Buying Holiday Home Insurance in Spain
For people planning on buying a holiday home in Spain, there are many things to think about: which region you'd like to stay in, how much money you plan to spend, and whether you'd like to purchase a house or an apartment to enjoy your vacations in. There is one necessity, however, that most people neglect to give the proper time and attention to during all the excitement – the holiday home insurance.
Not knowing where to turn, many holiday home buyers end up reluctantly saying 'yes' to the first policy that comes their way. This is especially dangerous when dealing with foreign insurance companies who may not provide policies written in plain, easy to understand English. Worse yet are the companies whose insurance policies are written entirely in Spanish.
Because of this, one of the most important considerations when purchasing holiday home insurance abroad is ensuring that your policy can be easily read and understood by you, the home owner. If you are not a native speaker of the Spanish language, it is essential that you receive a policy written purely in English. You'll never know what you are signing, if you can't even read it.
Another good idea is to avoid insurance companies that provide overly generalized policies. The more reputable insurance companies will create a policy that is written specific to your needs. If your holiday home doesn't have a swimming pool, your rates and written insurance policy should clearly reflect this.
It is also essential that there is clear wording in your policy which covers the special requirements needed for holiday home owners. The policy should address such questions as, 'Will you be required to make special security arrangements when your home is left unoccupied?' and 'Is full theft insurance included without restriction?'
For those of you planning on renting out your holiday home to other vacationers, there are additional areas within the insurance policy that should be carefully considered. Holiday homes that will be rented out to others require a policy that includes provisions covering the costs of any guest damage (accidental or otherwise) that might occur. Your policy should also address whether or not you will be covered for any loss of rental income if your holiday home becomes unsuitable for guest rental.
There certainly is a lot to think about when purchasing holiday home insurance in Spain. By knowing a few things to look out for, however, you can certainly make the difficult task that much easier. Just make sure of two things before you sign – one, that you can clearly understand all of what the policy says, and two, that it covers your specific holiday home-owner needs.