One of the expenses that needs to be considered when owning a property is home insurance. In reality, it is not so much an expense as an investment, since over the course of the years that we live in a property, there is the probability of having an accident. It is always worth having a company that responds to any eventuality, and which allows us to avoid incurring a major expense.
At Lasose Properties & Investments we explain to you the fundamental aspects you need to know when taking out home insurance.
Given that there are different insurance companies and specific policies for different types of property, it is very important to pay attention to certain aspects in order to choose the insurance that best suits your needs.
Valuation of contents and building
A good valuation of the contents (everything contained in the property: furniture, cash, jewellery, valuable objects) and the building (value of the building), will prevent us from falling into underinsurance, which is to say – that the value of the insured capital is lower than the replacement value in the event of an accident.
Basic and complementary coverage
Not all insurance policies include the same basic coverage, although they are usually quite similar, and commonly include coverage for water damage, fire, explosion, theft and civil liability.
As well as this, there are some additional covers that will be more or less useful depending on the type of property being insured, and that should be taken into account in order to have complete cover, such as: insurance for travel assistance in the home or for pets, 24-hour home assistance, etc.
Conditions of the contract: gaps and exclusions
It is important to read all the general conditions of the contract, and to know the clauses that may include a waiting period, i.e. a specific period of time during which the cover will not be effective, as well as exclusions or conditions that include economic limits of cover.
Knowing how to compare the different offers will allow us to make an appropriate choice with respect to the specific needs of our home, in order to be covered in the event of any accident. Ultimately, the price and the cheapness of the premium is not so important if the insurance is too limited, so all these aspects must also be taken into account before making a decision.