What you have in your home is up to you. As such, a competitive insurance price is that which does not overvalue or undervalue the contents and buildings. Here there is a double risk of incorrectly valuing your belongings:
- Paying “twice” for certain coverage, such as for a home if coverage is already provided by the property owners' association insurance. There are certain insurance products available in the market for property owners' associations that include the option of certain coverage to a certain level, such as for water damage caused by the pipes of a particular home. Usually, insurance for property owners' associations covers only the damage to common areas of a building (such as a broken mirror in a lobby, a leak in shared piping, a fire in the entrance area, etc.), but everything inside the home should be insured under an individual home insurance policy, to cover any damage occurring inside (such as a broken pane of glass in a hallway door, a leak in a bathroom, a kitchen fire beginning from a pan on the stove, etc). That is why it is essential to know what the owners' association insurance covers, to avoid any surprises.
- Paying less, which, at the crucial moment, could mean you lose a lot more than money in the event of any damage.
As we have seen, neither option is advisable, for many reasons. If you want to save on your insurance, don't undervalue your belongings and insure your home for what you really have in it.
Another question to consider is if having an alarm connected to a central receiver or a reinforced door in the home may save you money on your insurance. Usually, insurance companies look favorably upon security measures installed in the home. At times, they may even determine whether or not insurance can be provided.
How can we pay less? Another possibility is reviewing how you pay for your insurance, linking together difference policies with the same insurer, or taking out new ones. Some insurance companies offer more competitive pricing when premiums are paid annually (thus ensuring payment of the whole premium from the outset), or a discount when taking out a new policy if you already have products with them.
In this respect, thanks to BBVA Plan EstarSeguro, customers can group the payment of their BBVA Seguros policies and break up the payment into 12 monthly interest-free installments, as well as enjoy cashback of up to 15% on all the policies included in the Plan, depending on the number policies included.
To find out more about what BBVA can offer, and to get your home insurance price, visit bbva.es. As well as buildings and contents for your home, this policy offers additional services at no additional cost, such as the “Manitas” handyman service and online and at-home assistance. Take a look at what our bank can offer you.