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Home insurance: what are the most important guarantees?

Whether you rent or own your own home, home insurance is a very important instrument to help you deal with any damage and save you significant expenses. Before you buy insurance, you need to fully understand the benefits you can get from it. Insofar as we do not all have the same needs, it is recommended to take note of the most important guarantees that each insurance can offer.

Why should you take out home insurance?

When you decide to take out home insurance, you will find a multitude of insurance formulas offering a wide range of attractive coverage and guarantees. Of course, the higher the number of guarantees included in a formula, the more expensive home owner’s insurance is. To this end, some prefer to save money at the expense of their property. However, a water leak or an electrical surge are all situations in which underinsurance can end up being very expensive.

What is called underinsurance is essentially insuring a property for much less than its true value, which implies that the guarantees included do not cover all the damage. In this sense, in the event of a disaster in the house, the guarantees would not cover all the goods and the owner or the tenant would have to assume the costs required by the repairs, either in his dwelling, or that of a neighbour.

The benefits of good home insurance

There are different offers of homeowner’s insurance, but the most important guarantees that they generally have in common are the following:

Civil liability

A water leak can not only cause concern for the owner of the dwelling in question, but can also cause damage to neighbors. In this kind of situation, the damage would be covered by the housing liability guarantee, but it is the owner who is responsible for it. This coverage usually also includes the payment of deposits and legal fees arising from theft or negligence or misunderstanding between neighbours.

Common Incidents

Water leaks in the facade or inside the house, glass breakage or incidents on the electrical installations are the most common problems that occur in a home. In such cases, repairs are usually expensive. Comprehensive homeowner’s insurance guarantees the repair or replacement of damaged items, which is essential to save time and money.

Theft and burglary

In the event of a burglary, most home insurance covers the loss and damage caused during the break-in, either financially or by repairing the damage at no additional cost. However, in order to avoid them, it is better to protect your home against theft in the most appropriate way. In this regard, prevention through the installation of alarms and security systems, especially in villas, is an essential measure.

personal effects

Regarding the previous section, almost all insurance covers material goods, such as clothing, jewelry, valuables, electrical appliances, furniture, etc. However, in addition to a possible case of burglary, these objects can also be damaged by water leaks or fires, so it is important that they are covered by an appropriate warranty due to their potential emotional value.

Home Insurance

Protection of owners

Home insurance can also be the best ally of owners who put their apartment up for rent since it can include coverage that guarantees them the collection of the rent. This is usually an additional guarantee that consists of paying the owner of the accommodation the unpaid monthly payments from his tenants. Likewise, these guarantees offer legal protection, covering the costs of a possible conflict.

A badly closed tap, a leaky pipe or an electrical surge are unforeseen events that can have very serious consequences. The cost of repairing this type of incident is so high that taking out homeowners insurance is a justified investment. In addition, insurance premiums are generally affordable, depending on the coverage taken out. It is therefore a wise investment to deal with any setbacks.

Source: Magazine Assurance

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