Buying a property is an important investment and therefore requires protection against a large variety of home and personal incidents and damage. We have partnered with a specialist insurance brokerage firm that offers a range of different household insurance policies to suit all needs. They work with a selected number of insurance companies, considered to be the most reliable and to combine competitive premiums with a very high level of service.
House insurance is designed to return your home and possessions to the same condition they were in before a loss occurred. This means that when taking out building insurance you should insure the building for its rebuilding value and the contents for their replacement value (based on their purchase price).
High value properties insured value should include all finishes so that the rebuilding can be made with the same construction quality. Land should not be included in the determination of the insured capital.
Several types of policies are available and selecting the right coverage is important. Two important aspects should be considered:
• The structure of your home, which includes the cost of rebuilding or repairing if it is damaged or destroyed by covered perils – note that most policies have specific exclusions, so you should make sure what causes of lost are not covered to avoid unpleasant surprises in the future;
• Your personal property – make sure you determine the correct value of your home’s contents and provide the insurance company with a full inventory of the contents to avoid any future disputes.
In terms of coverage, standard house insurance will usually:
• protect you against: fire, lightning, wind, storms, flood, hail, explosions, aircraft wrecks, vehicle crashes, theft, breaking glass, falling objects and water damage.
• NOT protect you against: earthquake, nuclear accident, war, riots, vandalism, electric damage and IT equipment
Many of the non-covered risks can be included through the payment of an additional premium. It is therefore important to analyze which additional perils should be included in the insurance contract. In this respect, we would highly recommend that seismic phenomena or earthquakes are included.
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