Insurance costs

Rod123 wrote on Mon Oct 18, 2021 12:07pm:

Hi All

Insurance query ...

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I beleive I can swap insurance companies 1 year after getting the mortgage.We have bought a new apartment in Lo Pagan Aldea Dell sol but the renewal cost from the bank is 460 plus 270 life cover.Am I correct in thinking I don't legally have to have the life cover and can swap insurance companies now. And how simple would that be.Do I just tell them I'm nor renewing insurance this year and send them a copy of my Certificate...any help would be much appreciated.

On an other note we have decided to sell our lovely bungalow in Calla Las palmas Lo Pagan.Very close to the castellar college. 3 years old  A Group Uno development Pablo V

Ground floor. We have an agent looking into the price for us.But does anyone have first hand knowledge of what there fetching in this area.its the standard 2bed 2 bathroom communal pool etc.

Any thought would be very much appreciated.

Thanks

Rod

Mags44 wrote on Mon Oct 18, 2021 1:09pm:

Seems quite expensive! Earlier this year, we took out the home and contents insurance through our bank for our new-build 3 bed/3 bath detached villa with pool, and our insurance was only 354€. By law, you have to give your insurance company one month's notice in writing if you are not going to ...

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...renew. Some companies will tell you that it is two months, so maybe give them two months' notice to be on the safe side. In case they claim that you haven't sent them the notice in writing, I would email them a copy of the letter that you should then send "certificado", which they will have to sign receipt of. As far as the Life Insurance goes, we also had this on our last house but cancelled it after the first year without any problems (but did worry about dying before the mortgage was fully paid off though!)