Seguros Catalana Occidente (Catalonia, Spain), Plus Ultra Seguros, Seguros Bilbao and NorteHispana Seguros, which will join the new Occidente brand, have launched Hogar uso turística, a new insurance specifically designed for tourist homes. The product was created with the aim of offering the best response to the needs of the owners of rental flats or houses with this increasingly common rental agreement.
According to the latest data available from the National Statistics Institute (INE), in August 2022, Spain had more than 311,500 tourist homes and 1.56 million spaces offered. Likewise, 61% of Spanish municipalities have tourist homes, representing in some cases more than 20% of the total number of registered households in the town.
In response to this reality, Hogar uso turístico is exclusively aimed at tourist homes where no additional services are offered beyond the rental itself, and whose owner is a natural person. It protects both the landlord and the tenant. On the one hand, the owner is protected against acts of vandalism or malicious acts caused by the tenant and with a coverage for reserve fund reimbursement in the event of a serious claim that prevents the use of the property. The policy also includes civil liability coverage for the owner of the flat or house with respect to its users. It also covers theft and other material damage to property of users of the home, and money stolen.
“As an insurance group, our aim is to develop innovative solutions that respond to new social trends and our customers’ needs. Therefore, given the increasing popularity of tourist homes, we have taken another step in our value proposition in the Home sector by designing coverage tailored to this type of home”, explained Antonio Tejero, the Director of Private Insurance for Traditional Business in GCO.
Occident supplements its Rental home insurance offer
Furthermore, GCO’s traditional business companies have supplemented their Rental home insurance for non-tourist rental homes, with a new optional legal defence package for landlords. This supplement includes a provision in the event of unpaid supplies, the cost of locks when claiming unpaid rent and the cleaning service of the property after eviction.