Home Insurance

Home Insurance cover and guarantees are provided by Zurich Insurance Europe AG, Sucursal en España; and Life Insurance cover and guarantees are provided by Zurich Vida, Compañía de Seguros y Reaseguros S.A. Open Bank, Linked Bancassurance Operator, with NIF A028021079, acts as the broker for both types of insurance through its distribution network. The company is registered in the Registry of the Directorate General for Insurance and Pension Funds Registry (D.G.S.F.P.) under number OV-0081 and has valid agency contracts with Zurich Insurance Europe AG, Sucursal en España, and Zurich Vida, Compañía de Seguros y Reaseguros, S.A. Civil liability and financial capacity covered pursuant to the applicable law.

Your home and its contents will be insured. You and the family members who live in the house will also be protected, inside and outside the house.

Ideally, the building and/or the contents should be insured for a sum that is similar to the value of the building and the contents when new. It also allows the insured sums to increase if you buy new expensive objects or if you carry out home improvements.

Overinsurance occurs when the property is insured for higher than its actual value. In the event of loss, you will only be entitled to compensation for value of the property and not the sum insured in the policy. For example, if it was insured for €1,000 when the actual value was €500, the maximum amount you will receive as compensation is €500, and not the sum insured stated in the policy.

Call the insurance company's helpline on 932 60 97 63. The insurance company will immediately deal with any of your incidents or claims, 24 hours a day, 365 days a year.

You will be asked for the name, policy number, date, time and place where the loss happened, description of the causes, as well as a contact telephone number.

If a third party is involved—whether as the aggrieved party or the responsible party—you will also have to give the details of their insurance company, policy number, address, town and telephone number.

This insurance policy covers any risks that could affect your home, such as: electrical short circuits, burst pipes, various types of faults or breakages, domestic accidents, storm damage, burglaries, and so on. It also covers third-party liability arising from property damage and personal injury at home, such as falling objects from windows or balconies, flooding on lower floors, etc.

Just log in to the Customer Area on the Openbank website or app, go to the “Insurance” section, click on “Home Insurance” and follow the instructions. During the contractual process, you can choose the date on which you want the policy to enter into force.

Underinsurance occurs when the property is insured for lower than its actual value. In the event of loss, the Insurer, in accordance with the Condition of Average, will adjust the amount of compensation in proportion to the difference between the sum insured and the actual value of the property. Example: if the property was insured for €100,000 when it should have been insured for €200,000, the ratio between both is 50%; therefore, in the event of a loss with damages valued at €1,000, you will receive the corresponding proportion (50% less), i.e., €500.

The main causes of home insurance claims are broken windows, electrical or plumbing problems, small fires and burglaries.