Insuring your property

This insurance covers your loan against the outstanding balance in the event of death.

Your spouse or heirs will become the owners of the building, without having to pay the remaining monthly instalments (capital and interests) in your place.

It also represents a security for the family (spouse, children) since, in the event of a death, the repayment of the home loan is covered by the insurance (fully or partly, depending on the terms and conditions chosen).

You can also divide the capital between the two persons, taking into account that:

• in the event of death of one of the two borrowers, only the latter’s debt will be written off and the surviving borrower will have to continue to pay his share of the loan.
• it can be paid as a single premium (included in the loan amount and tax deductible, therefore advantageous) or through annual premiums.
• the capital insured decreases annually based on the amounts already repaid.
• the insurance amount is mainly a function of the amount borrowed and the age of the insured.

Tax deductible amount of the outstanding balance insurance:

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.

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.

It offers the owner the guarantee that he will be compensated over 10 years following the completion of works, in the event of construction problems.

• load-bearing units used for the stability and solidity of the building,
• units used for the purposes of enclosure, cover and water tightness,
• ducts, radiators, pipe work, lines, shafts and coverings of all types,
• in the event of failure of the builder, the buyer is protected during the decennial period.

If it is not included in your “home” insurance policy, take it as a separate insurance.

In effect, it covers all damages for which you could be liable and which are not included in the fire, storm, water damages and other clauses of your “home” insurance.

It covers damages caused during the building’s construction.

• physical injuries,
• damages caused to neighbouring buildings,
• theft,
• neighbourhood annoyances.