One of the first things to keep in mind when you move into a home is to purchase home insurance. Currently, in Spain home insurance is not mandatory, unless the house is mortgaged. Even so, 70.7% of Spaniards have their main home insured, according to the study Habits of consumption of Spaniards carried out by Rastreator.
If you are one of those who still do not have home insurance, whether or not you own your home, you should know that this can save you high expenses in the event of a mishap, from a leak to the theft of your belongings. Each home policy has different coverages, some include flood or fire damage. In addition, depending on the use of the home, there are different types of Home insurance (renters insurance, second homes, etc.).
Therefore, before choosing a policy to protect your home, you have to take into account different aspects that can cause the price of your insurance to increase or that you are less covered in cases than necessary for your home. From Rastreator we give you seven tips to help you find your insurance.
Correct assessment of content and container
One of the most important aspects to take into account when hiring home insurance is the concept of underinsurance, which occurs when the value of the insured capital is lower than the replacement value of the insured object. For this reason, the valuation you make of both the content (normal furniture, jewelry and money, and objects of special value) and the container (value of the building) is very important, since in the event of a claim, the insured will be compensated with an amount proportional to the sum insured.
Basic and complementary coverage
The risks covered by each insurance can vary from company to company. Mainly, the damages that almost all companies usually cover are those caused by: fire, smoke or explosion, water leaks, meteorological phenomena such as snow or hail, lightning strike, change of locks, electrical damage, breakage of mirrors, glass and sanitary appliances, among others.
In addition to the mentioned coverages, there are many others that can be added in a complementary way, such as: assistance at home, which can be 24 hours a day; robbery on the public highway; emergency medical care; pet insurance; travel assistance, etc.
Civil liability in home insurance
Civil liability is usually one of the basic coverage and one of the most important in home insurance, since it is responsible for covering the damages that the insured and the home may accidentally cause to third parties. This type of damage can be due to water seepage or objects falling from a window, the roof or the facade, among others. Assuming the costs and compensation for such damages can cause serious disturbances in the family economy. It is important to know the limit set for this coverage, which will be higher depending on the premium to be paid.
When to report the claim
Claims must be reported within 7 days of knowledge, unless a longer term has been set in the policy. In case of non-compliance, the insurer may claim the damages caused by the lack of declaration, reflected in the Law of the Insurance Contract, in its article 16.
What does the insurer take into account to calculate the premium?
The premium is the cost of the insurance established by the insurance company. There are several factors that determine this cost. Among them, in addition to the insured capital, the companies will take into account the identity of the insured and the year of construction of the house, the postal code, the use made of it and whether it is inhabited or not. In the event that the activity is professional, the company may refuse to insure.
On the other hand, the company will also take into account if there have been recent reforms in pipes and electrical system, the more recent the lower the premium to pay, since it is one of the most common problems.
Lack and exclusions
The insurer may impose a grace period, that is, a period until which the policy will not be effective, and during which it will not cover any damages that may occur. In addition to the grace periods, you can find risks excluded from home insurance, such as damages that originate in public pipelines, if the house is rented to a third party and you have not communicated it to the company or freezing of the water if the housing has been uninhabited for more than 72 consecutive hours, among others.
Compare Home Insurance
Choosing a home insurance can become very complicated due to the great offer that the market presents. For this reason, it is best to contrast the prices and coverage of the different companies before deciding on one. To help you, you can use Rastreator’s home insurance comparator, where you will find the option that best suits your needs and with the most appropriate coverage for you.