Overcharged and Underinsured? Check Your Buildings & Contents Policy Today!
Spanish banks often sell overpriced and insufficient insurance policies. Let us help you secure the right cover at the right price.
Here’s What You Need to Know About Buildings & Contents Policies:
1. Overpriced Policies:
Buildings and contents insurance sold by Spanish banks is often double the cost of comparable coverage available through brokers.
2.Incorrect Building Valuations:
Banks frequently insure properties for the mortgage amount, not the actual rebuild cost, leading to higher premiums.
3. Insufficient Contents Coverage:
Unlike the UK, kitchens in Spain are covered under contents insurance. Many policies only provide €10–15k in coverage—often not enough to replace even a kitchen, let alone the rest of your belongings.
4. Underinsurance Due to Insufficient Indexing:
Policies are typically indexed each year, but often at inadequate rates. For instance, post-Covid material costs in Spain increased by over 50%, leaving many properties underinsured.
5. Exploitation of Loyalty:
Spanish banks rely on UK clients not checking their policies or shopping around, taking advantage of this to sell substandard policies.
A Message From Mike Begg, Beat The Banks
In the following video, Mike Begg, founder of Beat The Banks Spain, discusses Buildings & Contents Policy mis-sold by Spanish banks and what you need to know.
Why Choose Us?
Expert Advice, Right Cover, Best Price.
- Our specially selected Spanish brokers will:
- Ensure your property and contents are insured accurately.
- Help you secure the best possible price for your policy.
- Ensure policies are properly indexed to match inflation and material costs.
- We simplify the cancellation process:
- Spanish banks often make it difficult to cancel their policies. Beat The Banks Spain provides full guidance and appropriate cancellation notices to make the transition seamless.
What Happens If You Were Mis-Sold?
The Risks of Mis-Sold Policies
- Overpayment: Paying more than necessary for your policy due to inflated premiums.
- Underinsurance: Insufficient coverage can leave you out of pocket if you need to claim.
- Financial Vulnerability: Outdated or poorly indexed policies don’t account for rising costs, leading to massive gaps in coverage.
Are you due compensation?
Are you a UK resident with life insurance through a Spanish bank? Since Brexit, these policies may not even be valid for you!.
Your Questions Answered
Buildings insurance should cover the cost to rebuild your property, not the mortgage amount.
In Spain, kitchens are categorised as contents, unlike in the UK. Policies often don’t provide enough coverage for full kitchen replacement and other contents.
Beat The Banks Spain provides cancellation notices and guidance to make the process simple and hassle-free.
Get the Right Insurance for the Right Price
Don’t overpay for buildings and contents insurance or risk being underinsured. Beat The Banks Spain works with trusted brokers to ensure you get the right level of cover at the best price.