Insurance help

Hi

Can anyone confirm that our buildings insurance is now covered by the community policy for Condado. When we completed last year we took the builders mortgage with Bank of Valencia and all our insurance was tied in with this. Also we paid 379 euros for mortgage insurance for the year on a mortgage of 100,000.00 euros and this seems excessive to me. I have tried to discuss this with the bank but am getting no sense from them. Am I tied into this or can I arrange insurance with another company and if so any advice on which one and how to go about this would be greatly appreciated.

Many thanks

janet.

Normally you can move your insurance from the bank where you have the mortgage, but most banks insist that the rebuild cost is at least the value of the mortgage... so if your mortgage is 100,000€ then they will want to see the rebuild value at 100,000€. Also they will want to see that they are the beneficiary in the event that the worse case should happen, this appears on the policy as your mortgage account number & bank NIF etc.

I´ve just made a policy rebuild only for a sum slightly less than 100€ and the cost was 75€ for the year. I do not think that the Community Insurance is suitable for anyone with a mortgage, but best that you chack with them.

Regards

Kathy

kathy@laredsolutions.com