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Home insurance: what you need to know

Regardless of whether you are a tenant or owner of real estate, the insurance is mandatory by law and gives you the opportunity to receive compensation in the event of damage to the home. Explanations.

Natural disasters are expensive (CCO public domain)

The newspapers are full of various facts: burglaries, natural disasters, fires, explosions, water damage… no one is safe from disasters. A real hassle when it comes to dealing with these whims in everyday life, which don’t just happen to others. That’s why it’s important to protect yourself and your loved ones. That is the purpose of home insurance, which must be taken out by both owner and tenant.

What are the guarantees?

Taking out and canceling home insurance is regulated by the Insurance Act and the Consumer Act, which form a legal framework for these contracts.
The law therefore stipulates that the insurance “multi-risk rental” (MRH) offered by the majority of insurance companies mainly covers Property damagethat civil liability of the insured and “private life” civil liability caused either by fire, water damage, frozen pipes, theft, storms, etc.

However, this type of contract only applies to the insured’s home. If the incident has caused damage to neighbours, they will require their own insurance since 1eh June 2018 claims, water damage and fire are subject to the IRSI Convention (the Convention on Compensation and Recourse for Property Claims).

Excluded from HRM are a number of items such as buildings under construction, plantations, plants or garden sheds.

Home insurance, what does it cost?

The insurance premium therefore depends on the level of cover you want for your home. Consideration is given to both residence, the value and area of ​​the home, the importance of the insured property, the size of the deductible and, of course, the fact that the insured is an owner or tenant.
Small clarification: Taxes on insurance products paid by insurance companies to the treasury are around 30% and are passed on in the contract price. In addition, there is a “terror tax” of €5.90 per contract levied to finance the Guarantee Fund for victims of acts of terrorism and other offences.

Contract signing

Before you sign your contract, you should be aware of the scope and limits of the guarantee as well as the size of the deductible.
Whether you live in the city or the countryside, it is essential to protect your home well against life’s accidents.

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