Insuring our home

Insuring our home

Insuring our home affords us peace of mind as this is probably one of the most important pieces of property we have. Unfortunately, very often, we are only aware of the importance of our personal property when it gets damaged or destroyed. Therefore, regarding our home, we must anticipate every possibility in order to protect it in the best possible way so as to avoid many problems. Thus, we can say that when we buy a house one of the most important decisions we must make is to choose a good household insurance. Regarding this issue, there are multiple possibilities which basically depend on the extent and the cost of what we wish to insure. Let us analyse which is the best household insurance for us and the factors we must bear in mind. Some time ago, in this blog, we wrote about the circumstances which influence the price of household insurance. Today, we want to focus on the different kinds of insurance for homes and the most suitable one for each particular case. Let us analyse them.

Insuring our home

COMPARE AND THEN CHOOSE

As we have already said, there are many different offers of household insurance. The first thing that must be taken into account is which type of insurance cover is needed. We suggest getting in touch with an insurance comparator. This is very convenient as we can access it on the internet and this will save us an incredible amount of time because we can manage it from home. We must point out that Spanish legislation does not compel anyone to take out household insurance. However, it is mandatory to take out insurance of damage to property if the house has been purchased with a mortgage. This insurance will cover all damage caused by fire or by the elements. Be that as it may, we always recommend taking out household insurance because the damage could be very severe. The basic household insurance covers the minimum. That is, damage produced by fire, the elements, water and so on. This type of insurance is usually taken out in second homes. The next type would be an intermediate household insurance. Here, the range of prices and cover vary depending on each insurance company. This is why we recommend evaluating them so as to choose the one that adapts best to our needs. A very interesting choice is multirisk insurance. Firstly, it covers the house contents such as furniture, household appliances, valuable objects etc. Secondly, it is also a continent insurance and therefore covers the parts of the house that could be damaged. Lastly, this insurance includes civil responsability which covers third party liability regarding any damage caused by dampness, leakage, household damage, fire, third-party injury and even casualties. There is another option which includes accidental risks that cover the protection of our pets and even mugging outside our home. Some insurance companies also provide handyman home repair services which include furniture installation, hanging pictures, fixing taps or radiators etc. 

Insuring our home

PREVENTION IS BETTER THAN CURE

When we think about insuring our home, we must realize that we will protect our property. Therefore, is it wise to try to save money regarding the insurance policy? If we save money we may be exposed under unfortunate circumstances. We must bear in mind that the insurance company will indemnify in proportion to the price paid when taking out the insurance. This is known as the condition of average rule. This rule will determine the insurance cover. Therefore, it is important to assess the dangers if we reduce the cost of the insurance and also if it is worth running the risk.

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