Six Tips for Buying Home Insurance
Before hiring your home insurance, it is essential to stop and think about what we are insuring. Knowing the scope of the policy, we can better analyze the coverage that we need. The peace of mind that contracting home insurance gives is indisputable. In this sense, it is always good to take into account some tips to choose well.
Insurance for the protection of real estate is increasingly in demand. Whatever the type of housing, the owner is protected from any damages that may be caused and injuries caused to third parties, both materially and personally. Home insurance depends on many factors, such as the house's size to be insured, the valuables found inside, the building's age, and many more issues.
It is good to know that each home insurance policy has its coverage in a misfortune event. Some include flood or fire damage. It all depends on the home's use: renters insurance if we talk about second homes and other cases.
Here are some tips for choosing the best home insurance, depending on the pre-existing coverages and guarantees that suit each situation.
1. Correct valuation: one aspect to consider when hiring home insurance is the concept of underinsurance, which occurs when the value of the insured capital is less than the replacement value of the insured object as new. This being the case, the valuation made of standard furniture, jewelry and money, and unique value objects such as the building is significant.
2. Basic and complementary coverage: each insurance company's risks may vary from one insurance company to another. Most companies usually cover almost all of the damage caused. These can be fires, smoke or explosion, water leaks, meteorological phenomena such as snow or hail, lightning strike, change of locks, electrical damage, broken mirrors, glass, and sanitary devices, among many others.
3. What the insurer takes into account to calculate the premium: for those who do not know, the premium is the cost of the insurance determined by the insurance company. Several factors determine this cost. In these cases, the companies will take into account the insured's identity and the year the home was built, in addition to the use made of it. It is worth bearing in mind that the company may refuse to issue an insurance policy in professional activities.
4. When to report the claim: It is imperative to notify them within seven days of knowing it unless a more extended period has been set in the policy.
5. Civil liability: is usually one of the basic coverage and one of the most important among home insurance. With this assistance, damages that the insured and the home may accidentally cause to third parties are covered. Among the most common damages, we find water leaks and objects that fall through a window or the roof, among others. To bear in mind: it is vital to know the limit set for this type of coverage, which will typically be higher depending on the premium to be paid.
6. Lack and exclusions: it is good to know that the insurance company can impose a grace period. That is to say: a period until which the policy will not be effective and the damages may occur will not be covered.