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What is Property Insurance

Property insurance policy pays compensation for damage to your property and personal belongings in order to accidentally damaged to restore or purchase a new one. Below are some of the most common risks insured by property policy:

• Natural disasters - fire, flood, storm, hail, lightning, snow or ice damage
• Plumbing, sewer, ventilation, electricity, solar panels, generators, chimney, gas, heating equipment or household appliances malfunction or damage
• Illegal actions of other persons - intentional or unintentional damage to property, buildings or facilities, burglary, theft of personal belongings, damage caused by tenants, vandalism
• Losses during construction

Property insurance policy can be purchased for both an apartment and a private house (including outbuildings and facilities). Depending on the chosen home insurance program, it is also possible to insure the owner civil liability and to include accident insurance for homeowners.

How do I choose the right property insurance

We strongly recommend that you pay attention not only to the price of the policy, but also to the insured risks included in the policy. their limits and exceptions stipulated in the policy terms. Choose the policy that best suits yours needs, risks that you consider important, as well as pay attention to the sum insured for you to receive full consideration according to the value of your property. Don't forget to indicate your personal belongings to the insurer the list you want included in your insurance policy if your insurer requires it.

When is Property Insurance useful

Example #1: A washing machine pipe has broken in an apartment and not only has it leaked bathroom, but the water has also reached the lower floor of the neighbor's apartment. In this case, home insurance the policy will reimburse the costs of repairs to your apartment, as well as the civil liability included in the policy insurance will indemnify your neighbor for any unintentional loss.

Example #2: A strong storm has destroyed the yard of a private home. Suffered severely due to hail greenhouse, a beautifully manicured seating area with all its greenery and a falling tree damaged the entrances the gate. Property insurance will reimburse the expenses so that you can restore the damaged equipment to its condition as it was before the accident.

Often fires are caused by an unclean chimney or a poorly designed heating system. Purchasing an insurance policy cannot prevent an accident, but we can each take care of our own safety and limit the possibility of accidents by regularly inspecting the condition of your property and correcting deficiencies in a timely manner. There are many other external factors that we cannot control, so buying an insurance policy is a good guarantee that that we will not have to cover unforeseen expenses ourselves.

What is homeownership

Property, or personal belongings, that are insured together with your property include:

• Furniture, household appliances, miscellaneous appliances, electrical appliances (including employer 's computer or other appliances), prams, paintings
• Sports equipment such as skis, exercise machines, tennis rackets, fishing and other hobby accessories
• Vehicles - bicycles, electric scooters, motorcycles, and cars (their trailers and roof racks)
• Cash, valuables, documents

What is a home help desk

Home help is an additional security for your property, which you can use for free at any time during the day, even if NO accident has occurred, but specialist assistance is urgently needed. For instance, plumbing, electrician, locksmith, roofer, carpenter, security or transportation services are required.

What is deductible

When an insured event has occurred and you have submitted a claim for compensation for your losses, the insurer may ask you to cover the deductible from your own pocket, of course, if it is previously stipulated in the policy. Insurers often offer their customers to insure various risks without deductibles. That means you get insurance indemnity in full.

For example, if water leaks due to old or damaged pipes and floods have damaged part of the property, then the experts assess the damage caused and conclude that the amount to be paid to the policyholder for the damage caused to him losses will be EUR 8,000. When buying a policy, the policyholder has agreed to pay the deductible for this type of risk 300 EUR. Then the insurer deducts this amount of deductible from the amount payable and the policyholder for 7 700 EUR in an accident.

How can I avoid a reduced or declined indemnity

• The first step is to make sure what risks are included in your chosen property insurance program, and whether the sums insured correspond to the value of the property and assets.
• Read the terms of the policy carefully, especially the section on exceptions.
• It is very important to provide accurate property information before purchasing a policy, and it is just as important Follow the insurer's instructions on what to do after an accident.

If you have other questions about insurance - head over to our blog!