Barely 10% of homeowners have insurance to protect themselves from the situation
More than 66% of Spaniards who maintain a rental property, almost seven in ten, have experienced non-payment of rent by their tenants. According to the I survey on non-payment of rent in Spain, conducted by insurtech Lovys, the tenants were able to catch up in 16.2% of these non-payments.
But more than 67% of rental properties say they have had bad experiences, such as damage to the home, vandalism and the limited guarantee for rent collection. Tenants’ main problem facing their payments (70%) is the high rents, followed by the guarantees and other requirements needed to sign a lease.
In view of this situation, 62.04% of people who live for rent have basic insurance for their home.
Almost half of the owners have basic building insurance (48.20%), one in three have comprehensive insurance (33.05%) and only 10% have rent default insurance (9.62%). 40% of owners say they are not even aware of the existence of this product.
In fact, and as the survey shows, more than eight in ten people would take out insurance to guarantee payment (81.64%). Of them, 30.94% think it is a useful and necessary product to avoid a default situation, while almost 30% think it is interesting, but it depends on the price.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
