Home or homeowner insurance protects homeowners from costs related to their property. It primarily covers the components of the building, such as walls, doors, windows, terraces or balconies. Additionally, fixed elements like floors, heating and built-in furniture are covered as well as building fixtures like intercoms or waste bins.
It primarily covers damages caused by fire, lightning strike, municipal water, storm or hail. Additional coverage such as natural hazard insurance or insurance on other aspects of the property can be added as required.
In the event of a damage, you are required to keep the damage to a minimum. In case of fire, you should immediately alert the fire department, and in case of water damage, cut off the main water supply. Ideally, you should document your actions with photos.
After this, you inform your insurance company of the damage. They will guide you through the next steps and may directly commission the suitable craftsmen to repair the damages.
With home insurance, the coverage sum and the premium are directly related. Generally, the coverage sum reflects the replacement value of the property. This is the amount of money that would be required to rebuild the property in the same size and finishing. If the premium and the insurance cover are in balance, meaning there is no underinsurance, the insurance will reimburse you the full amount of loss.
Home insurance is not mandated by law, but strongly recommended for those who own a house or apartment. Usually your property requires a large investment and therefore, it holds a large part of your capital. This should be reflected through adequate insurance coverage. Should you still be in the process of developing or renovating your property, make sure to take out home insurance during the building phase. Even at this early stage, a fire or storm can cause extensive damage to your property.
Conclusion
Rates for home insurance vary wildly between different providers. Additionally, aspects like the size or location of your property can have a significant impact on your contribution. Therefore, make sure to get competent consultation that takes your individual situation into account.
Together, we will find the home insurance that is the perfect fit for you and your property.
