Insurance in Madrid
Insurances are contracts established between an insurance company and the person who purchased the insurance. If the person who purchased the Insurance is injured, has an illness, has suffered damage or loss of business, house, car or workshop assets for any reason, that person (or his/her designated beneficiary) will receive the money that was agreed on the policy. This money is called “indemnity.”
A home insurance in Madrid usually covers the house, the contents inside the house and the third party liability, all of which are included in a multi-risk household insurance policy.
Home insurance covers damage to a building due to fire, lightening, water, explosion, storm, freezing, snow, theft, smoke, vandalism, malicious damage, acts of terrorism, impact, broken windows and natural catastrophes (such as earthquakes.) Also, insurance should include glass break, external buildings, aerials and satellite dishes, gardens and garden ornaments.
The vast majority of people in Spain are covered for health treatment under social security. You can choose between public health insurance or private insurance, the latter offers a wider choice of medical practitioners and hospitals.
Any person who is legally resident in Spain can benefit from the Spanish social security system if they fall into one of the following categories:
- Employed workers.
- Self-employed workers.
- Workers affiliated with work co-operatives.
- Civil servants or military personnel.
If you decide go to Madrid for any reason such as travel, business or pleasure, you must know that international travel involves risk. Travel insurance covers accidents and illnesses; medical urgencies cannot only ruin your trip, but they also may generate expensive costs.
Travel insurance also covers baggage loss in case you arrive at your destination and you don’t find your luggage with all your personal items. Also, if there is an emergency or unforeseen event where you would need to return to your home country, travel insurance can help you with that. Without appropriate travel insurance, you put your life in jeopardy.
When you decide to go shopping for travel insurance for Madrid, you should ask about:
If you have family, you probably want buy a life insurance because you want to make sure that their loved ones remain financially secure after you die. Life insurance is also purchased by people who are interested in achieving specific business goals.
- Medical and hospitalization coverage.
- Medical repatriation assistance.
- Civil liability coverage.
There are many types of life insurance; each of them has its own goals. The differences among prices offered by the different companies are really huge.
Life insurance is a long-term proposition, so you should pay attention at time of purchase as well as to the contract itself.
Driving without car insurance is a risk due to the damages that are caused in an accident to you or to another person. That's why Madrid require drivers to carry liability insurance.
Basic car insurance contains six types of coverage. It depends on the place where you live. Car insurance is consists of:
- Bodily injury liability.
- Property damage liability.
- Medical payments or Personal Injury Protection (PIP.)
- Uninsured/Underinsured motorist’s coverage.
- Extras, like roadside assistance Liability insurance.