Mortgage Insurance in Spain
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Mortgage Insurance in Spain

Home >> Spanish Mortgages >> Mortgage Insurance in Spain

Thursday, 23 Oct 2008

By law, mortgage holders in Spain must purchase fire insurance for the property under mortgage.

Homeowners Insurance in Spain

Additionally, it is recommended that multiple-risk homeowners insurance to insure against different types of household accidents (flooding, burglary, damage to third parties, etc.).

Additionally, it is recommended that life insurance be purchased to insure that, in the event of the loan holder's death, the insurance company will pay off the outstanding balance on the loan.

With self-build mortgage loans, ten-year builder's warranty insurance covers damage caused to the building by flaws or defects affecting the structural components and directly compromising the building's mechanical resistance and stability. Although this type of insurance is not required for individual self-builders building homes for their own use, proof of its purchase is required should the new buyer so request as part of a conveyance inter vivos, to be effective as of the time of the conveyance until completion of the ten-year term required for this type of warranty.

More about Spanish Mortgages.