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Professional Advice

Foro seguro de hogar: Sobreseguro

Teresa H.

Hello, I live in villa in a residential complex and I have a home insurance contracted with the Company recommended by my bank, compulsory for the mortgage.

The Insurance is made with capital for Rebuilding and Contents recommended by the bank, because I do not recall them asking anything about it.

Now I had a claim due to the strong wind, from which we have suffered various damages to the roof and facade of the house.

We have no problem with the Insurance Company that will take over the incident, but when the assessor came to my house, he indicates that I have an overinsurance for 220,000 euros because 150,000 euros would be enough.

My question is: given the fact that these years I have been paying a higher premium that I should, and that my rebuilding is also higher, am I not allowed then to a greater compensation?

Many thanks and kind regards.

Moderator, Sergio Sanguino

Dear Teresa,

Indeed the situation where you are is usual in the policies that are made with Insurers who work for banks and are subscribe for payment of mortgages.

Your status is granted by the Insurance Contract Act and is referred to Overinsurance when the figure to insure your risk is superior to its current value.

But in relation to your compensation you should note that the existence of Overinsurance does not determine greater benefits so the Insurance Co. should compensate you only for the damage caused.

However, since there is Overinsurance you can claim against the Insurance Co. to refund you the excess premium you have been paying for the time that has been Overinsured updating at the same time the real value.

Kind regards.


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