All Las Palmas property owners should have insurance and it is important to understand the difference between two key types of coverage: “continente” and “contenido” insurance.
Continente Insurance: This type of insurance primarily covers the physical structure of your property, including the walls, roof, floors, and other fixed elements. In essence, it protects the building itself against various risks such as fire, storms, floods, and even certain types of natural disasters. Continente insurance typically provides coverage for the cost of rebuilding or repairing your property in case of damage.
Contenido Insurance: Contenido insurance, on the other hand, focuses on the contents of your home. It covers your personal belongings and valuables against risks like theft, damage, and loss. This can include furniture, appliances, electronics, jewellery, clothing, and other possessions. Contenido insurance provides compensation for the repair, replacement, or reimbursement of the insured items.
When purchasing home insurance in Las Palmas, it is common for both continente and contenido coverage to be bundled together as a comprehensive policy, providing protection for both the structure and contents of the property. However, when you have a mortgage you are only legally required to take out continente insurance that covers the cost of rebuilding or repairing your property. Costs and coverage vary considerably so talk to several providers before you commit. The insurance offered by your bank can be good value but is often expensive and offers low coverage. Deal direct with the insurance companies for the best value, or talk to an insurance broker (Spanish insurance brokers tend to work exclusively with one big insurer).
Other forms of Las Palmas property insurance
In addition to continente and contenido insurance, foreign Las Palmas buyers may also be interested in other specialised forms of coverage…
Civil Liability Insurance: This type of insurance protects you against legal and financial claims resulting from accidental damage or injury caused to third parties within and close to your property. For example, this kind of insurance policy covers costs associated with masonry damaging a car parked next to your property, or an injury caused to a passer-by. It should include the costs of legal defence and any potential compensation that may be awarded to the injured party.
Legal Aid Insurance: Legal aid insurance provides coverage for legal expenses in the event of a dispute or legal issue related to your property. It can help cover costs associated with hiring a lawyer, court fees, and other legal proceedings. This insurance can be particularly beneficial for foreign buyers who may be unfamiliar with the local legal system.
Communidad insurance: If you own a property in a apartment block of bungalow complex, it is well worth checking that the communidad insurance policy is comprehensive. Communidades sometimes choose the cheapest insurance available and this may not have decent coverage for many common communidad problems.
Note that if you rent out your property, either on a residential or touristic basis, you should inform your insurer and make sure that you are fully covered. For example, standard home insurance policies do not cover civil liability or property damage costs incurred by paying guests.
Common property insurance claims in Las Palmas
Leaking pipes and boilers: The most common claim made by Gran Canaria property owners has to be water damage. The tap water here is full of minerals and water boilers have a limited life and often break and leak. Water pipes in apartment buildings also seem to fail regularly and damage plaster and walls.
Locksmith services: It is easy to leave your keys on the beach and never find them again. If your insurance policy includes locksmith services, you are likely to save money if you change the locks.
Theft: Burglary is not common in Gran Canaria and is covered by most standard contenido insurance policies. However, not all insurance covers thefts on the beach or public transport. It is worth paying a few more euros per year to skip the costs of replacing your mobile phone.
Las Palmas Property
My name is Laura Leyshon and I am one of Las Palmas’ most successful estate agents. I specialise in helping foreign buyers and sellers in the city and hope this blog post is useful. Please get in touch if you have any questions, or plan to buy or sell a Las Palmas property. I can always help with a free valuation, property inspection and visits to any for-sale property in Las Palmas.
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