Home Insurance | Áurea Inmobiliaria – Real Estate Agency in Los Alcazares
Is it important to have a home insurance?
There are many owners that told us that they didn’t have any home insurance becuase their property is a holiday home. And they had any kind of home accident. As they didn’t have any insurance they couldn’t repair the damages because of the accident and now they want to sell, it is even more difficult.
Insurance with mortgage
It is not compulsory to have home insurance, but it is very advisable. If the property has a mortgage on it, there is a Spanish law that forces that all properties with mortgage must have a insurance that can cover the damage of the valuation. In this case, the beneficiary is the bank in the meanwhile the mortgage is not cancelled.
Banks are not allowed to force to get the insurance with them, becuase most of the time, insurances are offered by a company that belongs to the same bank. That means, it is compulsory to have an insurance if the property has a mortgage but it is not compulsory to get the insurance with the bank. However, banks usually offer some kind of bonus on the mortgage if you get the insurance with them. Anyway, it is important to do the match in order to know it is a good price or if it covers everything we need.
Home insurance without mortgage
Apart from this, it is important to get a good home insurance, whether the property has a mortgage or not. Besides, Public Liability must be included. If something wrong for your neighbours happen at your home, the insurance must repair their damages. On the other way around, your neighbour’s insurance must pay for your damages if it is their fault. If they do not have an insurance, yours will be the one who will claim.
Would you like to have your place in the sun? Come to our real estate agency in Los Alcazares, we have many properties for sale in Murcia.