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Landlord Insurance for Owner Living in Spain
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It is the dream of many Brits to take early retirement in the sunny, agreeable and laid back climate of Spain.
A quite common – and perfectly natural – concern, however, might be one of safeguarding your financial position during times when the purchasing power of your pension and changes in the cost of living in Spain are subject to uncertainty.
One solution to that predicament might be to invest in property back in the UK, which you may then let to tenants – thus generating a steady income stream whilst maintaining any capital appreciation in the value of your property should you choose to sell it.
Or perhaps you are working abroad in Spain and are letting out your UK home.
Whatever your circumstance, then you might also be in search of landlord insurance for an owner living in Spain.
Why do you need landlord insurance for an owner living in Spain?
The question is really one about why any property owner might need landlord insurance.
The answer rests simply on the distinction between a dwelling that is occupied by its owner as a principal place of residence and one that is let to tenants. In the latter case, the dwelling concerned needs to be viewed as a business asset – the asset at the centre of a buy to let business.
The distinction is one certainly made by insurers, who insist on your having specifically designed landlord’s insurance if the property is let to tenants, rather than the standard home building and contents insurance, for example, that might be arranged by an owner-occupier.
What you need to know when buying cover
What you need to know when arranging landlord insurance if you are an owner living in Spain, therefore, is just what it covers. The details may vary from one insurer to another, but typical elements are as follows:
- protection of the structure and fabric of the building against such major threats as flooding, storm damage, fire, impacts, and vandalism – with cover based on a worst case scenario following the total loss of the property and the need for it to be completely rebuilt from scratch;
- cover for the any contents you may own in the let property – insurance of tenants’ belongings is a matter for the tenants themselves;
- landlords liability insurance – to protect you against claims alleging your negligence as the landlord and property owner following the personal injury or damage to the property of a tenant, one of their visitors or even a member of the public; and
- compensation for the loss of rental income in the event of an insured incident which leaves your let property temporarily uninhabitable.
Why choose us?
At UKinsuranceNET we know most of what there is to know about landlord insurance for owners living in Spain. That has been our specialisation for the past 15 years or so.
Not only do we have a keen appreciation of the needs of our customers living abroad, but we also depend on our close working relationships with leading UK providers of this specialist form of insurance – relationships which are honed to identify the most appropriate and cost effective insurance policies for you and your let property.