What each one means
Buildings (continente): the structure — walls, floors, ceilings, fixed installations, doors and windows. Contents (contenido): everything inside that moves — furniture, appliances, clothing, personal items and valuables.
A major renovation (a new kitchen, built-in wardrobes) becomes part of the buildings. That is the most common oversight when calculating sums insured.
How to calculate the buildings sum
The buildings sum is calculated on rebuild cost (square metres times the local construction cost), not the property's market price. The land value is not insured: that is why insuring your flat for what it would cost to buy is overpaying.
The danger of underinsurance and the proportional rule
If you declare a sum lower than the real value, the insurer applies the proportional rule: insure 70% of the value and they will pay 70% of any claim — including the small ones. It is the piece of fine print that causes the most grief in home insurance.
Overinsurance does not help either: paying a premium on a sum higher than the real value does not get you paid more — the insurer only ever pays the actual damage.
What if I rent?
Home insurance is not mandatory for tenants, but the split is clear: the buildings are the landlord's responsibility, while you should insure your contents and, above all, your civil liability — if your washing machine floods the neighbour below, you are the one liable, not the landlord. A tenant's policy costs little and prevents big scares.
Review it every year
Renovations, major purchases or simply the policy's automatic indexation of sums insured can leave you underinsured or overpaying. A five-minute annual review prevents both — we do it for free with your current policy, whether you are a client or not.