MORE than eight million homes in Spain are not insured according to a report by insurance company Linea Directa, which also indicates a worryingly high level of uncertainty and lack of awareness among those who are insured.
Around 13 million are ignorant of the conditions of their cover, while 10 million are unfamiliar with the exact amount they are insured for. Three million couldn’t identify the company they are insured with.
A key problem is the difference between the value homes are insured to against the actual value of the home, which is on average 32 per cent higher. Insurance against damage to neighbouring homes is another factor for concern with many millions theoretically liable to pay out of their own pocket for large portions of the damage accrued.
Andalucia has one of the highest rates of registered home accidents, with claims reaching 40.4 per cent compared to the national average of 33.2 per cent.