What you need to know about homeowners insurance

Even though most people will rarely, if ever, need to fall back on insurance, homeowners insurance can provide an added sense of security. And if needed, it protects against damages. Several questions arise in this regard: What exactly does homeowners insurance cover? What do you need to pay attention to when choosing such insurance and which mistakes should be avoided? When and for whom does it make sense to take out such insurance?

Barcelona - What you need to know about homeowners insurance

What does homeowners insurance cover?

Even though every insurance and insurance company is unique, most insurances offer comparable coverage. Various extended benefits are available against an additional fee. Homeowners insurance generally covers damage from fire, hail, storm, lightning, burst pipes and explosions.

If you live in a region that could be affected by exceptional occurrences such as earthquakes, floods or similar scenarios, you should take out natural hazard insurance.

As a rule, homeowners insurance covers most damages that could occur to your property. Often, there is no coverage limit. If it comes to the worst, the entire building is replaced. This type of insurance can be taken out both by homeowners and by tenants. In most cases, the insurance also protects the people in the house that suffer damages – except the homeowner himself.

What do you need to pay attention to and which mistakes should be avoided?

When taking out homeowners insurance, take note of exactly which buildings are insured. Are outbuildings such as the garage covered by the insurance? Also make sure that the insurance covers the cost of reconstruction. This ensures that the property is rebuilt to the same standard, regardless of any rise in construction costs. What about cables and pipes located outside of the house? What is also very important is that it covers damages resulting from break-ins by unauthorised persons.

It is recommended to use a comparison calculator when taking out homeowners insurance. This kind of calculator takes into account the latest tariffs of the various insurance companies and shows you the best rates. Apart from homeowners insurance, you should also consider taking out household insurance. This is especially worthwhile for tenants, as it insures all household articles, possessions and sometimes even cash belongings.

For whom is insurance cover worthwhile?

Pure homeowners insurance is generally most worthwhile for the homeowner himself. Household insurance, on the other hand, can also be beneficial for tenants. Some landlords demand that the tenant take out such coverage as part of his contractual lease obligations. It goes without saying that the higher the value of the property, the higher the damage that could occur. The insurance premium is calculated on the basis of the size, location and value of the property. An insurance cover is worthwhile in most cases.

More interesting articles on the topic of real estate can be found on our Real Estate Know-How Blog.

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Engel & Völkers Real estate agent Maria Danilova
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