In a single policy, the person interested in taking out residential insurance will have many coverages, as it has several insurances grouped and combined. This product is indicated for individual residences that can be houses and/or apartments that are used as housing or just for summer vacations.
In case of fire , lightning and explosion, the property that has residential insurance will be protected, as this is a coverage that can also be known as a basic guarantee.
Of course, in addition to the guarantee classified as basic, when closing a home insurance contract, the customer can hire other services that will be important, because then the house will be protected from all risks.
Additional coverage options include: theft , vehicle impact, landslide, plane crash, hurricane, windstorm, cyclone, hailstorm, electrical damage and many others. What will determine the range of coverage offered is the residential insurer chosen. The client also has the possibility of contracting coverage that will cover all damages caused by the owner or people who live in the house involuntarily.
Such coverage even includes the bite that your pet gives the postman, for example, as it is configured in the coverage that belongs to the civil liability insurance included in the multi-risk policy. Any and all insured or uninsured property is subject to many problems and fortunately, there are specific coverages that even deal with the payment of the payment either to the tenant or owner if the property catches fire, for example.
Another option that the insurance company can offer the customer is an association of residential insurance with life and personal accident insurance, as the one intended for personal accidents provides coverage for those who suffer a domestic accident at home. The big difference between one insurance company and another is in the types of plans offered, as each company offers insurance with different characteristics that range from risk exclusion to different coverages that include wooden houses.
Apartment dwellers pay attention to condominium insurance
The insurance that the condominium has does not include your property, much less the goods that are inside your apartment. Owners and/or renters who want to have their assets protected must pay their own home insurance.
Home insurance covers most of the catastrophes to which properties are subject, but some are included in the list of exceptions, such as floods, tidal waves and earthquakes. Also, home insurance does not cover when the property is not well maintained.
What is covered in multi-risk home insurance?
When the customer opts for multi-risk residential insurance, he will not have to worry about having to rebuild his property, repair or replace any of his belongings, additional expenses that are related to the impediment of living in his house due to a fire or any other reason that is in the contract and also the family civil liability.
If, by chance, the house or apartment is destroyed or damaged by fire, lightning or explosion , the home insurance will pay for the service regardless of whether it is a repair or a reconstruction, but you must pay attention to the value that is provided for in the contract. This amount will be provided for in the Maximum Guarantee Limit for Contracted Coverage (LMGCC) or in the Maximum Indemnity Limit (LMI). If the purchased policy has coverage for damage from a windstorm, cyclone, tornado, hail or any other damage, the person will be compensated as if the house suffers a short circuit.
A tip for those who are thinking of resorting to home insurance is to calculate the value well if there is a need to rebuild the property, as this prevents you from spending on other coverage that will not meet your need. Usually, multi-risk residential insurance still provides coverage for structures belonging to the external parts of the house, which are: swimming pool , garage , sauna and other types of construction. However, they must be occupied exclusively by the residents who use the part of the house considered to be the main one.
In general, it is the insurance companies that define what percentage will be on top of the value of the indemnification of the main property that will be passed on to the parties that are considered external.
If you want a higher guarantee amount, ask your broker for a new calculation. However, it is necessary to know that the greater the indemnity, the greater the additional cost with insurance the home owner will have to bear. Always keep in mind that the amount considered as the limit of the indemnity must be an amount that will make you able to rebuild your residence, as the insurance will not consider the land, only the construction that is there.
Multi-risk home insurance includes replacement of personal property
If a theft or fire destroys your furniture, clothes, electronic objects, sports and other items that are covered by the insurance, there is nothing to fear, but you must be careful about the amount of compensation that has been agreed.
In order not to think that the value of the indemnity is low, even before closing the contract, make a survey of your assets, because when you are reimbursed, you will only receive a percentage of the total amount that is provided for in this so-called additional coverage. It is important to differentiate in case of theft, as not all belongings will always be removed from the house and thus the value of the coverage will refer only to what can be stolen.
However, if the insurance aims to protect the property in the face of fire, lightning and explosion, in this case all valuables that are in the property must be included. Faced with so many coverages that residential insurance offers, what you can’t do is rely on luck! Contact our team, request a quote and leave not only your property but also your family safe.
By doing this, you avoid headaches and necessary expenses when an unforeseen comes knocking at your door, because you can’t predict when these things will happen, right!