Press release
Home Insurance Basics Guide
What is home insurance? Basic concepts
A home insurance policy is one whose purpose is the economic protection of a home, on the part of its owners and/or tenants, against the risks that may occur.
In order to understand correctly the terms related to the contracting of home insurance, it is necessary to know some concepts.
Building: It is the structure of the property, of which the roof, the floor, the walls, and all the structural elements are part. The value of the building declared in the insurance should correspond to the reconstruction value of the property. The value of the floor is not included in the value of the building.
Contents: These are all the accessories inside the dwelling, such as furniture and personal belongings. The value of the contents is determined by each insured party and will determine the maximum cost that the insurer will assume in the event of a loss.
Premium: This is the annual price paid for the home insurance policy taken out, and varies according to the value of the building and the value of the insured contents, and the risks and services contracted.
Is it compulsory to take out home insurance?
It is not compulsory to take out home insurance, except in the case of mortgaged homes, which must take out damage insurance on the property affected by the mortgage. In these cases, it is possible to contract the insurance with the entity that is wanted, that is to say, that nobody can force us to contract the home insurance with the bank that grants the mortgage.
However, it is highly recommended to take out a home insurance policy that covers, at least, the building and civil liability.
What are the basic and recommended coverages of home insurance?
Home insurances usually offer basic coverages that are considered recommendable and that saves a lot of money and a lot of inconveniences in case of loss. It must be taken into account that home accidents can occur for many reasons beyond personal responsibility and that no person is exempt from suffering these mishaps.
The basic coverages that are usually recommended by all insurance companies are those that cover damages to the building, damages to the contents, civil liability (for damages caused to third parties), and legal defense to claim damages caused by third parties in our home.
The coverage of damages in the building covers the repairs of the damages produced by fire, theft, water leaks, etc. This coverage has limitations and exceptions that must be reviewed. Sometimes this coverage is included in the insurance of the community, so it would not be necessary to contract it.
Coverage for damage to contents covers the repair or replacement of household goods damaged by the covered risks. This coverage has a limit and in some cases, the value of the insured objects must be justified.
The civil liability coverage covers repairs or, as the case may be, indemnities to be paid to other persons for damages caused by a breakdown or problem in our home.
The coverage of legal defense covers the claim of damages that others have caused on our house, in addition to other coverages that vary according to each insurance.
These risks are usually covered by multi-risk or combined insurance policies.
How much does home insurance cost?
Depending on the characteristics of the building and its value, the value of the contents to be insured, and the amount associated with civil liability, among other characteristics, the price of home insurance can vary greatly. We invite you to consult our insurance comparator and let our experts advise you to find the best insurance at the best price.
Do I have to take out home insurance if I live in a rented house?
Certain responsibilities will be in the hands of the owner, while others will be for the account of the tenant. Therefore, the most advisable thing to do is to take out an insurance policy that covers your responsibility as a tenant, and that also includes a first risk coverage so that your insurance will solve any incident that may arise while the owner or responsible party takes care of the problem.
Many insurers market home insurance designed for tenants at very competitive prices. Try our insurance comparator to find the home insurance that best suits your needs.
Do home insurance policies have coverage limits?
The limit is set by the amount insured and the type of loss that occurred. To avoid surprises, it is important to insure both the building and the contents for the appropriate amounts and to have civil liability insurance that covers at least up to 300,000 euros.
United States of America, California, County of Los Angeles, Glendale, North Brand Boulevard
+1 888 612 6079
contact@insurerlab.com
Insurerlab is all about automotive insurance offers, helping you to discover the pros of personalized insurance coverage.
We strive to make the process seamless and empower our clients by providing easy access to information on the best niche insurance offers available in the USA.
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