Debt Termination Incorporation

Seeing as we are all close to completing, i was wondering if anyone else has thought about buildings and contents insurance and who you are thinking of using?
Who are good companies to use in Spain?

Thanks in advance for your help

Hi Kelly

We got our completion papers through last week and in there Polaris have an agreement with Zurich insurance for the buildings & contents. We've been told by our solicitor that it is a good policy, no excess I believe. Also read reports on other forums who unfortunately have had claims and they have been very good in dealing with them

Costs for a 2 bed apartment (uninhabited for 60 days or more) with 12,000€ contents comes out at around 225€ for the year.

Thanks sounds quite reasonable.

Thanks for the info

Hi,

We have just recveived our approval for a Mortgage from Cam but it states we have to take on there Buildings and contents Insurance. It is a lot more expensive than the one offered by Polaris. The building is only insured for 52268 euros, I phoned Cam about this and they said this is the minimum Cam require us to Insure it for but if we like we can increase this. Please help here, what would you recommend to insure the Buildings for, its a 2 bed apartment, I know it doesn't cost the full value to rebuild but 52268 seems a bit low.

Help

Paul.

That's illegal in the UK.

Was outlawed years ago to stop the Bank/Building Society charging what they liked on conditional products.

Ask Polaris (/Zurich) about it.

But bear in mind by taking the product it knocks 0.1% off your interest rate with CAM (perhaps that's what they mean in that the 'offer' is subject to you taking the insurance, but if you don't then its a different offer i.e. a higher rate)

Hi all

Just aquick note on the insurance, Zurich insurance includes public liability to the value of 300,000 euro ,this is essential if you are considering renting out to anyone including friends and family. make sure that whatever insurance you take out has this cover if only for added peace of mind.

Pauldpo

You do not have to take out the CamBank insurance but when you sign at the Notary you must have insurance, who you insure with is up to you.  Check with your solicitor if you have any doubts.  The 0.1% reduction by Cambank is actually 0.05% but only if you take House insurance AND Life or Mortgage insurance.

Thats how Cambank explained it to me last month when I visited the office in San Javier.

Hope this helps.

Just had a word with our Solicitor about the house insurance and it looks like I will have to take the policy from Cam.  

What would be a good amount to insure the Building for?  

Paul.

I'm considering the one from Polaris (Zurich) which insures the buildings for 125,000 euros and then you have a choice of contents amounts starting at 12,000 euros.  
The reason is it looks pretty comprehensive and Polaris will arrange for you if you return the forms to them via post or e-mail, with everything thats going on it will be easier for the first year.
If you don't take out the CamBank insurance make sure that you take proof of your own insurance to the Notary signing.  Cam will be ok with this, however if you don't arrange or cannot prove that you have insurance they can put their own in place and then charge you for it.


This message was last edited by 1098 on 5/20/2008.

This message was last edited by 1098 on 5/20/2008.

Check what cover is offered before entering into any agreements for insurance

i am still working through the liability information as it may as well be in Spanish

you may well find out your not as covered as you think.