Insurance of movable and immovable property is no longer a rarity in our time. Property insurance is the process of insurance of any "walls": apartments, cottages, villas, and any other buildings. All that is within the real estate is movable property. Can insure any property as a natural person and legal.
What is the service real estate insurance?
Personal property insurance guarantees damages upon the occurrence of insured events. You can insure their property from various adverse situations: in the event of theft, fire, floods and other emergencies. Insurance programs, there is a considerable amount of real estate, so you can choose the most suitable option in each case.
Most insurance companies provides services on property insurance. This type of insurance is much more convenient than the insurance each object individually. That is, if the insured house, outbuildings are automatically included in the insurance contract.
In addition to real estate objects, you can insure and personal property within the object. Movable property is considered absolutely everything that is inside the property. You can insure such items as:
- Home appliances;
- Audio-visual equipment, and;
- Pieces of furniture;
- Antiques and collectibles;
- Elements of interior decoration;
- Jewelry.
The cost of insurance
The cost of comprehensive insurance of real estate is determined based on the market value of the property. In addition, take into account some other factors affecting the cost of insurance. In case if the expert evaluation found damaged walls and ceilings, or there is a significant deterioration of engineering equipment, the cost of insurance may increase. In some cases, the insurance company may even refuse insurance object. Increase the price of insurance can and uncoordinated pre-redevelopment apartment.
Types of property insurance
The most popular types of insurance are the options when the insured object bearing designs and interior decoration. Load-bearing structures and walls are considered to overlap, provides an opportunity for insurance risk of damage. The elements of interior decoration is all that is inside the property except movable property: finishing the ceiling and walls, windows, doors, flooring, and more. When insuring utilities insured heating and sewage, gas and telecommunications. According to the insurance policy damages are awarded in the event of damage due to fire, flood, lightning, earthquake, explosion, gas, injury to a third party entity and in other similar situations.
Along with the usual property insurance, it is possible to insure their own responsibility during its operation. For example, if there is a breakthrough water and ground-floor tenants sue for damages caused during flooding, the availability of insurance will greatly facilitate the settlement of the problem.
Apart from the usual types of insurance, there is such a service as title insurance. With this type of insurance provides the risk of loss as a result of real estate fraud. If for some reason will be transferred to another person apartment, then the insurance company experts will conduct an independent investigation of the legality of a legal transaction. If you lose the apartment company will reimburse the cost.
The current term of the contract of insurance, mostly lasts for a year, but can last up to three years. If at the end of the stipulated period the insured event does not occur, then the term of the policy can be extended, but on more favorable terms. When insuring property acquired in the mortgage insurance period corresponds to full term mortgage loan payments.
The amount of the payment in the event of an insured event
The maximum possible payout for damages corresponding to the sum of the cost of the apartment prescribed in the contract - the sale. In addition, the size of the amount of insurance payment depends on the opinion of an independent expert - appraiser, as well as the terms of the agreement between the insured and the insurer. When insuring mortgage property, the insurance amount is increased by ten percent of the loan amount.
"Pitfalls" property insurance
In some cases, upon the occurrence of an insured event specified in advance the company refuses to pay full amount specified in the insurance contract. For the full amount of insurance required the complete destruction of property. Even if the object remains on one wall, the payout is reduced.
In order to challenge the decision of the insurance company and hassle-free to defend the rights of the insurer, you must absolutely preserve all documents confirming the expenses the landlord (repair facilities, purchase of furniture, etc.).
Also, by signing a contract with an insurance company, should consider the appropriate insurer services to their needs. Some companies try to avoid the "low-cost deals." In this case, only offered standard insurance policy very rare cases of insurance. In any case, if the policyholder does not agree with the decision of the insurance company, it may challenge the decision of the insurance company to file a claim in court.
In most cases, property insurance is considered to be costly, but if you compare the cost of insurance and the amount of damages in case of damage to property, the benefit becomes apparent. The insured property is the key to peace of mind and confidence in the future.
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