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.
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.