Steady rise of home insurance costs in Spain

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The cost of home insurance rose again in September, as it has done every month for at least 15 years.

The average cost of home insurance rose 3.1% in September compared to the same month last year, reveal the latest inflation figures from the National Institute of Statistics (INE).

The cost of home insurance has now risen every month since 2002, when the INE first started including home insurance in its monthly inflation data. So we know for sure the cost has risen every month since then – 14 years and nine months of consecutive increases – and probably longer.

The smallest annualised increase in the period for which data is available was 1.9% in February 2006.

The general inflation rate in September was -0.8%, so with the consumer price index falling, the real cost of home insurance rose by 3.9%, after adjusting for inflation.

So, although house prices have fallen by around half in the last 10 years, the cost of insuring a home in Spain has done nothing but rise.

That said, homes insurance costs in Spain still seem reasonable to me. I say that based on comparing my own home insurance costs in Spain with family in the UK.

The INE inflation figures for September also show that home maintenance costs rose by 0.7% in September.

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