That’s it, you are now the proud owners of your very own place in the sun, that perhaps you have been dreaming about for a long time. So now, you need to make sure that you are looking after your home in the sun properly and get it properly insured.
My name is Laurence and I am the lady who makes the whole process very easy for you and we can provide you with a quote in English if you require it.
If you are an owner in a complex you will be paying community fees and you might hear that you only need contents insurance as the building is covered by the community and therefore you are already paying for it with your community fees. This is not 100% correct. The community has an insurance for the building yes, but only for the communal areas (mainly the outside part of the building). This means that once you open your front door and are inside your property, if something happens to your building (walls, floor, etc.) it is your responsibility. The community will be only liable if there is a leak /breakage in the waste pipe that is hidden somewhere in a column in your property and that goes from the top floor to ground floor. If it is a broken pipe from let’s say your sink to the main waste pipe, then it is not covered by the community. Another example: there is a small fire in a cupboard in the kitchen, and the walls need painting because of the smoke, well, as you only insured the contents, I can see you with a paint brush in your hand!
The building amount is based on the m² of the property and the insurance company allocates a price to rebuild differing with the area where the property is located and the kind of construction). That amount will be much lower than the price you paid for the property, but remember that you also bought the location – which will always remain even if there is a major problem with the building.
The contents amount includes also kitchen and kitchen white goods. An average amount for a 1 bedroom apartment is 10 – 12.000 euros (it goes up quickly when you add the kitchen, white goods, furniture, linen, curtains, etc). So, for a one bedroom apartment that you are not renting out, the insurance premium will be in the region of 100 euros per year (a bit more if it is a ground floor) and it will normally be less than 150 euros if you are renting out. Please note that the insurance also includes a third party liability of 300.000 euros, which can be increased if you feel you need more cover should something happen to one of your guests.
If you have decided to live in Tenerife, you might buy a car, so remember that having more than one policy gives you some discount. And you might consider taking some life assurance, with a view to cover a mortgage or potential inheritance tax, by paying only a couple of hundred euros premium per year.
Why I do know all that? Simply because Tenerife Property Shop is an agent for Liberty Seguros. Liberty Seguros is part of Liberty Mutual, one of the 5 biggest American insurance groups which has been operating in Spain since 2001 when the group acquired Royal & Sun Alliance and two years later, Genesis.
One of the reasons why you should have us arrange your property insurance for you (rather than doing it through a bank or broker that you do not know), is that we are here to give you unrivalled service and security. Imagine that there is a problem with a flood, fire or break-in to your property when you are thousands of miles away! No problem. We will process your claim, make sure that your property is secured and arrange with the insurance company for repairs to be made, so when you next visit Tenerife you will not know that anything had happened.
Your insurance is not expensive and the lack of stress and hassle from the service you get from us is priceless!
So do not hesitate to contact us for a quote; better SAFE than sorry!