Home Insurance: What Is And Is Not Covered
Home insurance is mandatory for tenants and condominium owners. Before taking out this type of contract, it is good to know what risks are covered by the insurance. We suggest you take stock of what is covered or not by a comprehensive home insurance policy.
What does comprehensive home insurance cover?
Your home insurance protects and compensates you in the event of a loss in your home, but not only that!
The comprehensive home insurance policies offered by most insurers cover property damage and also include the insured's civil liability and 'private life' liability.
The civil liability of the insured covers damage for which you could be responsible (in case of water damage or fire in your home, for example) and allows you to compensate your neighbors or other third parties who are victims of this damage.
The civil liability 'private life' covers both the insured and the members of his or her household in case of damage or claims caused to third parties. This coverage applies in the event of bodily injury, property damage or intangible damage.
Beware: even though it is very useful, 'private life' civil liability is not systematically included in all home insurance contracts, hence the importance of comparing offers and checking the scope of coverage.
What risks are covered by the contract?
As a general rule, a home insurance policy covers damage that could affect the insured's home and property.
A comprehensive home insurance policy therefore covers you in case of fire, water damage, glass breakage and vandalism of your home, freezing of pipes but also natural disasters and storms.
What property is covered by the contract?
A comprehensive homeowner's policy allows you to insure the premises used as a dwelling (such as your house or your apartment), but also :
- garages and cellars
- outbuildings built of solid material
- fences and retaining walls
- verandas if you have declared them at the time of the subscription of the contract
- the share of the common areas if you are a co-owner
On the other hand, certain real estate is not in principle covered by home insurance. This is notably the case for garden sheds, swimming pools, buildings under construction, outdoor pipes, lighting or leisure facilities, but also plantations and plants.
As far as movable property is concerned, goods and objects located inside the building are generally insured, as well as improvements and embellishments made by the tenant.
On the other hand, cash, securities and valuables, goods for professional use and vehicles are in principle excluded from this insurance contract.
To be noted: valuables such as works of art and jewelry may be covered depending on the policy taken out. If valuables are included in your policy, you must declare their value. You must also keep evidence of their existence and value such as purchase invoices, certificates of authenticity, photographs and auction house estimates.
How to adapt the scope of coverage?
To find out what is and isn't covered by your home insurance, you should always check the terms and conditions of your policy and pay close attention to coverage exclusions and deductibles.
If you want to insure one of your possessions that is not covered by the policy, such as a swimming pool, for example, you can purchase an option from your insurer.
Remember that it is always possible to adapt the guarantees of a comprehensive home insurance policy to your needs, but that the addition of optional guarantees will of course affect the amount of your premium.
