Category Archives: Home Insurance

THINGS TO CONSIDER BEFORE TAKING A HOME INSURANCE

A home insurance is one type of insurance contract is intended to cover damages that occur in a home and / or its content and arising from any unforeseen event , covering all risks of various kinds.

When it comes to hiring home insurance it is worth taking into account a number of things that we tell you here. In general, the less secure the home, the greater the value, the older the construction and the greater its value and that of the insured property in its interior (content), the higher the premium payable.

1.- Look for insurance that allows you to insure the house or its furniture loose or all together , depending on your relationship with it.

Home insurance distinguishes between the continent (the home itself) and the content (the goods that make up the home: appliances, electronic equipment, jewelry, etc.) and should allow you to ensure what you really want to insure.

So look for insurance that allows you to insure continent, content or both together, according to your needs (for example, you can be a rented homeowner to a third party, and therefore only interested in securing the continent, since The content is not yours, or you can be the lessee and just want to insure the furniture).

2.- Keep in mind that a home insurance can cover practically all types of damages , so select the ones that really interest you if you do not want to pay a horse bonus:

Damage to the dwelling by fire or explosion or by extreme atmospheric phenomena (floods, hail, rains, etc.),

Damage due to theft (items, jewelry, valuables , etc.) or attempted robbery (damage to doors, windows, bars, etc.)

Aesthetic damages to the house and its doors, glass, windows, toilets, bath screens, worktops, etc.

The civil liability of the dwelling (for detachments, broken pipes, etc.) and that of its residents (inside the house or from it out, for example, a pot that falls to the street causing damages), etc.

Damage to electronic equipment (including personal computers) and appliances .

A series of related services : emergency repairs, damage claims, etc.

Tips for taking the right Home Insurance Policy for your Home

Did you know that 15% of households suffer a domestic problem a year ?, and the average compensation for such domestic accidents is around 384 euros. This is revealed by a Direct Line study.

According to ICEA data, 32.9% of the claims for water were water damages, followed by glass breakage (19.3%), assistance services (10.8%), , Damage caused by atmospheric phenomena (6.9%) and robbery or damage due to robberies (6.7%).

To make it easier and avoid possible confusion or errors at the time of hiring your home insurance , we give you 7 keys to keep in mind when hiring home insurance:

1) Make sure the information given is correct *

Parameters of housing and use of housing. For example, if you are a landlord or a tenant, to ensure each coverage with the corresponding values ??(value to replacement, first risk …).

2) Make a preliminary inventory guide

An inventory of what you have at home will allow you to give a value as close as possible to reality.

3) Do not ever compare your cousin with your friend or neighbor …

Since the premium they have given you probably does not cover the same as the one of your acquaintance, and your house is not the same as yours.

4) Look at the differences

Almost all home market policies are very similar in terms of coverage and the main differences are usually found in:

The guarantee of theft from the home.
Aesthetic damages: some cover the continent and content, and others only to the continent.
Electrical damage.
Additional guarantees: such as DIY, computer assistance …

5) Check that each company understands the concept of “jewels”

Since it can result in that in case of loss there is no coverage due to ignorance or misinterpretation of what each insurer considers covetable object.

6) It verifies that each insurer interprets by “objects of special value”

Just as with jewelry, to avoid surprises, it is important to be clear that each company understands this type of “special value” objects.

7) Tell us if you have protection against theft in order to benefit from some discount

With protection against theft we refer to whether the house has an armored door, bars, alarm … With them you can benefit from some type of variable discount according to the Insurers. Although many times these protections are not only valid for discounts but determinants to ensure the risk or not.

BE CAUTIOUS IN EXCLUDING RISKS AND CALCULATING THE PREMIUM FOR YOUR HOME INSURANCE

– The first thing the insurer will take into account when calculating your premium (tarificarte) will be your identity and year of construction of your home, your zip code location, the use made of it (front residence To professional activity) and whether it is inhabited or not.

In areas where there is a lot of accidents (for example, urbanizations with many thefts), the insurer may charge you a higher premium than in those quiet places. If the activity inside the house is professional, you can refuse to insure (risk excluded).

– Make sure you know the excluded risks that can be imposed by the insurer .
This will force you to accept a number of excluded risks (cases in which you may be denied assurances, including if several parts were previously given or the truth is misrepresented).

Among the most common excluded risks are:

Isolated dwellings of other dwellings in urbanizations;

Dwellings empty most of the year;

Housing in construction or reconstruction or inventoried with aluminosis or other serious structural defects;

Prefabricated houses made of wood or caravans;

Housing occupied by unemployed persons and / or students or by more than one family or multiple tenants;

Housing rented less than a year or informally;

To do this, the user has to make a statement that your home is not in any of the cases of exclusion and take the consequences of lying or giving information incomplete or inaccurate should give part by a sinister .

– The insurers will take into account if in the house have recently made reforms in pipes and electrical system (plugs, fuse box, wiring, etc.).

The more recent these two less premium facilities will be paid, since less likely will be the most common housing problems (water leaks and fires).

FACTORS THAT WILL AFFECT YOUR HOME INSURANCE PREMIUM AND COVERAGES

– The type of housing, its location in the block of flats in case of being floor and the use made of it affect the cost of the premium. It is not the same an intermediate floor of the center of the city that a villa in an urbanization used in vacations only. On the other hand the attics usually give more parts for these more exposed to the inclemencies and the low ones for the possibilities of accidents, if they give the outside.

– The built surface , the qualities of the materials used and the measures of security of the dwelling also determine the cost of the premium.

Insurance companies can easily determine the qualities of the home depending on the availability or not of air conditioning (and, if there is one, whether it is individual or collective), whether or not it has heating (more or less propensity to breakdowns and floods ) Or if there is butane gas in cylinders (explosion cases).

As for security measures, insurers will want to know if there are windows with bars, armored or armored doors, if there is an alarm (with their detectors on the different parts of the house), and if so, if it is Connected with the police or a private surveillance service.

-Keep in mind that insurers may impose a grace period , that is, a period until which the policy will not be effective, during which they will not cover any damages that may occur.

– If you contract online, you will probably save some money on the premium , as insurers subsidize this type of direct recruitment with discounts.

If you contract online through a comparator of home insurance (Rastreator, Acierto, Arpem or Seguros.es) keep in mind that this is a product that is so wide in coverage, it is difficult to compare between different insurers.

In this case it is advisable to first be clear what we want to cover with the insurance and then take the trouble to request a quote in two or three insurers of our confidence.

– If you have to give a part for a loss, do it as soon as possible , since if you delay a long time the insurer could refuse to cover the damages, even if they were insured.

Concept of UNDERINSURANCE and Reasons why you should not have an UNDERINSURED HOME INSURANCE for your valuable HOME or Property ?

The underinsurance occurs when the insured object is attributed a lower value than it actually has , and this situation can lead to very serious consequences especially in home insurance .

Therefore when it comes to hiring a home insurance policy you always have to provide complete information about our home: location, main features, security systems you have, if it is a regular home …

And above all we must make a real estimate of the value of reconstruction of housing to insure. For this we must take into account two major aspects: the continent and the content:

If considered content in Home:

The main construction : foundations and walls, forged, beams and pillars, walls, ceilings and floors, roofs and facades, doors and windows.
Accessory constructions : the dependencies that are in the same farm. The fences, walls and fences of the building insured.
Recreational and sports areas .
Fixed installations of: water, gas, electricity, heating and cooling. All of them permanently installed.
Content considered:

They are the specific goods of the home that are inside the house: appliances, electronic equipment, clothes and objects of personal use.
The value of content is established by the replacement value of those objects in case of loss, so an approximate calculation of the commercial value of all these items will have to be made.

It is also possible to insure valuables such as jewelry and works of art, but these would have to be included in the policy with more specialized coverages.

Thus, a priori it may be tempting to establish a lower housing value so that the resulting premium in the household policy is lower, BUT in the event of an accident, if there is an underinsurance, the indemnity would cover the declared value less the percentage of underinsurance, That is, the difference between the reconstruction value and the declared value.