There are three main sources for finding insurance cover to protect your property:
Insurance Agents represent and work for only one insurance company. Though their intentions might be good, they are more limited to the options they can give you, the client.
Banks and other lending institutions encourage and, in many cases, oblige bank managers to sell financial products. This may include a bank insurance policy which is typically a standardized and comparatively expensive product. Furthermore, in the case of the bank also writing the mortgage, bank managers often imply their insurance is a prerequisite for the mortgage. This is not always the case, although sometimes the insurance is linked to a discount in the interest rate of the mortgage. The choice of insurance available and the insurance expertise at the bank is limited. A further disadvantage is that in the case of a claim, banks are not geared toward claims management.
What is clear, for the owner of a luxury high-end property, the Professional Insurance Broker does seem to be the most logical choice. The Broker is licensed, qualified and independent. He will be able to best asses the client’s risk and offer a clear choice of the ideal insurance products to best fit the client’s individual needs. Furthermore, an experienced broker has agreements with a range of AAA insurance companies which allows them to not only offer the ideal covers, but also at the most competitive premiums. The fact is the broker not only gets you the right product but most often at a better premium. Lastly, in the case of claims, they represent you, the client, therefore offering an all-round excellent service.
If you have already taken out a home insurance policy with your bank or an agent, simply contact your independent broker. The change is very straightforward, and the insurance brokerage firm can arrange all the paperwork and manage the process at no cost to you.
The insurance broker will first offer you the opportunity to professionally review all the policies you have without any cost or obligation. Afterward, you will be given detailed advice and provide you with a quote.
If this quote meets your approval, we shall prepare the necessary cancelation letters making certain any current insurance period obligations are met. All the new policies will be issued in your name, or your designated party, supply you with a detailed schedule and again review with you that the policies are exactly what you require.
There are two insurance issues to consider here, Mortgage connected Life Insurance and Homeowners’ Property Insurance. In both cases, a professional insurance broker can assist in obtaining the ideal covers for these insurances at excellent terms.
General Home Insurance has already been discussed above. However, it is important that the insurance is well coordinated with your mortgage broker, Lionsgate Capital, to one, make certain in the case of a major claim, even though the banks’ interest is exactly covered, and two and more importantly, that your interests are also protected properly. This is done through a correctly written assignment clause in your house insurance. The bank is entitled only to its exact percentage of the outstanding mortgage value. An insurance broker will make sure this is clearly drafted.
The other important insurance to consider is Owners Life Insurance or term or renewable life insurance policy to cover the person ultimately responsible for paying the mortgage. The beneficiaries in the case of death or severe disability can be in the first order, the bank or lending institution in so far as they still carry the mortgage. Any amounts more than that will be payable to the deceased’s assigned heirs. The insurance professional will make sure these interests are properly assigned and respected. Having this insurance will frequently result in further savings on mortgage rates.
Seippel & Seippel is an independent international insurance broker with over 34 years of experience in the Spanish market. They specialize in helping resident and non-resident homeowners in Spain and have a deep understanding of the specific insurance needs of high-net-worth clients in Mallorca and abroad. Their experience and global network of insurance providers in the industry allows them to arrange high insurance sums for both buildings and contents, on a true All Risk Basis as well as detailed cover for fine art, jewelry, and all personal effects, meeting their clients' needs.
Seippel & Seippel also arrange all other insurances, for the resident and non-resident, from Private health insurance, employee accident and health covers, auto insurance, and private marine covers. All insurance requirements can be arranged with a professional trusted and personal broker.
Lionsgate Capital and Seippel & Seippel have extensive joint experience making certain you the client receive the highest quality service. With this team on your side, non-residents can feel confident that they are covered for whatever comes their way, giving them the peace of mind, they need to fully enjoy their time abroad.
