it was so easy, I would recommend highly  

Hope this helps

Betty

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