COMPREHENSIVE HOME INSURANCE POLICY
The Comprehensive Housing policy offers comprehensive protection for your home and your Family. Provides a set of guarantees to protect the premises and contents of the home from a variety of damaging events such as fire, water spillage, and theft. Civil Liability coverage can be added to protect the insured against damage to third parties, whether arising from the conduct of the home or caused by the insured himself and/or his cohabiting family members in the course of private life.
Insuring a home becomes almost necessary if:
- It’s owned;
- in addition to owning it, you directly occupy it;
- there are pets in the house;
- There are young children in the house;
- you are on a high floor with a terrace or balcony from which objects can fall and could damage property or people below;
- one possesses valuable assets in the home;
- you own electronic devices that, in addition to being susceptible to theft, could be damaged from electrical failure.
IF I LIVE IN A RENTED HOUSE, WHAT ARE MY RISKS?
There is a general tendency on the part of those who are renting to consider themselves to be in some sort of immunity, but this is simply not true. In fact, the tenant in terms of the Civil Code is liable for damages caused to the property and attributable to him, so he is exposed far more severely than the landlord, who otherwise might as well forgo the restoration of the dwelling following a claim.
Particularly in the case of fire, even small fires, the mere intervention of the fire brigade in order to prevent the fire from spreading, often creates high damage. Then there is the risk of fire and theft of one’s furnishings and personal belongings as well as the liability of the conduct of the home for damage to third parties, whether other apartment dwellers or passersby.
Finally, it should be pointed out that all coverage under the condominium policy is exclusively for the benefit of owners and not tenants.
IF I LIVE IN A HOUSE I OWN, WHAT ARE THE RISKS I RUN?
Normally, the condominium owner can rely on the condominium policy, which protects him or her from damage to his or her apartment and property liability, but not the conduction policy, which is typical of head-of-household liability. Also left uncovered are the risks associated with furniture and personal effects, for both fire and theft, which must consequently be insured individually.
WHAT SHOULD A HOME POLICY INCLUDE?
It is a good idea to check, before taking out a home insurance policy, that it has the guarantees for the following situations:
- Fire of the premises and their contents;
- Reimbursement of expenses for water spillage and consequent troubleshooting and repair;
- Reimbursement of expenses for damage caused by the electrical phenomenon, i.e., when failures or power surges damage electronic devices, such as a computer or TV;
- Reimbursement of expenses for vandalism, as well as damage caused to walls, doors, windows, gratings and fixtures that may be caused by thieves;
- Reimbursement for breakage of windows, glass and other transparent materials (such as pvc);
- Reimbursement for damages resulting from the presence of pets, if you own any;
- Reimbursement of expenses for damage resulting from weather events, such as: hail, tornadoes, rainwater passing through breaches caused by the weather event, lightning and consequential electrical damage, damage caused by snow overload. There is no insurance for flood, flood and inundation damage;
- reimbursement for damages that one’s home may cause to third parties (flooding, seepage, objects falling from above terraces and balconies or windows);
- household liability, which covers all damages that household residents may cause to third parties inside or outside the home;
- reimbursement related to the theft of items of a certain value within the home, such as furniture and electronic devices;
- The presence in the contract of 24-hour service for information, retrieval and dispatch of technicians.
WHAT ITEMS MAKE THE POLICY DISCOUNT ON THE HOUSE?
Generally when the house is equipped with security systems, the policy is discounted. The greater the technology and effectiveness of the security system, the greater the discount.
When it comes to passive security systems, i.e., armored doors and windows, presence of grilles, armored glass windows, etc., the discounts are minimal. When it comes to more advanced, so-called active, burglar alarm systems, that is, ones that signal the presence of strangers in the apartment, such as sirens, flashing lights, cameras, perimeter sensors, or even more so the remote connection with law enforcement, the discounts are usually higher.
INSURANCE IN CASE OF THEFT
First of all, it is good to keep in mind that the home insurance policy is closely related to the characteristics of the house: if we suffer a theft of objects inside the house, without the means of locking (doors and windows) being broken into (thus carried out by people we may have introduced into the house ourselves), the insurance company is not obliged to compensate for the damage. Second, immediately after taking out a home insurance policy, it is necessary:
- Make as accurate an estimate as possible of the total value of possessions owned within the home (including furniture, valuables, and electronics);
- report the change in value in the case of purchases of a certain type after the policy is taken out, to also change the maximum amount of compensation in the case of theft;
- keep track, with documents and receipts and perhaps even photographs, of the value of the assets you own and have counted to take out the policy;
- if some valuable goods that are intended to be included in the policy are gifts, it is good to get the statement from the retailer, regarding the economic value of the same;
- in case of theft, the first thing to do is to report it to law enforcement, where in addition to the list of stolen items, an estimate of their value must be provided. In this case if you make a false statement, you are liable to prosecution by law;
- insurance companies must be provided with the copy of the complaint. This, given the knowledge of the illegality of declaring false data, should suffice for the insurance company as a guarantee of the stolen property and its value.
THE HOME DAMAGE AND REPAIR POLICY
In policies that cover fire, burglary, vandalism, electrical phenomena, water leakage, glass breakage etc, the compensation is the repair of damage by trained technicians. This option is usually included in the basic contract: the estimate for repairing the damage, prepared by a technician chosen by the policyholder and possibly substantiated by a technician to the insurance broker, will be the fee to be reimbursed to the policyholder by the insurance company.
WHAT DOES THE FAMILY POLICY COVER?
All liability to which the family is subject, including de facto liability, for damages that may be caused to third parties by a member. To make it clear what the real risks are, it is best to give a few examples: in addition to running the apartment by spilling water from the washing machine or dropping the flower pot from the window, think about riding a bicycle, unintentionally bumping into a passerby by pushing him into the roadway where a vehicle is passing, risotto with mushrooms among which one was inedible, the many things that can cause children in their righteous exuberance. Think of all those things that even our imagination cannot imagine, but that the Head of Household liability policy is able to insure.
FOLLOW UP SOME CLARIFYING QUESTIONS.
The value is calculated based on the number of square meters declared, the type of dwelling (apartment/villa) and the province in which the dwelling is located.
As for the building, insurance is provided at Whole Value. With regard to contents, however, insurance is always provided on a First Absolute Risk basis.
Form of insurance that covers the total value of assets. The sum insured shall correspond to the actual value of the goods themselves, and if the insurance is taken out for a lesser amount, the insured shall bear the correlative proportionate share of loss.
When once the documentation of the claim has been evaluated, the Insurance Company proposes direct payment of compensation to the insured through the restoration of the damage within the limits and for the maximum amounts provided in the policy, without the application of any deductible or overdraft.
Yes, the Company is obligated to cover material and direct damage caused by lightning, even when it is the cause of electrical phenomenon.
Electrical phenomenon means the effect of occasional currents and discharges (also including the action of lightning) that causes damage to machinery, plant, motors, electrical and electronic circuits pertaining to the building when insured.
Yes, Third Party Claim coverage indemnifies the insured for direct property damage caused by fire, explosion and burst caused to third party property up to the maximum amount stated in the Policy.
Yes, it includes material and direct damage caused to insured property by water spillage as a result of accidental breakage of water, heating (including self-contained), air conditioning, sanitary or other technical systems, whether of the building or of the activity carried on therein, as well as by backflow and overflow of sewers, excluding public sewers, overflow due to clogging of gutters and downspouts caused by hail and snow, and damage attributable to the liability of neighbors.
The Company also covers search and repair costs for damage caused by water spillage up to the maximum amount specified in the Policy, provided that the building is insured.
Yes, provided that the contents of the dwelling are insured.
Yes, like any other appurtenance of the building, as long as it is for the exclusive use of the insured and his/her cohabiting family members. Building appurtenances are those parts or portions of parts attached to the apartment/building unit (attics, cellars, garages, or portions of common parts) that cannot be sold separately from the main unit, as they are intended on a lasting basis for its service and/or adornment.
No, in fact the guarantee is provided in the Absolute First Risk form. Only when reporting the claim should a list be made of what was stolen with its estimated value.
Absolute First Loss Insurance is by far the most common formula and the simplest, because it does not take into account the full value of the existing property in the home. It is possible to have “one hundred” in the house, but ask to be covered “absolutely” for ten. In the case of theft, the insurance company will compensate up to ten, with no further assessment required. However, the guarantee has specific limits for cash and stolen valuables.
No, in order to take out the theft guarantee, you must also purchase the contents fire guarantee.
Yes, for theft and attempted theft if caused by thieves.
Yes, up to a maximum limit of 1,000.00 euros.
Yes, the personal computer is a covered asset, and compensation is made on an Absolute First Loss basis or at New Value if purchased no more than 12 months ago.
Of course, the insured has the right to choose the attorney to whom he or she entrusts the defense of his or her rights.