Every year, thousands of Europeans not only turn Mallorca into their holiday destination, but also make the island their new home. As soon as you plan to settle down on Mallorca, it is important to deal with the topic of insurance. We give you a brief overview of the essential insurances to take out.
Should you cease to reside in your home country and deregister, you will also no longer be protected by the statutory health insurance. Private health insurance, on the other hand, is valid for the entire European Union and therefore also in Spain.
From the moment you have a job in Spain and are therefore registered with the social security system (Seguridad Social), you are also covered by statutory health insurance. Spouses and children up to the age of 16 are also covered by this insurance. Self-employed persons must also be insured through the Seguridad Social. If you are already a pensioner, you will be included in the statutory health insurance in Spain and lose the entitlement of your home country’s insurance.
Private health insurance can be taken out as a supplement – or for those who are not automatically covered by social security – as a substitute for statutory insurance. Their advantage is a faster appointment allocation and better foreign language skills of the medical staff. With statutory health insurance, problems can arise, for example, in the treatment of chronic illnesses or due to long waiting times for surgery appointments. Private health insurance costs between 40 – 70 € per month.
Building, household, liability and legal protection insurance
Building, household, liability and legal protection insurance are combined in Spain under the Seguro de Hogar. The amount of insurance depends on the risk of the property: properties that are not permanently inhabited or those far away from residential areas are comparatively more expensive to insure. This insurance usually runs for one year and is automatically renewed unless cancelled beforehand. Insurance is advisable and important for both homeowners and tenants. Pet insurance is not included in the Seguro de Hogar.
Other insurances to consider
In special cases, it is also advisable to take out accident insurance, e.g. for people with both dangerous occupations and dangerous hobbies, housewives, etc., possibly even in combination with loss of earnings insurance.
Private occupational and disability insurance as well as private pension insurance are also widely available and are options worth considering in any case.
Third party car insurance is compulsory for all car owners. After a waiting period of 30 days, you are obliged to re-register the vehicle you brought with you on a Spanish licence plate. For third party insurance, you can choose between partial and fully comprehensive insurance, with or without an excess. On average, the cost of car insurance last year was €660, although the difference between different policyholders can be enormous. As a guideline for a small car, costs of €250 can be assumed. For boats or other vehicles, separate insurances have to be taken out.