Everything you need to know about property insurance
Property insurance is voluntary. If you own property or have valuables, consider properly protecting your assets. You’ll sleep better! It’s better to make sure that no unforeseen event negatively impacts your financial situation or the well-being of those close to you.
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An insurer or agent persuades you to buy a whole package of property insurance, but you don’t really know what it is all about? We explain – you can choose between movable, real estate and car insurance. You can insure yourself privately, but also secure your business, if you run one.
The most popular property insurances: apartment and house
The most popular in Poland are insurance of apartments and houses. You can easily insure buildings around your property, including small architecture, such as a gazebo, or a house under construction. The scope of insurance is very different. It may cover only the walls, but also fixed property (built-in elements) and movable property (for example, electronic equipment).
As the insurance is extended to include other elements, you have to reckon with an increase in the insurance premium.
Not only real estate is insurable – movables are insurable
Your assets include not only real estate. You can also insure a number of other things that you want to protect. These may include machinery, raw materials, agricultural products, pets and livestock, construction equipment, electronic equipment, means of payment, a yacht, boat, scooter, bicycle, works of art, travel luggage, glass items (such as windows) and many others. Think about this when choosing the best policy for you.
Remember to keep an electronic record of your valuables. Store their photos, proofs of purchase, and in the case of collections certificates in safe places, have copies. This is a very important aid in case of theft. It will facilitate the work not only of the police, but also speed up the payment of compensation.
Property insurance is auto policies
Among the popular property insurances is autocasco. Drivers usually buy it out of fear that their car will be stolen. AC is a voluntary insurance and less than 30% of Poles decide to buy it.
It protects not only against the loss of a vehicle but also in case of a collision and against other unforeseen events, such as hailstorm or fire. However, the scope of protection depends on the contract signed with the insurer and the amount of premium paid. It is better to choose better protection and pay more than to have a provisional insurance, which in case of need will not cover losses.
Property insurance coverage
The scope of insurance depends largely on individual arrangements with the insurer. Insurance companies are often able to go easy on their clients, so you should not be afraid to negotiate when signing the contract.
In general, insurance can cover you against basic and most likely perils, such as fire, flooding and burglary.
However, you can extend it significantly. In case of extended coverage, the choice is very large and may, for example, include a landslide due to mining works, lightning strike, tree fall, hail, etc.
Price of insurance
The price of property insurance depends primarily on the scope of coverage and the value of your property. Take care of its correct valuation. It should be consistent with the current market value. If the value is understated, in case of a potential loss, the insurer will pay you less compensation than the real cost of repairing the damage. If the value is overstated, you will receive higher compensation, but you will have to pay higher premiums.