3 юли, 2022

Home or property insurance, what to choose?

Home or property insurance, what to choose? Why insure your home?

Whether you are buying a new home, your home is one of the most valuable assets you own. Home insurance helps you protect this investment by providing the peace of mind you need.

In the event of an insured event, the insured must strictly comply with the requirements described in the general terms and conditions of the insurance. It is important to remember that in case of damage, you should not repair the damage before the inspection.

You can insure your home and property against theft, fire, earthquake, natural disasters, damage from wetting in plumbing accidents, floods caused by neighbors, electric shock, short circuit, etc.

The insurance premium is determined depending on the type of property, the agreed sum insured is usually determined by you, the location where the insured property is located, and the chosen combination or package of covered risks.

Under the terms of the insurance, apartments, houses, buildings and constructions of a certain type can be insured – garages, barns, greenhouses, stables, fences, gates, outdoor areas, sidewalks and others.

Mortgaged property can also be insured. In case the insurance is in favor of the bank, there are certain conditions for concluding the policy.

zastrahovka imot

Benefits of home insurance

1. Natural disasters

Natural disasters happen unexpectedly and are sometimes catastrophic. With property insurance, you protect the value of your home and belongings in the event of disasters such as fires, earthquakes and floods.

2. Break-in and theft

It is extremely unpleasant to find out that someone has broken into your home and stolen your valuables. It is difficult to imagine the loss of expensive things for which he worked hard and saved for a long time. A good insurance policy will cover the theft of property and all consequential damages.

3. Liability lawsuits

You never know when someone will have an accident. If this happens, you are responsible for the injuries that have occurred in your home. In the event of such an incident, the best way to avoid a financial catastrophe is to have reliable insurance to cover hospital bills and attorney’s fees.

4. Mortgage insurance

If you are applying for a mortgage loan, your lender will probably require you to have insurance to cover the costs in the event of damage to your home. You then need to provide home insurance to cover the lender’s collateral.

5. Your household

Home insurance protects not only your home, but also its contents – belongings and furniture. Having the right insurance gives you the security to own valuables without worry.

Types of insurance coverage in home insurance

1. Housing coverage

If your home and attached structures, such as a garage, are damaged by a covered risk, the insurance helps pay for the repairs. The amount of financial coverage is usually calculated from the square footage of the home and how much it would cost to restore it. This amount is not necessarily the market value of your property.

2. Coverage of other structures

Covering other structures in the home helps you pay for repairs or replacing individual structures in your property if they are partially damaged or completely destroyed. Examples of such structures are a fence and a shed.

3. Coverage of personal property

Personal property coverage will provide you with the means to replace certain items, such as furniture and electronics, that have been stolen or damaged by a covered risk.

4. Coverage of personal responsibility

If you or a member of your family becomes liable for accidental damage to another’s property, liability coverage will help pay for the associated repair costs and legal fees. And if your visitor accidentally gets hurt in your home, medical protection for guests would help pay for subsequent medical expenses.

5. Coverage of living expenses

If you cannot stay in your home after a fire, earthquake, flood or other covered risk, the insurance coverage of the owner of the insured home will help pay for temporary living expenses, such as a hotel stay.

Source: pariteni.bg

Подобни статии

Последни статии