Home Insurance: How to choose which one to Take Out

Home insurance is the most effective tool for defending your home and continuing to live peacefully within the four walls. Protecting your home, in fact, means protecting yourself, your loved ones and your belongings from many possible risks.   Home insurance is considered a type of multi-risk insurance product, because it guarantees protection from the most […]

Thrive Global invites voices from many spheres to share their perspectives on our Community platform. Community stories are not commissioned by our editorial team, and opinions expressed by Community contributors do not reflect the opinions of Thrive Global or its employees. More information on our Community guidelines is available here.

Home insurance is the most effective tool for defending your home and continuing to live peacefully within the four walls. Protecting your home, in fact, means protecting yourself, your loved ones and your belongings from many possible risks. 

 Home insurance is considered a type of multi-risk insurance product, because it guarantees protection from the most disparate occurrences and consequent damages. 

 Fire, theft, flood, earthquake. There are many circumstances that put your home at risk. This is why it is essential to take out a policy that can materially protect you from the consequences of the damages that derive from these situations.

 Home insurance is not mandatory. The law, in fact, establishes the obligation only for home insurance for the mortgage outbreak and fire, which protects your property from any damage caused by fire, explosions or gas leaks. Without the stipulation of this particular policy, the loan itself cannot be granted.

The home is the most important asset an individual possesses. Therefore, many insurance companies offer the insured person additional extensions and guarantees to live their home in complete serenity. Home insurance is an insurance policy-hazards created to meet all the requirements linked to the protection of your home and your family. Sunnyside Title provides the best offers for you and finds flexible solutions that adapt to the different needs of your most precious asset.

These are obviously optional guarantees and coverage, to be chosen according to the individual needs of those interested in taking out home insurance.

 Among these are:

  • Earthquake and natural disaster home insurance;
  • Glass and crystal breakage;
  • Home insurance for atmospheric events (snow, hail, heavy rain, tornadoes, etc.);

The home insurance policies also include the legal protection, in the event of legal disputes for the reimbursement of legal costs and the lawyer’s fee, and 24-hour assistance by professionals and specialized technicians, in case of small daily unforeseen events.

 Types of home insurance

 First of all, it must be said that a property is not insured for its commercial value, but for the reconstruction value, which does not vary – if not minimally – with respect to the area in which it is located.

 Secondly, when evaluating the home insurance policy, it is necessary to be clear about the differences between the different insurance formulas proposed by the insurance companies, namely to:

Full-value home insurance is a type of insurance that provides for a correspondence between the maximum insured and the real value of the assets that have been insured.

The first risk home policy instead establishes a fixed value as a maximum repayment limit in the event of a claim, without making any prior appraisal of the actual value of the insured assets.

Second risk home insurance, on the other hand, offers insurance coverage in excess of the expected ceiling.

 Home Rental Insurance: Who Should Pay?

 For rental homes, the question is often asked whether home insurance is the responsibility of the tenant or the owners. 

The house will therefore be returned without structural changes or significant damage, except those caused by natural deterioration due to daily use. 

For all other damages the tenant is to be held responsible and obliged to compensate the owner for the expenses necessary to restore the initial conditions of the property.

 The stipulation of a rented home insurance or tenant liability insurance is not mandatory, but it is a useful tool for the tenant to protect himself in the event of:

 Damage caused involuntarily by the tenant to third parties, things or people;

Damage caused to the structure of the house in which he lives (including fires and explosions).

Damages deriving from thefts occurring without fault or negligence of the tenant, and damage due to fires and thefts occurring for causes outside the responsibility of the tenant are excluded from the tenant.

 This policy provides for a maximum reimbursement limit, which is the maximum amount of compensation, and an excess, which is the minimum amount within which the insurance coverage does not take effect.

.

    Share your comments below. Please read our commenting guidelines before posting. If you have a concern about a comment, report it here.

    You might also like...

    Community//

    Best Insurance Saving Tips To Maximize Your Financial And Mental Health

    by Barbara R. Morrow
    Community//

    Les Masterson of Insure.com: “Figure out what you want from a life insurance policy”

    by Ben Ari
    Community//

    5 Secrets To a Secure, Healthy and Happy Family

    by Marvin
    We use cookies on our site to give you the best experience possible. By continuing to browse the site, you agree to this use. For more information on how we use cookies, see our Privacy Policy.