The multi-risk home insurance policy is one of the most popular types of insurance in France, as it is mandatory in many cases. In this area, it is not easy to know which policy to choose, especially since there is an abundance of options. To help you see things more clearly, we are going to give you 5 tips for choosing the right home insurance.
The first of the 5 tips for choosing the right home insurance is to check the extent of the coverage. This step is essential, whether you take out your policy through an insurance broker, your bank, or a well-known insurance company like Allianz.
Certain basic coverages are automatically included in a comprehensive home insurance policy. This typically includes protection against fire, water damage, storms, and natural disasters, as well as third-party liability coverage for damages caused to others.
However, theft coverage, which protects against attempted theft or burglaries with forced entry and acts of vandalism, is not always included in a standard home insurance policy.
Within the framework of a multi-risk home insurance policy, each client's specific needs can be covered, for example, owning a swimming pool or having valuable items.
The second of the 5 tips for choosing the right home insurance is therefore to subscribe to additional guarantees according to your profile.
If you choose Allianz home insurance, for example, you will be able to subscribe to a contract adapted to your personal situation, taking into account the area of your dwelling, the value of your possessions to protect, and the options that are most useful to you.
Even when covered by a comprehensive home insurance policy, the insurer does not compensate for the entirety of the damage suffered in the event of a claim. The amount that remains your responsibility after compensation is called the "deductible."
There are deductibles in all home insurance contracts, but the level of these deductibles varies from one policy to another, hence the importance of being vigilant when signing a contract. The third of the 5 tips for choosing the right home insurance is to always check the level of deductibles for each type of claim.
To avoid unpleasant surprises when being compensated, you should also know that there is a difference between a relative deductible and an absolute deductible.
• The "absolute deductible" corresponds to the amount that the insurer systematically deducts from your compensation in the event of a claim.
• The "relative" or "simple" deductible determines the insurer's intervention, depending on the amount of the claim. If the amount of the claim is lower than this deductible, you will not be compensated. Conversely, if the amount of the claim is higher than this deductible, you will be fully compensated.
The cost of the membership fee being very variable from one policy to another, the fourth of the 5 tips for choosing the right home insurance is to ask for quotes.
The cost of a comprehensive home insurance depends on many parameters, such as the location of the housing, its area in square meters, and the value of the movable property within it. The price also depends on the reimbursement ceilings and the level of deductibles.
Due to the complexity of this pricing, it is essential to ask for quotes from different providers in order to compare rates.
The last of the 5 tips for choosing the right home insurance is to be particularly vigilant about certain aspects of the contract, such as the waiting periods and the exclusions of coverage.
The waiting period begins on the day the insurance contract is signed. During this time, which can vary from 1 month to 12 months, no claims are covered, even if they fall within the scope of the subscribed coverages. It is obviously preferable to choose a contract with a short waiting period.
In a multi-risk home insurance contract, the exclusion clauses condition the extent of the coverage taken out. In practice, this means that under certain conditions, the damage is not covered by the insurer.
For example, if you commit certain acts of negligence or imprudence like forgetting to lock your door or to activate your alarm, you will not be compensated in the event of theft... To avoid any unpleasant surprises, it is essential to carefully review the exclusions of coverage before signing the contract.
Author Loic on 22 September 2023
Economy and Finance : Finance
Author Audrey on 07 March 2023
Economy and Finance : Insurance