especially property insurance

Many think - whether property insurance? If you think logically - yes, it is necessary. The insurance policy will protect your property from those force majeure that await us in life. Of course, the cost of insurance - a serious argument for refusal, but the possible loss of property is significant incentive for insurance. To understand the types of property insurance and nuances of the insurance contract.

In this article: especially property insurance



What types of property insurance exist
What pitfalls lurk in the insurance contract Property
What types of property insurance exist - from what it takes to insure

Property insurance refers to the type of insurance associated with the risk of causing harm or destruction of property. As houses are usually the apartments and rooms, country houses and farm building, real estate mortgage, as well as interior decoration, technical equipment and even household items.
To date, insurance real estate a lot, so we consider basic.

Insurance apartments - features. especially property insurance

This type of insurance can be divided into insurance ...

• From the theft. Such insurance will cost less signaling and most reliable lock.

• From a fire. It is clear that when burned property, superfluous expenses insurance does not find it.

• Insurance repairs. Favorably with more to spend on repairs - in the event of damage to expensive finishes, fixed or engineering equipment.

• Liability insurance owner. In the event of accidental damage to property neighbors.

• From the flood in the apartment. Not always possible to get the neighbors paid for what your new wallpaper wet and fell off, and expensive sofa can throw it in the trash. Insurance will reimburse the damage.

Also, be aware that ... especially property insurance

• Insurance of the apartment in which there is unauthorized modifications wiring, partitions, ceilings, will cost more.

• Insurance of apartments, purchased a mortgage - required. especially property insurance

• Insurance "secondary housing" (if it is not purchased on credit) takes place on the initiative of the owner and includes an independent assessment of the general condition of the house and communications. If poor plumbing and wiring does not have insurance.

Home Insurance - features.

Risks from which taken to insure the house, similar with apartment. Still, these types of insurance have their differences:

• House - a separate building. It includes all the engineering systems, also insured under the contract.

• Risks to the country house larger, and even catastrophic. especially property insurance

• Evaluation of the house - a more complicated procedure. It requires more time and a serious collection of documents, as well as all the features of the legislation. For example, the house and the site itself - different objects that require separate insurance.

Types of insurance houses: especially property insurance

• Classic. That is to say, insurance against flooding, fire, explosions, natural disasters, robberies, falling trees and so forth. The most dangerous - fires and illegal actions of third parties.

• Title Insurance. It makes sense when one-time and full disbursement of funds for the house.

In addition to residential buildings, it is possible to insure a gazebo, garage and even object landscaping. But only if they are not shabby.

Can be insured and unfinished house, but under certain conditions:

• Stage of completion.

• House - legally use or ownership.

• As a rule, insurance is available only from the fire.

• Higher insurance rates. especially property insurance

The cost of insurance for unfinished homes will depend on the amount of risk, market price and condition of the house, recorded security, the environment and so forth.

On compensation insurance in case of:

• Loss of houses / buildings - a condition in which the value of property under the contract less the costs of recovery. This value is usually equal to the sum insured (if the house is insured, of course, at full price).

• Cost of undamaged property in the amount of the payment will not go down. For example, if the foundation had survived, then this amount (cost base), and will be less than the insurance payment.

• The amount of the insurance contract - the maximum possible amount of compensation in case of damage / destruction of the house.

Mortgage insurance - features.

When insuring mortgage insurance object - not property, and the amount to buy it. The very property as collateral. Large sum involves great risks her return. Accordingly, this risk should be protected by insurance, which indemnifies the company-insurer in case the borrower is not able to pay the debt.

Features of mortgage insurance:

• The period of the contract - up to 25 years.

• Risk Allocation - uneven. "Peak" falls on the 4th year of the loan, then the risk of the insured event starts to decrease.

• Property prices (systemic risk) may affect the insurance.

• When insuring bank, as a rule, does not consider the possibility of increasing the minimum rates in the case of the first installment. That is, the mortgage becomes beneficial to the borrower who is unable to make a great first installment.

Title insurance.

Ownership of the property - the right to own and dispose of the object. Alas, this right under certain conditions can be contested or even lost, resulting in the property owner simply withdrawn. Title insurance involves indemnity in case of loss of property. Often, this type of insurance is mandatory for obtaining mortgages.

Title insurance is important in the event that the contract of sale to be concluded ...

• With the participation of minors, incapacitated or partially incapacitated.

• citizen misled.

• violation of the law.

• A citizen who does not understand the value of the transaction, or not able to answer for their actions.

• citizen who is under the influence of circumstances, deception, threats of violence, as a result of collusion others deal.

• by unauthorized person or a person who has exceeded his powers.

• With the assistance of a legal person incompetent.

• And if the ownership remains with third parties, even after the fact of alienation.

Term of title insurance - up to 10 years. Insurance cost is the real value of the property, and the amount of benefit payable shall not exceed the insured value. Insured event will be the loss of property rights on the basis of the judgment.

What pitfalls lurk in the insurance contract Property
Any kind of insurance provides a lot of risks. Property insurance - is no exception. The main pitfalls in the contract:

• Any insurance - are certain conditions, their every company. Understand them, quickly scanned the impossible. That is, the contract should be read very carefully, paying particular attention to basic conditions, insurance cases and exceptions, the order of payments. And it must be done before signing the contract.

• Each risk - it is the individual costs. And in insurance often are entered and the risks that are unnecessary for the insured. For example, flood insurance for the building, from which 60 km to the nearest river. Or earthquake insurance for homes in the area, do not assume all earthquakes. But as part of the risk (fire, theft, lightning, flooding, etc.) - Then just come in handy the whole "package".

• Insurance discounts (which is not accepted in all companies report to the client) differ from individual insurers. For example, insurance houses of brick is always more expensive than insurance for a wooden house. Fire alarm, fire station proximity, the lattice of thieves - the same factors that increase the size of the discount. All of these points should be clarified and the insurer (insurance discount for sometimes up to 50 percent).

• Insurance inspection specialist is always cheaper and more accurate. It is most advantageous to enter into an individual contract. Insurance "blindly", without inspection - a maximum package of risks and the maximum price for the insurance.

• Inventory of insured property should include not only a description of the object, but also the year of manufacture, manufacturer, material, and serial number.

• Reduced rates of insurance - a "bait" for those who know nothing about insurance. The price of insurance is not hitting the pocket, but also serious cases of insurance payments can not wait.

• publicity stunt and is "ready insurance package." Over half of the risk of the package you just donate the money to the insurer.

• Keep receipts and documents about the process, the cost of repairs. Then to the insurance company could not underestimate the amount of compensation.

• Check the timing of notification of the insured event. If you are late with a warning, may refuse to pay. This period may be only a day.

• Read and understand not only the list of risks, but also the list of exceptions. Some insurers, for example, refused to compensate if the apartment was robbed of your maid, or you simply forgot to close the door. Or if a flood apartment on the top floor blame the housing office, and in case of fire - short circuit.

• Do not want to learn in detail about the timing, during which there is compensation. Usually this period is 15-30 days. The reason for the delay may be suspected on the insurer false information by the insured.

• If the perpetrator of the damage compensates for this loss, the insurance amount will be reduced by the amount of compensation from the perpetrator.

• Examination of the damage done by appraisers insurer. And usually, the client does not agree with the results of the examination, which, of course, will be in favor of the company. But here's the re-examination would agree to spend at their own expense, not every insurer. And if they agree, it was only after complex negotiations or court decision to underestimate.

• If you had to sue the insurer, do it in a place of residence. You have a right (insurance disputes relate to claims on consumer protection, they may be supplied at the place of residence of the client). The place of incorporation of the company claims are handled the same judge the objectivity of which is questionable.

• There is no point and inflate the amount of the insurance contract. Pay you the amount above fair value losses still insurer can not, but will have to pay for insurance much more.

• And do not forget that the total sum insured will be paid only in the event of total loss of property.