Medical insurance for your Visa Requirement
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Did you know that Spanish insurers handle a property damage claim every 2 seconds? That’s right – in the time it takes you to read this article, another homeowner, business, or community has filed an insurance claim.
The numbers that tell the story
Last year’s data from Unespa (Spanish Insurance Association) paints a striking picture of the property insurance landscape in Spain:
- 10.6 million claims processed across all property types
- €5.153 billion paid out in compensation
- €484 average cost per claim
These figures encompass the entire spectrum of property insurance – from individual homes to industrial facilities, including homeowner communities and commercial establishments.
Water: The Silent Property Destroyer
When it comes to property damage, water damage claims are first on the list with 4.6 million incidents, water damage claims:
- Account for nearly half of all property insurance claims
- Cost insurers a staggering €2.035 billion annually
- Primarily affect residential homes and communities
Following water damage, the most frequent claims involve:
- Glass breakage – 1.3 million cases
- Assistance services – 1.3 million cases
The Costly Truth About Fire Damage
While water damage wins in frequency, fire takes the crown for severity. Despite being less common, fire-related claims are the most expensive:
- Residential fires: Average payout of €4,060
- Industrial fires: Average payout of €39,852
A summary of fire and water Claims
The distribution of claims across property types reveals interesting patterns over the year with insurance companies confirming the following figures for the previous year:
📊 Residential Homes: 8.4 million claims
📊 Property Communities: 1.5+ million claims
📊 Commercial Properties: 453,086 claims
📊 Industrial Properties: 288,207 claims
Weather-Related Claims
Spain’s changing climate is reflected in insurance statistics, with atmospheric phenomena´s generating €518 million in claims. This growing category highlights the increasing impact of extreme weather events effecting Spanish property owners.
Priorty recommendiations for property Owners
- Water damage prevention should be your top priority – Check pipes, maintain roofs, and address leaks promptly
- Fire safety measures are crucial – While less frequent, fire damage can be financially devastating
- Comprehensive coverage matters – With claims happening every 2 seconds, adequate insurance isn’t a luxury—it’s a necessity!!
The Bottom Line
These statistics reveal that property damage isn’t a matter of “if” but “when.” With the Spanish insurance sector processing one claim every 2 seconds. The importance of proper coverage and preventive maintenance has never been clearer; whether you’re a homeowner, business owner, or property manager, understanding these risks is the first step towards protecting your investment, make sure you are insured.
About Our Team
At The Insurance Centre, we’ve been helping clients since 1999 with friendly, professional, and multilingual insurance services tailored especially for expatriates in Spain. We work with top-tier, reputable insurance providers and have proudly received awards for excellence in customer service and expat insurance for the past 10 years.
We are fully registered with the Dirección General de Seguros (DGS) and are members of the Colegio de Mediadores. Our team speaks English, Spanish, French, and Swedish, ensuring clear and confident communication with clients from around the world.
