- Core policies: home, car, private medical (for residency – no copays), life, and rent‑nonpayment cover.
- Price cues: home €120–250/yr; car €300–600+/yr; medical €40–140/mo; life from ~€100/yr.
- For residency: full national coverage, no copays, hospitalization included.
- Choose by coverage, deductible, service level, reputation, and renewal terms.
Moving to Spain and buying property requires attention to insurance. A policy protects your assets, health, and finances, and in some cases it is mandatory (e.g., for certain residence permits or a mortgage). Below is a concise, practical guide to policy types and selection criteria.
Main insurance types
- Home insurance (Seguro de hogar). Covers structure, finishes, contents, and third‑party liability to neighbours. With a mortgage, the bank typically requires a structural policy; you have the right to choose the insurer.
- Car insurance (Seguro de coche). Minimum is third‑party liability. Extended options: terceros ampliado (theft, glass, fire) and todo riesgo (comprehensive). Note the insurance premium tax included in car insurance costs. More details in our guide to car taxes in Spain.
- Private medical insurance (Seguro médico privado). For most non‑lucrative and student residencies you need full coverage without copays (sin copago), with hospitalization and nationwide coverage. Practical nuances and price ranges: cost of living and life in Valencia.
- Life insurance (Seguro de vida). Often requested by banks for mortgages – to protect family and borrower obligations. Basic rules and market context are here.
- Rent non‑payment insurance (Seguro de impago de alquiler). Relevant for investors renting out property: covers arrears and legal costs.
Insurance requirements for residency
To obtain or renew several residency statuses, the policy must provide full coverage, no copays, hospitalization, and validity throughout Spain. Read more in the guide to extending a residence permit.
How to choose an insurer: checklist
- Reputation & financial strength: prefer major players with broad clinic/service networks.
- Coverage: list of risks and exclusions, limits, area of validity.
- Deductible (franquicia): your share per claim and any copays (copagos) – for residency, a no‑copay plan is required.
- Service: language support, dedicated manager, mobile app.
- Renewal terms: many contracts auto‑renew – check cancellation windows.
Price guide
- Home (70–100 m²): ~€120–250/yr (depends on location, floor, systems, alarm).
- Car: third‑party from ~€300/yr; comprehensive from ~€600/yr.
- Medical, no copays: ~€40–140/mo depending on age and package.
- Life: from ~€100/yr (depends on coverage amount and age).
Useful tips when buying property
- Arrange home insurance right after completion and check whether the previous owner’s policy is still active.
- For coastal assets, include risks of humidity, storms, and vandalism.
- If you plan to rent, verify third‑party liability and add rent non‑payment cover.
FAQ – short
- Is home insurance legally mandatory? Without a mortgage – no; with a mortgage – effectively required by the bank.
- Remote setup: available with many insurers; you will need an NIE and property data.
- Monthly payment: depends on the company; yearly payment is usually cheaper.
- Policy language for migration: for residency, a Spanish‑language policy with full coverage is required.
