renewal of insurance

i took insurance out through polaris world last year and it is up soon - do they just do a direct debit and take another years or have i to fillin or apply?

is there a better insurance for both building and content

We have just had renewal through by Intasure and it's £175 for both buildings & contents. Not really got anything to compare it to but seems reasonable. Trouble is you only find out if they are good when you make a claim.

A post on the HR community website says it is setting up a discounted deal for buildings Ins for owners.

 The post on the HR community website actual says it has negotiated Buildings insurance cover with Mapfre for all apartments within the mandatory Communty Insurance that is paid for anyway out of your Community Fees....so once it come into force and details are published of how to get your copy of the certificate for your apartment you will be covered. A good saving I would say.

BTW for those with mortgages, when you apply for your certificate you will be asked to specify the beneficiary....you will need to put the Bank as beneficiary with whom you have the mortgage or the Bank will not accept it as cover.  This is normal, I believe, in Spain on mortgaged properties.This will all be outlined in the processes to be published.

Regarding your Contents insurance it says the same Insurance Company Mapfre will also give discounted cover for Contents...but there is no compulsion to go with them...the cover is up to you to decide who you want to go with as you organise and pay separate for this.

//www.easycover.net/

We got cover from Easy Insurance - above. they were about 145 Euro for Building and contents. CAM bank were happy with the cover, so it must be ok.

John

As your apartment will be covered for Buildings Insurance under the re-negotiated and expanded HR Community Insurance, when it is fully implemented shortly you dont need to to pay again for Buildings Insurance yourself. You will only need to arrange for a Contents policy in the future.

Thanks for that info. do you know, off hand, when that Community insurance will come into place and if it will be sufficent to to comply with the banks Mortgage requirements.

thanks

John

I believe they are currently working through the process of applying for certificates, if you need them for mortgages, with the procedure that Mapfre have proposed. It is more to do with the turnaround time from when you first complete the 'personalised' application for a certificate to it being returned from Mapfre and available to you.

I would however expect that the policy and the procedures will certainly be published on www.hrgr.es before end of February at the latest. Just keep an eye on the News pages.

LIke all these sorts of changes...some folks will just miss it this year and some will be able to take advantage this year. I guess its the luck of the draw when you completed. However you may want to look at your current policy to see if there are any options for cancelling...in readiness for this being available.

Details of the Buildings Insurance cover under the Community Insurance with Mapfre has now been posted on the HR Owners Website www.hrgr.es/3.html

Basically if you have no mortgage then you are satisfactorily covered by the Community Insurance for Buildings and thats it... and you only need to arrange your own Contents cover and you can use Mapfre or any company you like. Mapfre have supplied a table of levels and quotes for information.

If you have a mortgage then it can be a little more complicated. Most mortgage companies/banks will have some some specific requirements. Most will have a minimum cover amount and they also must be named as beneficiaries. You will need a personal certificate to present to your lender. However, your actual Buildings cover under the Community Insurance is by your apartment quota and typically would be about 100,000 of cover. This would be fine in reality as a rebuild cost, but  It may not reach the higher levels that some mortgage lenders specify as minimum cover.  Some mortgage providers specify as high as 150,000 minimum cover and some as low as 75,000 minimum cover. It all depends on your own lender and you need to find that out and any other requirements. In these cases you will require a top-up policy to bridge that 'shortfall'. Mapfre have supplied some quotes on top-up.

There are quotes for Contents, Top-up and Contentes etc....and the detailed policy cover.

Happy reading.

too late

i had taken out insurance with whoever polaris recommended last year and i know see that money has been taken from my account this year!!

so much for asking - must be the spanish way!

Hi Aiden,

We had the same thing only I had forgotton about it coming up for renewal and was late!!.

When I asked PW for the Zurich contact as my documents were in Spain, they told me that it had been renewed automatically.  At least it stopped me worrying

Next year I'll do some shopping around in  October!

just spoke to my bank this morning - re insurance with liberty seguros -  a direct debit had been taken out of my account - they informed that the bank insists on insurance etc

i explained that the community had negotiated insurance and that there was no need to have building insurance x2. they said if i can get them a certificate to state  that my property is insured then they will return money - they said the bank would need to be the beneficiary on the certificate

can anyone tell me how i can get a certificate and get bankinter as the beneficiary on it - who do i contact

To get your insurance certificates for mortgaged properties go to the www.hrgr.es website on the INSURANCE page, read carefully and follow the instructions, fill out the necessary application forms with your details and send it direct to the  Mapfre agent on the e-mail specified. But read carefully about the cover minimum your bank may specify ... you may need a top-up policy if its higher than the Community insurance cover level for your property.. As well as the beneficiary name the minimum cover is one of the required details for the application form so you may need to get this minimum from your bank first.

Also see post on this thread 6th Feb for more information

This message was last edited by ColatLT on 2/28/2009.

I have recently spoken to Jorge from Mapfre, he is very helpful.

My apartment is approx' 64.96m2 and the amount of cover I get from the community insurance is €84,000, this is worked on the size of your apartment and percentage it takes up over the whole site.

The bank said my apartment has been valued as needing €133,000 of cover, so I will need to top up the short fall with extra cover of €49,000, plus contents cover. This is still a lot cheaper than the insurance I had with Zurick through Polaris.

My insurance is not due again till November but I have already stopped the next payment from going out automatically (it is just a call to your bank). My bank also advised me to give my current insurance company at least 2 months notice of my intention to stop payment as this is required in Spain.

I spoke to the Polaris Representative and he said they now knew we had the community cover so would just quote on contents which he did within 2 days.

I hope this helps.