In Futurseguros.com we are insurance agents in Mallorca, and we collaborate with real estate agents throughout the Balearic Islands in the issuance of home insurance and other related products, so this new decree affects us, we also offer this product, if you want a personalized quote or if you want to collaborate contact us.
This is a summary of the article we have published in linkedin, if you want to see the full article you can see it here.
This new law regulates the requirements to be a real estate agent, whether you are an individual or a legal entity, so if you are a property administrator or do not exercise the activity on a regular basis (I sell my own house) it does not affect you.
Do I have to take out insurance to continue being a real estate agent in Mallorca?
I am sorry to tell you that yes, in order to exercise real estate activity in the Balearic Islands it is necessary to have civil liability insurance.
I will tell you what you need:
-The civil liability policy must guarantee the damages that the activity may cause.
-It must be at least 600,000 euros per year and with a limit of at least 100,000 euros per claim.
In addition to this you must also fulfil other obligations such as registering with the Balearic Islands estate agents’ registry, and providing a guarantee, see our linkedin page for more details.
If you prefer you can see the original law here, this is only an informative summary.