1. What does Buildings insurance cover?
Buildings insurance aims to cover damage to the actual structure and fittings of your home by the perils stated in the policy. It will also cover toilets, baths and fitted kitchens, your interior decorations and bedroom fitted cupboards. Don’t forget swimming pools, gates, fences, tennis courts, drives, garages and other outbuildings – these are all covered under the SIS Home policy.
2. What does Contents insurance cover?
Almost everything that you own and would take with you if you moved house. This will include furniture, kitchen equipment, food and drink, electrical appliances including televisions, computers, entertainment equipment, clothes, ornaments and valuables.
As with all policies there are some exceptions and exclusions so we recommend that you take time to read the conditions of your policy to discover those that apply. If you are in any doubt, please contact us.
3. How much do I need to insure my home for?
For Buildings insurance, you should insure your home for its full rebuilding cost i.e. how much it would cost to rebuild if it was totally destroyed. This is different to the market value of your home. You can find your home’s rebuilding cost on the Valuation Report or Survey you had done when you purchased the property (although if it is more than a couple of years old it almost certainly needs to be increased to take account of inflation) in the absence of such report your agent or intermediary should be able to assist you.
For contents insurance, you should insure the contents of your home for how much it would cost you to replace them new today.
4. Are my belongings covered outside the home or when I go on holiday?
Only if you have arranged cover for All Risks. Items specified under this section are covered against theft, loss or accidental damage outside your home, worldwide.
5. Are there any important Exclusions or Conditions that I should be particularly aware of?
All insurance policies have exclusions and conditions. An SIS home policy has however been modelled on the type of policy you can expect to obtain in the UK market but also incorporates extensions of cover that are familiar to Spain – damage caused to electrical goods caused by a surge of the electricity supplier for example. Our policy is written in English, thereby eliminating any discomfort of not understanding a policy written in the Spanish language. There are nevertheless one or two important points that you should be aware of.
Firstly the application of the Consorcio cover when natural disasters occur. In Spain, all policies contribute to a national natural disasters fund – the Consorcio. When a natural disaster occurs, such as wide spread flooding, it is this fund which deals with any claims.
In the case of Holiday Homes, valuables are not covered so remember to have these included under your primary home policy, or a travel policy, before coming to Spain.
When your property is left unoccupied for any length of time you must lock all doors and windows and activate the alarm system if you have one.
And when your home is left unoccupied for more than 31 consecutive days then the water should be drained and switched off.