Insurance companies compensate an average of 3,179 euros to landlords who suffer non-payments by their tenants. The most common compensation - the median - is as high as 2,750 euros. In more extreme cases, insurance companies have paid landlords up to 15,000 euros to compensate a tenant for non-payment of rent.
These are data from the report 'Rental insurance' prepared by Estamos Seguros and which has been released today by Unespa. The study has been prepared with information on 12,500 claims provided by 7 leading insurance companies in this activity.
Next to the protection against non-payment, the other most outstanding coverage in these insurances is the Damage coverage. In this chapter the insurance indemnifies the least amount of money. The average cost of the mishap amounts to 336 euros, the median being 185 euros. Unespa points out that although material losses generally have more modest consequences, they can also give rise to more extreme cases. Thus, some companies have compensated more than 45,000 euros to repair damage caused by a tenant.
By autonomous communities, Madrid, Catalonia and Andalusia are the ones with the highest number of claims, being also the most populated, and account for 55% of the total incidents. The Community of Madrid, with 17.1% of the rental property stock, accounted for 21.5% of the claims; Andalusia (13% of the stock) reached 16.3% and Catalonia (23.7% of the stock) recorded 17.1% of the incidents.
By provinces, the most affected by rental insurance claims are Madrid, Barcelona, Alicante, Valencia and Malaga, which account for half of the incidents.
News Source: Grupo Aseguranza 08/02/2021