Property Insurance, do we need it

lesandflynny

2005-05-04 17:22:23

Hi Everybody

we have an apartment in Spain and have not yet bought insurance. We are not particularly concerned about insuring the contents as their value is minimal (we furnished it very basic as it is let out).

However, we are concerned about buildings insurance i.e. subsidence, fire etc. It is a new build and I belive it has a 10 year guarentee in spain for major building works so we want to take that into account too.

What are other people's experiences?

Many thanks
Diane

denis

2005-05-05 00:08:40

You havn't mentioned whether you are intending to let the property. If you are, then I believe you need to be very concerned about third party liability

lesandflynny

2005-05-06 05:34:45

Denis, what is 3rd party liability.... sorry I am new to this.

We do let it soemtimes too.

Diane

denis

2005-05-06 08:35:33

I'm no expert but third party liability is basically covering you against someone else sueing you for injury or damage to belongings.

Once you charge someone for staying in your property you are likely to find that your normal household insurance does not cover you.

We intend to let a property and had asked our insurance agent on Mojacar Playa who simply kept repeating that it shouldn't be a problem if we are only letting to friends and family. I am sure that we need more coverthan this however.

Denis

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