Contrary to what we all tend to believe, home insurance is not obligatory! Indeed, legally, independent homeowners who are not under the condominium system are not obliged to take out home insurance. Only owners and tenants within the scope of joint ownership have this obligation. But to be honest, it’s a good idea to subscribe, even if it’s not required. Often, our home is the most valuable asset we have. Therefore, if you choose the right home insurance, it is very important to get insurance. If you look at the details of the contract, you can see that there are many things that are not guaranteed, such as outdoor equipment. Let’s take a little inventory.
Insurers typically offer multi-risk housing contracts (also known as MRHs), offering two levels of protection:
- Civil liability: This insurance covers the insured in the event of damage to property or a third party.
- Serious damage caused by an external event or a third party.
Traditional home insurance coverage
Many losses can be caused by multiple risks. Among the most well-known and commonly insured for the majority of contracts, we find that:
- Fire risk: Damage in the event of an accidental fire is covered by insurance.
- Flood risk: There are two types. Here you can see not only damage from external phenomena (storms, infiltration, pipe breakage), but also damage from improper use such as accidentally left open faucets.
- Natural disasters: In the case of severe adverse weather recorded by ministry ordinances (floods, tsunamis, earthquakes, avalanches, etc.), insurance may be required to cover the coverage.
- Robbery and Intrusion Attempts: This is a point that needs to be considered carefully, as you can set conditions that allow compensation (3 point locks, alarms, video surveillance, etc.). Also, compensation can only be triggered if an intrusion is proven. Of course this all depends on the contract, so it’s part of a closer look.
- Vandalism: Damage or destruction of assets, deterioration of façade, etc.
- Terrorism / Attack: Covers the consequences of crimes committed as part of the act of terrorism or attack
- Glass breakage: As the name implies, this allows compensation in the event of glass breakage, whether due to projectiles, intrusion attempts, etc. This concerns windows, roof windows, bay windows, but not, for example, TV glass or coffee tables (except options).
These are relatively standard guarantees and are usually present in most basic contracts. However, be careful to check the applicable terms, as they can vary widely from contract to contract.
In addition to these classic guarantees, there are many possible options.
First, you need to make a quote for what is called a “moving property,” such as furniture, jewelery, Hi-Fi equipment, works of art, collectibles, and old books. Indeed, most home insurance policies provide maximum coverage in the event of a flood, for example due to a fire or property damage. If the value of the insured is too low compared to the value of your property, you need to increase your compensation.
Second, you need to know that a movable property loses about 10% of its value after two years. Therefore, the property will be refunded at the current price (if a TV purchased 10 years ago for 2,000 euros is stolen, the equivalent price of 500 euros 10 years later may be refunded). To limit this, you can choose a “new value” guarantee. This warranty gives you additional compensation to cover the discount due to discontinuation. Please note, this option generally inflates the amount of contribution.
For valuables, a certificate of authenticity and a document certifying its value (such as an invoice) may be required.
Electrical damage options: If you have a lot of appliances and they burn out due to a thunderstorm or repeated power outages, you can replace the appliances.
If you work from home, professional equipment is not covered by home insurance. In fact, it is your professional insurance that you have to intervene.
If you have a pool, consider insuring it as well. The same is true for SPA. Not only does this cover their deterioration and theft, but their declaration is mandatory. If a third party encounters a problem while using this device, your civil liability may arise.
In addition, more generally, consider insurance for outdoor equipment. In general, anything outside the property is not covered by home insurance. Garden hut (located in slab), outdoor leisure activities, outdoor lighting, automatic watering, barbecue, garden furniture, etc. To do this, you need to get a “garden warranty”. Heavy rains, or even hail, can damage the huts in your yard or destroy farms that cost you a lot. Children’s swings and trampolines anchored to the ground can be damaged after a storm. Or garden furniture, tools, or robot lawnmowers stolen during a robbery. In short, there may be small assets outside, so it’s better to plan to insure them as well.
If you have installed solar panels integrated into the roof, don’t forget to declare them in your insurance. They can cause flood damage (penetration can occur if the installation is incorrect), fire (non-standard materials, inverter failure, etc.) and even electrical failure. ..
The same is true if you have an autonomous panel like Beem or Supersola, for example. Simply placing them on the terrace is a huge investment that is very easy to steal.
These are some options that insurance may offer. When signing a contract, you should not overlook it so that you have proper insurance and do not give an unpleasant surprise in the event of a problem.