Unlike car insurance, home insurance is only mandatory for tenants, which is why homeowners and co-owners often tend to neglect it. And yet, it is an essential provision to protect your property from any possible incident and damage. But what does home insurance really represent and what does it cover?
What does home insurance cover?
Taking out home insurance is an essential step to ensure the protection of your property, but also of your belongings. Indeed, this coverage will allow you to obtain coverage for damage repair in the event of a disaster, for example. For homeowners, home insurance insures the home and personal property (appliances, jewelry, etc.) in the event of damage or burglary. If, for example, a fire has ravaged the home, you can call on your insurer to replace the destroyed property.
For the tenant, this coverage protects both personal property and home improvements. For co-owners, it can be used to protect personal property, private areas and improvements made. Note also that the syndicate of co-ownership is required to insure the entire building, so do not hesitate to ask the directors for information on the insurance guarantees you benefit from.
How to subscribe to home insurance
Whether for insurance without a lease or with, the steps of underwriting are generally the same. First, you will need to contact a specialized organization such as an insurance agency, broker, bank or insurance company. You will then be asked to indicate the coverage you want based on your situation.
You will also need to complete a form to assess the risks and determine the amount of the contribution. Be sure to provide accurate information as any false declaration or omission is considered a fraud and may result in the cancellation of coverage. In addition, consider making an inventory of your insured property to determine its fair value if a replacement is required at a later date.
How to save on your insurance policy?
Finally, here are some practical tips to implement in order to obtain considerable discounts on your insurance premium and thus save you money:
– Install an alarm system connected to a central station to reduce fires and intrusions
– Move to a new home to reduce risks and damage
– Combine home insurance with auto insurance from the same organization
– Get a discount thanks to the absence of mortgage creditors
– Install a water leak detection and main water inlet shutdown system