Our home is our castle. But a castle also needs protection. How is it possible to protect one's dwelling? Variant One
Standard risks, which are also accepted by credit institutions:
- Fire, direct stroke of lightning, explosion, crash of aircraft
- Hail & storm
- water discharged from the internal water supply network, sewer, heating, cooling systems
- burglary, robbery
"All Risks" cover – is maximum protection, when insured event is any unexpected and unforeseen accident. Conditions of Insurance in this case state only exclusions (i.e. events that are not indemnified): tear and wear, corrosion, mould, damages caused by rodents and other vermin, subsidence, errors in engineering, in other words all events that can be foreseen and prevented.
What can be insured? Apartment
– only interior finish (floors, ceilings and walls), supporting structure and external walls are not insured in this case. Apartment is insured at its replacement value. Apart from interior finish automatically covered: electrical system, electricity supply meter, built-in sanitary equipment. Interior also includes built-in wardrobes, ovens, suspended ceilings. Apartment ownership
– Insurers also offer to insure not only interior finish, but also so called "legal share" of apartment building, i.e. external, a part of cellar or attic, common balcony and corridors.
In case of a building
covered: interior finish, external walls, roof, porch, stairs. Along with a building also covered: fence, terrace, street lightning, playgrounds and other similar small constructions. Larger constructions are to be separately indicated in the policy.
Insuring summer cottage
or a house with non-permanent residence
does not differ much from insurance of a building. But as people usually do not live in such places permanently, the risks that Insurers cover are higher and the policy costs more. Some of the Insurers do not cover leakage from pipes and burglary is included only if there is a alarm system connected to a security company. Unfinished building
is also possible to insure in case walls, roof, windows and doors are in place, but the set of risks will be limited.
Small (auxiliary) buildings, such as saunas, sheds, greenhouses are also may be insured, but the risks are limited. Household (movable) property
located in an apartment or house. It is not necessary to include the list of the property insured. In some cases movables are distributed between groups: furniture, electronics, clothes etc. Expensive items are to be separately indicated in the policy.
Sum insured of a dwelling (house, apartment) is a replacement value to its condition prior to insured event and is completely different from a market value. For example, a house in the country is cheaper, than similar one in a city, but rebuilding of both will cost the same.
In both new and old buildings different accidents with water supply, heating etc systems. These may result in damage not only to Assured's but also to third parties (for example, neighbours downstairs). That is why it is reasonable to include civil liability into hope property policy.