Home insurance

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21.Sep.2021

Having home insurance is not mandatory, but it is undoubtedly the best option to protect your home, your belongings and the people who live in it from the multiple risks to which we are exposed.

With good insurance coverage you can get financial compensation for accident damages as well as the repair of any damage that may have been caused by a mishap. In addition, if you are going to take out a mortgage or sign a rental contract, they will probably require you to take out a policy that protects the property.

Adaptable insurance

Currently there are various types of home insurance that each property owner can adapt according to their needs and the characteristics of the home. A series of factors will determine the final price: the type of property, the size of the property, fixtures and fittings, the property’s security measures, and so on.

Multi-risk

The most recommended option is multi-risk insurance which basically covers two types of coverage: Civil Liability: in other words, damages that may be caused to third parties – imagine, for example, that due to a fault in your bathroom you have soaked the ceiling of the downstairs neighbor; and property-related damages, such as those caused by theft, fire, flood, etc.

Additionally, these two basic coverages can be augmented with more benefits such as legal defense, home assistance, pet protection, and more. To properly insure your home, it is important to make a reliable assessment of it. For this, it is important to bear in mind two clear concepts: content and container.

Content and container

Content refers to everything that would fall out if you turned your property upside down: furniture, fixtures, appliances, dishes, etc. Container refers to the building itself and what would still be attached to it: water, gas, electricity and air-conditioning installations; paintwork, false ceilings, blinds, fences, etc.

Hence, it is very important to assess both these aspects well, since in the event of a claim the insurer will cover an amount for the value given to them. Insurance companies themselves calculate these amounts according to the size of the property, the type of property, its construction, its age, etc.

We also recommend that you review and update your coverage over the years. Remember that your personal circumstances can change – you might extend your home, the family might grow, you may acquire pets, etc., and all this has a direct impact on the characteristics of your home and, consequently, your insurance.

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