The insured person is the person who benefits from the insurance. It doesn't have to be the same person as the policyholder (tomador): if your mum pays for your insurance and you're named in the contract, she's the policyholder and you're the insured person.
Depending on the product and the terms of the policy, the following can also count as insured, as long as they live with you: your spouse or registered partner (a legally recognised union), either partner's parents and grandparents, and children or people under your legal guardianship. If you're not married or in a legally recognised union, you'll need to add your partner as an “additional insured”, just like anyone else who lives with you and isn't immediate family.
The company that, in exchange for the premium, takes on the risks and guarantees payment of compensation if a covered claim happens.
The document in which the insurer confirms that certain cover exists for an item or a person. A bit like the insured person's “ID card”.
Cover is the insurer's commitment to pay compensation to the insured person or their beneficiaries to put right the consequences of a claim. It has a limit, called the “sum insured”, which is set when you take out the policy.
The building is the value of your home's structure: foundations, walls, floors, ceilings, doors and windows. A handy trick: imagine turning your home upside down and shaking it. The building is everything that doesn't fall out.
The value of everything inside your home, including valuables you choose to insure separately: jewellery, musical instruments, works of art, cameras, home cinema systems… Using the same trick, the contents are everything that does fall out when you shake the house.
An insurance broker is an intermediary who works with several insurers without being tied exclusively to any of them. They sell insurance contracts to their clients in exchange for a commission.
Taking property by threatening or physically attacking the people looking after it. It differs from robo (burglary) in that, with burglary, the force or violence is used on things, not on people.
The date your policy is created. It isn't necessarily the day it becomes active (that can be a few days later). While the policy is issued but not yet active, you're not covered yet.
The excess is the part of a claim you pay yourself. For example: with a €150 excess and €1,000 of compensation for water damage, you'll receive €850. The first €150 is on you.
No excess: you pay nothing out of pocket if you make a claim. With excess: you pay the amount set in your policy.
Theft (hurto) is taking insured property without any violence, either on things or on people.
A cover (included in the basic and weather damage extension) that helps with some costs if your home can't be lived in after a claim: accommodation, moving, laundry…
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One of the insured person's main obligations: if something happens, you need to let us know! If you don't do it within the time set in your policy's general terms, you could lose your right to compensation.
The claims expert who looks into the causes and assesses the damage. They're the one who visits your home after you report a claim (siniestro).
The agreement between the two parties: you and us. It sets out the insurance terms and each party's rights and obligations. The general terms (condiciones generales) are the standard texts the insurer applies to every policy of the same type. The special terms (condiciones particulares) are written for you and take priority over the general terms.
An estimate of what the policy you need would cost. Before you have a final premium, you ask for a quote and see how much you'd pay based on the cover you choose. Get your free quote.
The premium is the price of your insurance. With Lovys, you pay it monthly.
Reinsurance is when one or more insurers take on all or part of another company's risks to keep the market balanced. Put simply, a reinsurer is an insurer's “insurer”.
Your obligation to make good any damage or loss you cause to someone else. For example, if you or someone on your policy accidentally breaks something belonging to someone else, or if someone gets hurt in your home, civil liability cover comes to the rescue. A must-have.
In a burglary (robo), someone takes insured property by using force or violence on things.
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A slightly odd word for an “accident” or “incident”. In insurance, a siniestro is an unexpected, damaging event that affects property or a person covered by the policy (as long as it's active). All the damage caused by the same event counts as one claim.
The person who takes out the policy and pays the premium. If you take out insurance in your name and pay for it yourself, you're the policyholder and the holder of the policy.
Also called actual value (valor real). It's what it costs to replace an item with another of similar features and use, minus depreciation.
Damage someone else deliberately causes to your home or belongings, without your consent.
The insured person's usual, permanent residence, never left empty for more than 30 days in a row or more than 6 months in total.
