Taking out insurance in Spain

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No matter where you chose to live, there’s no avoiding all of the necessary paperwork when buying your dream home. Taking out insurance in Spain is part of that. For example, you must apply for a mortgage and arrange a NIE number in good time. But then the picture is not quite complete. Because it is also necessary to insure your home and your contents. And don’t forget your own health insurance and car insurance. Each country has its own regulations and working methods with regard to insurance. We are happy to guide you through taking out insurance in Spain.

Insure your home and your belongings

When you buy a house, you have to deal with two different things that you need to insure: the house itself and your household effects. Keep in mind that these are two different types of insurance that you do not have to take out in all cases.

For homeowners

When you have bought a house in Spain, you are also the full owner of this property according to the land registry. This means that you also have to insure the house yourself. In this case, you must take out home insurance (also known as Seguro del Hogar). By taking out this policy you are insured against damage to the house in the event of fire, storm or lightning and burglary. Do you live in an appartment? Then damage can also occur due to leakage at the neighbors. Always read the policy conditions carefully to see if your insurance also covers this type of damage. Is there a very large fire and is the damage irreparable? Then the insurance will look at the value of the house that is stated in the valuation report.

In addition, there are other issues that come into play when you own a property in Spain. Have you taken out a mortgage to be able to pay the monthly costs surrounding the house? Then it is also wise to immediately take out a term life insurance policy. This makes it easier for your partner, children or other relatives to bear the monthly costs. It is also wise to insure all items in the home against damage and theft. This can be done through home contents insurance.

For tenants

Are you (temporarily) renting the house through a landlord or real estate agent? Then the home insurance is the responsibility of the renting party and you no longer have to take out. The insurance of the household effects is your own responsibility. This is not part of the landlord’s policy. Therefore, always take out home contents insurance to protect yourself against damage to your property or theft.

If you take out building or contents insurance (or both), it is no longer necessary to take out third-party insurance (the liability insurance in the event of damage). This is already included as standard with the aforementioned insurance policies. There is no general fixed monthly premium. The costs of your policy depend on the value of the home and its contents.

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Health insurance

In addition to the insurance for your home and your household effects, it is also wise to take out health insurance. In Spain you have two options in this regard: the Seguridad Social or private health insurance. The Seguridad Social stands for public care, you can only use this if you are employed somewhere or if you earn as an independent entrepreneur. Do you work for a Dutch company? Or do you receive a monthly benefit or pension from the Netherlands, but do you live in Spain? Even then you fall under this public concern. In all other cases you must take out private health insurance. Each option has its own pros and cons.

Social Security

To apply for public care, you must first register. To put this into effect, request an E-121 form. You then hand it in at one of the offices. Although it is cheaper with public care and you can get a discount on medication, you do have to take a number of things into account. Would you like a consultation with a doctor? Then you will first have to visit a doctor at a health center in your area. If you want to visit a specialist, you will first have to get a referral through this route.

Private health insurance

You can take out private health insurance with a number of different parties. It is also possible to use this option if you meet the conditions of public care. It just depends on which insurance you prefer. With private insurance you pay more premium, but you can decide for yourself which specialists you visit. Even if you are already being treated by a doctor in the Netherlands and want to continue to see them, you can do so with private health insurance. This does affect the amount of your premium. Keep in mind that insurers often have an age limit when taking out health insurance of 60, 65 or 75 years or offer less coverage from this age.

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Car insurance

Do you also have a car in Spain? Then you are legally obliged to take out car insurance. This is in the form of a liability insurance. This is therefore not an insurance policy for your own car, but in the event of damage to other road users. This third-party liability insurance also protects other passengers in your car. If you also want insurance for damage to your own car, it is necessary to expand your package with an All Risk insurance. Again, take a good look at the conditions of your policy. In the Netherlands we take into account breakdowns by taking out a subscription with the ANWB, with insurance in Spain this is already part of the package.

Contact with the specialists from our network

Our advisers at Dream Properties International not only help you find your ideal home, we are also happy to put you in touch with other specialists from our network. Are you still looking for a party to take out all your insurance policies? We can offer you various options through an insurance office in Spain from our network. This way you can easily arrange the optimal coverage in your own language. Feel free to contact us to learn more.

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