During the construction of an immovable property, a home loan is not necessarily compulsory, but is requested by the lending institution from which you take a home loan.
This insurance guarantees the building, and the purpose is to repay the cost or to reconstruct the home after a loss.
- It is often offered free of charge by insurers, either for 1 or 2 years, or until the building under construction is completed (generally when the heating system is installed).
- The conditions for this free insurance may vary slightly from one insurer to another.
In the case of a rental, the law considers that the tenant is responsible for the loss, unless he can prove otherwise.
- It is the responsibility of the tenant to compensate the landlord… and the neighbours, if necessary.
- Generally the lessor requires the lessee to take up a “home” insurance in his own name.
Fire insurance covers a series of perils
Water damage – lightning – storm – hail – electrical hazards – theft – attempted theft – vandalism.
Since 1992, the law also provides for damage caused by a terrorist attack or an industrial dispute.
Due to this extension of risks covered, fire insurance is now called “home” insurance.
Civil liability can generally be included in the same policy.
Determining the amount of your home insurance policy
It is vital to determine the sum insured since this figure is used to calculate the compensation in the event of a loss.
It is therefore important to calculate this figure as accurately as possible when the insurance is taken and also to revise it on a regular basis.
It is recommended to keep photos and any other proofs of your household effects and valuables.