We all dream of having the house of our life, that everything is perfect and we live every day without any problem. However, on many occasions, we encounter obstacles in our home that are beyond our control and that we are not always aware of.
Housing is one of the biggest investments that most families face. Its high value means that in order to acquire it many of its owners have to ask for a mortgage, a loan that they are amortizing for up to 30 years.
If the price of the house itself is added to all the goods that are inside such as furniture, appliances, electronic devices or even jewelry, the value of this increases considerably. Therefore, the best way to protect against the multitude of risks to which it is exposed (which are not few) and ensure its great value (both sentimental and economic), is to hire home insurance.
The coverages of these policies are organized around 3 concepts: continent, content and civil liability. Knowing what each of them is and what they protect is the key to understanding why it is so important to have them. And although it is possible to individually cover the misfortunes that can occur in a house, the existence of multi-risk home insurance facilitates things as they combine a single policy with a large number of coverages.
Home insurance required?
An accident and non-assurance study published in 2011 by the Home Division of Direct Line found that in the US more than 11 million homes did not have insurance, exactly 43% of the total official housing stock.
This high number of uninsured homes is due, in part, to the fact that unlike what happens in other countries such as France or Switzerland, in the USA, ensuring a house isn’t obligatory unless it is mortgaged, although it is highly recommended. In this way, the owner obtains the necessary peace of mind since, in case the house suffers some damage, both the house and the goods stored inside it would be protected. Likewise, if theft were suffered or the insured’s possessions were damaged in some way, this would be compensated according to the provisions of the Particular Conditions of the policy.
Reasons to secure a home
The reasons why it is convenient to ensure a home are multiple. Leaving an open tap and flooding the neighbor below, going on vacation and discover that the thieves have robbed the house or that torrential rains cause serious damage, are just some of the accidents in which you can be involved a house
What happens if an event such as a fire or the explosion of the boiler causes serious damage to a home? Who assumes the costs of repairs and/or reconstructions? In the case of damaged homes that don’t have insurance, the owners of these should face the damages.
The opposite occurs with households that are protected by the policy because it guarantees the insured the payment of an indemnity with which to pay for the rehabilitation of their home and with which to replace the assets that would have been lost.
In addition, the insurance company also usually bears the expenses derived from the extinction of a fire, such as, for example, the invoices of the performance of the firemen, provided that it has not been provoked.
A badly closed tap, a pipe in poor condition or a rise in voltage are some of the small accidents that can take place in a house and whose consequences can be of considerable severity. Having a policy guarantees the insured that water damage or electrical damage, as well as broken glass or glass-ceramic plates, among others, will be corrected by the company with which they have been hired (within the contracted coverage). In many occasions, the insurance would cover even the aesthetic damages such as changing tiles or tiles and even part of the furniture and refrigerated food.
A leak of gas or water can’t only cause discomfort in the owner of the house in which it originated, but it can also cause damages to a third party, such as neighbors. In this case, the damages would go into the housing liability coverage, but it is the owner who has to answer for them. This coverage also includes the payment of sureties, indemnities, and court costs.
Many insurance products include among their coverage some specific for situations of theft and theft inside the home. Home insurance can be more or less complete depending on how many things it protects. Most of them cover the damages caused at home during the robbery, that is, the continent. To also take charge of the goods, including jewelry, it is necessary to have contracted the content coverage and that the insurer has proof of the presence in the home of the goods of special value.
Another coverage that includes many home insurances is the legal defense, which is very useful at certain times. You can go to it for the claim of damages before third parties, criminal defense, labor claims or procedures in cases of death.
Mounting furniture, hanging curtains, fixing windowpanes with silicone or purging radiators can be tasks that, while for some are very simple other people would not know where to start. What to do then?
Home insurance can include among its coverage DIY or handyman services, also known as Home Service which is responsible for making available to their clients a group of professionals responsible for performing these daily tasks.
Having one of these policies never hurts but before choosing the one you have to be sure that it is the one that suits you best, both for us and for our home. The best way to not fail and find the most appropriate one is to compare Home insurance in search engines online. In just a few minutes you can choose from a large number of products the one that best suits what you are looking for.