Insurance is a product that we all contract at some point to protect our family, our home, our car or our development. Although some are mandatory, many of these insurances, such as Life insurance, are voluntary, although many choose to subscribe to them in order to have their backs covered.
However, and despite the importance of Insurance, sometimes we do not realize the large number of Insurance that we have contracted, so, in many cases, it is best to have a multi-risk Insurance policy. This is the case of multi-risk home insurance. In this article we will detail what is and of what consists a Multi-Risk Home Insurance , and what its basic coverages are.
Although there are many companies on the market that offer this type of insurance, the best thing is to have experts in the sector to guide us in the search for the best home insurance. This is the case of Euroteide Insurance, experts in the Insurance sector in the Canary Islands with a proven experience of more than 22 years, the result of this work are the 2.700 policies contracted through us as insurance advisors.
What is multi-risk home insurance and what does it consist of?
A Multi-risk home insurance is a type of insurance policy that insures most of the risks or accidents that can take place in any home, so that it covers civil liability for damages to third parties derived from our home, as well as the content of it, among other coverages.
As its name suggests, multi-risk home insurance aims to protect our home from the many risks to which it is exposed, both the structure of the home (the construction or civil works of the home called the continent) and the content that be in it. So, this type of insurance covers cases of fire, water leaks, floods, robberies or thefts, among many other accidents.
The basic coverage of multi-risk home insurance
The coverage of almost any multi-risk policy of Home insurance can be divided into three large groups:
Housing content
A multi-risk home insurance covers all the elements and assets found inside the home, such as furniture, jewelry, or appliances. However, it is normal for insurance companies to classify the content of the home into three other groups. They are as follows:
- Basic content: It is the furniture for daily use in the home, such as furniture or household appliances.
- Jewelry.
- Valuable items: They are all those assets that exceed the amount that the insurance company has established for the basic content, such as paintings or works of art. However, items of great value will be subject to appraisal by the insurance company to check their real value.
Continent of the home
The continent refers to the structure of the house, that is: walls, ceilings, floors and other facilities, such as electrical, heating, water or gas installations, among others. As is evident, multi-risk home insurance covers damage to the structure of the home.
In addition to the previous structure and facilities, the Insurance must cover those elements or constructions that are not part of the main residence, but are within the site of the same, such as the pool, storage rooms, sheds, or garages, among others.
Civil liability
Multi-risk home insurance also cover damages that occur to the home of a third party. Thus, if damages are caused to a neighbor's home, the Multi-risk Home Insurance covers the compensation that must be paid to the neighbor as a consequence of those damages.
An example of such damage would be to cause damage to the downstairs neighbor by leaving a tap running that causes a flood. However, although it is normal for multi-risk home insurance to cover these damages, it will be necessary to comply with the specific policy.
Legal defense
There are many multi-risk home insurance policies that include the services of an attorney when necessary advocacy and legal advice to be able to claim the damages that another has caused on your assets.
Assumptions that cause damage to the home and which are covered by Multi-risk home insurance policies
The events or assumptions that cause damage to the home that are usually covered by most insurance companies are the following, among many others:
- Robbery or theft.
- Fires or explosions in the home.
- Muggings outside the home.
- Vandalism.
- Water leaks or floods or pipe breaks.
- Collision of land vehicles against housing.
- Lightning strike in the home.
- Electrical events such as power surges causing damage.
- Breakage of glass, windows or doors.
The importance of insuring the home for its correct value
There are numerous insurance companies that apply the proportional rule, so that the compensation that the insured will receive when these damages occur will be proportional to the premium of the policy. Thus, it is vitally important to insure the home at its real value, since the compensation will be proportional to that value in the event of any damage to the home.
Thus, if a multi-risk home insurance is contracted for a value less than the real value of your house, you will receive less compensation than you would be entitled to compensate for the damage caused to the home. It is for all this of great importance to appraise our house, both the continent and the content, for its real value.
In any case, the value that is insured is the reconstruction value, being excluded from the insurance coverage the value of the land. This reconstruction value will range between € 800 and € 1300 when we talk about a quality of the materials of average construction and between 2000 and 2500 € high quality or luxury and always depending on the Autonomous Community and Municipality, and as I said before depending on the type of housing in question, the quality of the materials used and the area in which it is located. It is undoubtedly best to ask for professional advice.
Undoubtedly, choosing the right home insurance is a big decision for many and obvious reasons, so it is best to have the services of true professionals, such as Euroteide Insurance. We have more than 22 years of experience in the sector, so that we are at your disposal to find the insurance that best suits your needs and budget with the best service at the moment you have to use it for any of the guarantees covered by the policy.
Our mission is to make sure you have the best insurance that is right for you.
