Your property may be an important part of your estate, so consider purchasing home insurance. This will help you avoid covering the cost of dealing with damage to your property from your own funds. How does it work? What is the reasoning behind having it?
Flat insurance – what does it involve?
If you have such a policy and a loss occurs, e.g. if your property is flooded, the company can pay you compensation. However, it all depends on the scope of cover, which must include a specific risk – only then will you receive funds. It is also a condition that you pay the premium agreed with the insurer.
Property insurance is voluntary. However, if you are buying a home by financing it with a mortgage, opting for a policy is likely to be necessary. In the event that you take out a commitment without such protection, it will be much more expensive. The home insurance policy is an important repayment security for the bank. This is because the institution wants to avoid a situation in which the property loses value, for example due to a fire. Thanks to the insurance, it can be restored to its previous state from the compensation obtained.
5 reasons why you should not put off buying home insurance
Your property is not covered by a policy? Don’t procrastinate – find an attractive offer from a company as soon as possible and take out a contract with them. Here’s why it’s worth it:
- If you have a policy, your insurer can cover the repair of damage that occurs to your property, which can be very expensive. Without insurance in the event of unforeseen events, you may have to use your own funds or sell your home as is.
- Insurance can cover the risk of theft usually in an extended option. With a policy, you have the chance to recover funds to purchase lost furnishings.
- You will get emergency assistance – you can also get home assistance under the policy. The company will call a plumber, glazier, locksmith or electrician and pay for their services. Provided, of course, that if you have the right cover option.
- Your insurer can cover the damage you cause to others if you choose an additional contract in the form of Private Liability. If, for example, your washing machine breaks down and floods your neighbour’s flat, the company can take on this cost.
- You will secure the repayment of your loan – you will sleep more soundly and the bank will be able to offer you more attractive terms of commitment.
These are just some of the arguments for choosing such a policy. Don’t wait and get your property insured as soon as possible!
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