The guarantees of the home insurance are intended to cover the damage suffered by the real estate, but also by their contents. What are the types of property and situations that can be covered? What compensation is offered? Can we personalize the guarantees of our home insurance?
Immovable and movable property
Beyond the coverage of private life, a home insurance policy is primarily intended to cover damage to property that belongs to you or that has been entrusted to you. For tenants, damage to the entrusted accommodation is covered in the event of fire, explosion, and water damage.
Depending on the guarantees taken out, the properties covered are:
- Residential premises: house, apartment, mobile home, yurt, etc., their outbuildings (garage, cellar, attic, pantry, outdoor shelter, etc.), enclosure and retaining walls, etc.
- Fittings and embellishments: closet, heating/air conditioning, wood stove, floor or wall covering, etc.
The movable property covered concerns, according to the guarantees:
- Furniture (sofa, table, wardrobe, etc.) and appliances (domestic audiovisual appliances, computers, connected equipment, decoration, crockery, linen, etc.).
- Precious objects: jewelry and objects in precious metal (gold, platinum, silver, etc.), precious stones, pearls, works of art, collections, etc.
The challenge of estimating your property
It is up to the insured to estimate the amount of his property: he must declare the number of movable assets he owns, both for his usual assets and for his precious objects assets. He can get help: some insurers offer assistance with asset valuation.
It is important to properly determine the value of the movable property and to position yourself in the right slice offered because this slice determines the limit of compensation in the event of a claim. For real estate, it is also necessary to ensure that the proposed home insurance formula covers the full value of the reconstruction. There are indeed intervention ceilings for real estate to be taken into account. It is also necessary to mention the number of rooms in the accommodation as well as the elements of outdoor equipment such as swimming pools, tennis courts, etc.
There are several methods of compensation depending on the contracts and formulas of home insurance. Real estate can be compensated with or without taking into account the dilapidation of the building. Most often, it is the identical reconstruction value that applies when the rate of dilapidation of the building does not exceed 25 or 33%.
Movable property can be covered:
- In use-value (or market value). This is the market value of an identical property on the resale market or, failing that, the value determined by an expert appraisal.
- Residual value: this is a value determined by applying a fixed reduction of 10% or 20% per year of age from the initial date of purchase. This is often the case, for example, for household appliances or audiovisual equipment.
- In new replacement value: this is the price commonly practiced in the new trade on the day of the loss, for an object identical or equivalent to the damaged good.
These different types of compensation are often all offered in a home range, the top-of-the-range formulas of course offering the most advantageous compensation, ie new replacement values. The latter also have different scopes from one insurance to another: you have to be attentive to the goods that are concerned by this compensation, to take into account the age of the good (value as new for 5 years, 7 years, 10 years, or unlimited regardless of the age of the item) and the guarantees to which it applies (all guarantees or exclusion of theft, breakage, etc.). Furthermore, deductibles are deducted from the amount of compensation calculated.
Namely: in the event of property damage, the insured must provide proof of the existence and value of the property. Be sure to keep your invoices and proof of purchase, maintenance, repair, delivery slips for goods purchased by mail order, purchase slips from the auction room, photographs or videos taken in the usual context, credit purchase records, certificates of authenticity, appraisals, or estimates drawn up before the loss, notarial deeds, etc.
Guarantees to customize
Home insurance contracts are generally structured in several formulas which can themselves be supplemented by options. Make sure that the scope of events covered is adapted to your needs. The insurer must provide you with the best-personalized advice.
Certain essential guarantees are present from the entry-level formulas. This is the case for guarantees:
- fires and explosions;
- water damage;
- storm, snow, hail;
- natural and technological disasters;
- glass breaking on real estate.
Others often require upgrading or subscribing to options:
- the flight;
- electrical accidents ;
- the breakdown;
- legal information;
- school insurance for children ;
Note: the cover you have taken out, your deductibles, and ceilings are indicated in the specific conditions of your home comprehensive insurance. The insurer also sends you the general conditions of the contract in which appear all the guarantees offered through its housing contract and the terms of compensation.