The Finer Options for Home Insurance Now
A fire can also cause the loss of the house and therefore compromise the economic existence of the owner. The guarantee against the fire can concern both the building and its contents. It offers a very wide coverage and can also include damage caused by lightning, storms, explosions, implosions, blast, hail, wind, snow, driven water (often in this if only damage caused by accidental breakage is covered), aircraft and satellite crashes on the house, smoke, gas, sonic wave, electrical phenomena, vandalism and socio-political events such as: strikes, riots, impact of road vehicles (excluding those of the insured). However, frost damage and earthquake damage are often excluded. You can visit https://aversoninsurance.net/ to get a proper idea of what is covered and what is not.
Floods, floods and landslides
- If you live in an area where such an event is likely to occur, expressly include these guarantees in your contract.
- Building refers to all fixed installations for contents or furniture we mean all the things that can be removed in the house.
- Other buildings such as the garage and other outbuildings located in the spaces adjacent to the building. However, these cannot exceed 1/10 of the total area insured, otherwise they must be indicated expressly in the policy and insured separately.
Characteristics of home fire insurance
The home fire insurance must be provided:
- For the “building” based on its reconstruction cost, excluding only the value of the area.
- For the “content” based on the replacement cost with other new things equal or equivalent.
Given the above, we recommend the “full value” form of insurance which provides for the coverage of all the insured assets. Pay attention, however, that if at the time of the claim the sums insured are lower than the “new value” or the replacement cost, compensation for any damage occurs in proportion to the “overdraft” (or under-insurance). For example: if the return value of the asset is equal to 100 and the sum insured at the time of the claim is equal to 50, in the case of damage equal to 30 the Home Insurance will compensate proportionally and that is only 15.
The insurance can also be provided in the form of “absolute first risk” and in this case the insurer undertakes to pay the damage up to the sum insured without applying the “proportional rule”. However, request a quote that includes the full value form and you will see that the latter, since it provides for the insurance of the totality of the assets and not just a part, is undoubtedly preferable.
Each building belongs to one of the following classes, based on which the premium to be paid is determined:
Class 1: manufactured with vertical load-bearing structures, floors, external walls and roof in incombustible materials. The wooden roof reinforcement is tolerated only in multi-storey buildings, the floor immediately below the roof is also considered to be flat.
Class 2: building with vertical load-bearing structures, external walls and roof covering in incombustible materials, floors or roof reinforcement, however constructed.
Class 3: manufactured with vertical load-bearing structures in incombustible materials, floors, external walls and roof however built.
Class 4: building constructed anyway.