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MONEY
Insurance
HOMEOWNER'S INSURANCE
Although homeowner's insurance (seguro
del hogar) is not compulsory, it is advisable
to take out cover for building damage
(storm damage can be common in
some parts of Spain), theft, vandalism,
etc. Your mortgage lender may also insist
you take out fire insurance until the loan
is repaid.
The price of the policy will depend on
the value of your home, the value of the
contents and the risks you wish to be
covered. If you are renting a property,
the landlord only can take out insurance
but you, as the tenant, can insure its contents.
LIFE INSURANCE
A life insurance (seguro de vida) policy
pays the beneficiary an agreed sum upon
the death of the person whose life has
been insured.
If the beneficiary is named, they do not
have to wait for the estate of the
deceased to be distributed before they
can receive their money.
HEALTH INSURANCE
Most people in Spain are covered for
health treatment under social security,
but more than six million Spanish residents
take our private health insurance
to avoid waiting lists and gain access to a
wider range of hospitals and specialists if
they need to.
Always check what is included and
excluded with any policy. Spanish companies
have the right to cancel a policy at
the end of the insurance period if you
have an ongoing serious illness with high
expenses.
Always check what is included and
excluded with any policy. Spanish
companies have the right to cancel a
policy at the end of the insurance
period if you have an ongoing serious
illness with high expenses.
Many expats find that Spanish policies
offer more limited cover than schemes in
their own countries.
CAR INSURANCE
There are two types of automobile insurance
in Spain. Third party liability insurance
(seguro de terceros o de responsabilidad
civil obligatoria) is the minimum mandatory
insurance required to drive a car. It
covers personal injury and damage to a
third party's property (passengers and
car).
Then there is fully-comprehensive insurance
(seguro a todo riesgo), which covers
injury and damage not covered by thirdparty
liability insurance. It also covers
theft of the vehicle and damage of its
contents.
For daily news and analysis — in English — of current
events in Spain, read www.expatica.com/spain
26 SPAIN EXPAT SURVIVAL GUIDE
WWW.EXPATICA.COM