The value of the insured capital must correspond to the cost of the property's reconstruction in case an unexpected event occurs. This amount is based on the year, type of construction and factors such as finishing, dimension, geographic location or improvement works.
In case of horizontal property, the value of the reconstruction must correspond to the value of the apartment plus the commensurate of the common parts (roof, stairs, elevators, garage, etc).
In case of property that will be demolished or expropriated the insured capital must correspond to the matricial value.
The insured capital is not related to the amount in debt of the home loan and it is far lower than the market/commercial value.
In case a policy has ensured capital superior to what it should, the compensation to be received will never surpass the reconstruction cost.
When the ensured capital is inferior to the cost of reconstruction (in case of property) or to the cost of substitution for a new one (in case of furniture and house content), the Insurer will only pay the part of the damages that is proportional to the relation between the cost of reconstruction or substitution, to the date of the accident, and the Insured capital.
For example, if a building whose reconstruction cost is €100.000 is insured for €60.000, the Insurer will be responsible for 60% of the damages, and the remaing 40% will be held by the Insured person. If an accident causes damages in the worth of €30.000 the Insurer will only compensate €18.000 (60% of €30.000), the Insured person will support the reaming 40%, which means €12.000.
To report an accident send an email to firstname.lastname@example.org, indicating the policy number and the description of the accident. You must also identify all the contacts that Ocidental can use to comunicate with all the parties inolved in the accident.
If you have any doubts, you can contact the Ocidental Seguros accidents support line: 210 042 490 (workdays from 8:30 to 18:00).
The content is all of the assets that exist in the house, which are divided in two: common content and special objects.
All the assets that belong to the Insured person, that make up a home, such as furniture, appliances (built-in or not), tableware, services, clothing, decorations or stereo sets.
All the objects with increased value, such as, jewelry, precious materials, antiquities, artworks, coin collections or other assets that are worth more than €1000.
In case the holder of the insurance does not specify the special objetcs, his total amount will be limited, in case of accident, to 20% of the content's total value, up to a maximum of €7500 and €1000 per object.