Should I take out insurance?
This is the million dollar question. Which, probably, you’ve ever done to yourself.
Is it worth signing-up for insurance for your rented home in Madrid? Or is it even compulsory?
Most properties are insured by the owner as rental properties. But no, it is not obligatory either for the owner or for the tenant. Although it’s recommended.
The usual thing is that these insurances that landlords purchase cover the damages that affect the continent (the housing itself and its dependencies, such as storage rooms, garages, swimming pools, etc.) and the civil responsibility, that is to say, the damages that the continent can cause to third parties (e.g. a water pipe that causes damages in the neighboring house).
In addition, they may include the contents in the event that the property is rented furnished.
Keep in mind that each insurance policy is individual and can be customized. So you have to consult each of them in particular to have the certainty of the coverage. In general, it can be considered that the landlord insures his own property but not the tenant’s personal belongings.
To be certain, you can ask the landlord for information about the insurance for the property he or she has taken out.
As a tenant, you can take out a home insurance policy for the contents (for your furniture and personal belongings) with the valuation you consider realistic and for civil liability, both locative (for any damage you may cause to the dwelling) and family or head of household civil liability (for any damage you may cause to third parties).
You can take it out regardless of the policy that the owner has taken out or even if the owner has not taken out any.
And you can include your pets.
The most common home insurance companies in Madrid are:
- Mapfre
Special service for expatriates with attention in English. - Axa
- Linea Directa
- Mutua Madrileña
Since we are talking about insurance, you may also be interested in information about health insurance and doctors in Madrid and about access to public health (Social Security).
If you are planning to move to Madrid soon, you’ll find all the relevant information in The secret of relocating to Madrid. If, in addition, you need help with the organization or even if you prefer that we accompany you, check out our services.
In the meantime, you can receive regular information by filling out this questionnaire. And if you find it useful, we thank you for sharing it.
Photo 1 on Visual Hunt
Image 2 via Ivory Escapes
