Also Widely Read By Men
Page 10
Female Focus
Insurance Warning, Check Your Bank!
Having worked in insurance for over 20 years in the UK and 5 years here in Spain, the Spanish never fail to surprise me! I was alerted by one of our clients, that a well known savings bank had supplied him with a household insurance. The premium was taken from his account, the cover provided was underinsured and they issued this on a flat instead of a villa! But this wasn’t all, the policy was issued on basic fire cover, which gives very little coverage and this was all done without his knowledge or consent!
It appears that some banks are issuing policies for anyone who has a mortgage with
regardless
them, of
whether they have their insurance a r r a n g e d elsewhere or not. Our advice is to check your bank statements and if an insurance premium has been taken without your approval, inform them to refund the money immediately! (you have up to 60 days
to refuse payments debited from your bank by any supplier or company). If you already have your property insured elsewhere, make sure the bank are noted as the beneficiary and provide them with a copy. If you don’t have insurance arranged, then obtain alternative quotes. Ask the bank if they can match the cover and premium and then you decide which deal you want to go for. If you do have a mortgage, it is a requirement that you are correctly insured and that the bank are noted as beneficiary, but it is not the law that it is the bank who must provide you with the insurance!
Another area to watch out for is life insurance. This works on a similar principle to the above, if you have a loan with the bank or a mortgage, it is a requirement to have life insurance. But again, you can choose with whom you wish to insure with! Banks can be very expensive for this type of cover, so why not call and find out how little this can actually cost you. Even if you don’t have a mortgage or a loan, you can take out a policy and you can nominate your family as beneficiary.
To find out further information on home, life or any
other insurance products, call SOS Insurance to receive sound, expert advice.
Telephone 966 787 123 / 622 275 561 or email
info@sosinsuranceinspain.com or visit
www.sosinsuranceinspain.com
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