Home Insurance

Home insurance is a policy that protects the owner of a residential building against financial losses that can result from damages to the building itself.
It typically covers damages caused by fire, storm, water, and other risks and assists in covering the costs for repairs or rebuilding the building.
Therefore, home insurance protects homeowners, safeguarding their property and investment.

 

INCLUDE MATERNAL DAMAGES

Climate change makes it obvious that natural damage should be included in the insurance contract.

DETERMINE CONTRIBUTION AMOUNT

The bonus amount depends, among other things, on the building material and the fire safety of the house. It is advisable to have the insurer determine the value of your property to rule out underinsurance.

CLAIM IN CASE OF DAMAGES

Make sure that you don't lose valuable time: You are entitled to an advance payment from the insurance company just one month after a damage report, so you should report any damage immediately.

TERMINATION IN CASE OF DAMAGE

In the event of damage, you can use your extraordinary right of termination. However, it is advisable not to cancel until the end of the insurance year, as no insurer is obliged to reimburse you pro rata for the annual premium

Why Should You Get Home Insurance?

Home insurance is an absolute must for every builder or homeowner. It is a prerequisite for granting a loan or mortgage when financing construction. The shell can be insured, and the policy can be transferred to residential building insurance later. As the owner of a condominium, you need residential building insurance because a fire can destroy everything you own in just a few minutes.

How is the sum insured calculated?

The amount of the insured sum in home insurance is determined based on the current new value of your property. In the event of damage, you will receive from the insurer the amount necessary to replace the house or apartment to an equivalent value. Information about the type of construction, size, furnishings, and house location are further factors in calculating the insured sum. Using a simple valuation scheme, the standard value of the house in 1914 in gold marks is determined based on your information. The standard value from 1914 is multiplied by the annually updated construction price index and is the basis for calculating the current new value. This calculation formula guarantees you the current value of your property. Underinsurance is prevented.

What does home insurance provide?

Home insurance ensures all buildings, outbuildings, and garages mentioned in the insurance contract, including all items permanently attached to them. Damage caused by fire (fire, lightning), tap water (frost, burst pipes), and storm or hail is insured. Natural damage such as flooding or earthquakes can also be included in the insurance contract. In addition, costs for clean-up and demolition work will also be covered.

What to do in case of damage?

Report the damage to your insurer immediately—i.e., within a week. Keep the damage as minimal as possible: If there is damage to the tap water, close the main tap—sealed openings in your home caused by storms or hail. In the event of fire damage, please call the fire department immediately. Support your insurer in the damage investigation and provide all necessary documents.

What is covered by home insurance?

Your home insurance protects you as a house owner from the financial consequences of property damage. The entire building is insured, including all permanently installed objects. As a rule, damage caused by the following risks should be covered:

• Fire
• lightning strike
• Storm with wind force eight or higher
• hail
• Tap water damage
• Overvoltage
• Storm
• Unnamed Dangers (All RISK)