Paris launches its home insurance at a manageable and affordable price

The city of Paris will offer its own home insurance. In collaboration with the insurance company Wakam and the VYV Conseil group, the municipality wanted to give the most modest and middle class an alternative to a preferential rate. “In addition to the goal of improving purchasing power, the goal is to give as many people as possible access to home insurance and to curb the consequences this can have for people who are poorly insured or uninsured (lack of insurance is a reason for default on leases and eviction)”, the municipality moves on its grounds.

This home insurance will be launched on 9 January 2023. It will be intended for Parisian private and social housing tenants, subject to means testing. The ceiling is set at €24,316 per year (ie €2,026 per month) for a single person and at €36,341 (ie €3,028 per month) for a couple. “This concerns potentially 400,000 households,” says Ian Brossat, deputy mayor of Paris in charge of housing, in the columns of Le Parisien.

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Big news: The price will be the same, regardless of district, which is not the case with other insurance companies. For a study, you have to count €130.18 per year or €10.85 per month, while the average price is usually €180. This will therefore represent a saving of €50. For a two-room apartment, it costs €167.71 per year or €13.98 per month. The savings achieved will then be around €65 over the year. Please note that no application fees are payable.

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On the other hand, a deductible of €120 per damage still be used, regardless of the nature. Far from the prices used by competitors: on average €380 at Allianz, €240 at Groupama, €160 at Maaf or even €157 at Axa. This home insurance covers the main risks as well as theft, glass breakage and electrical damage. It also provides “refund at new value for furniture less than five years old, for multimedia goods less than two years old,” the city of Paris states on its website.