How much does it cost to insure an apartment

Sep 28, 2019 House

How much does it cost to insure an apartment

In most provinces in the U.S. holidays are already underway or will soon begin. For most of us this means that we will spend about two weeks away from home, leaving it unattended. We know this not only for ourselves, but also for the burglars who are eagerly waiting for this moment.
Early twilight and numerous trips are conducive to burglary, which poses a threat to our property. It is worth checking if our housing policy is valid, and if not – buy appropriate insurance. The consequences of burglary are often significant financial losses, but they are easy to avoid. It is enough to remember about insurance.
Burglary is not only the theft of property, but also the destruction of solid elements in our apartment, which may be caused by the very attempt to enter the inside of the property. Thieves trying to enter the house can damage windows, break down doors and destroy expensive locks. But that is not all. Contrary to appearances, most thieves are not high-class specialists, moving around apartments discreetly, finely robbing things in balaclavas. Although such a picture often shows us films, the reality is a bit different: most burglaries involve very quick looting of the apartment, which can only take 10 minutes. In the course of such a burglary, not only solid elements are destroyed, but also furniture – torn doors from chest of drawers or cut mattresses or sofas are standard damages left by burglars. Therefore, when buying home and apartment insurance, it is worth to predict any, even the worst scenario and check what can be covered by the insurance policy.
Insurance companies such as TU Europa, for example, attach great importance to explaining the complicated insurance conditions to customers in a simple and accessible way. The way the insurer approaches the presentation of its products can give us an indication of which insurance company to choose. What should such a presentation of the offer contain? First of all, information about the fact that the policy may include three main components: walls, movable property and so-called fixed elements. The first one is the roof, walls and foundations. Movables are valuable objects in the apartment, such as playing equipment, TV sets, cameras, computers, but also paintings or jewellery. At the same time, it is worth remembering about valuable things left in a garage or basement, such as a bicycle or skis. Most often we forget about fixed elements such as windows, doors, kitchen cabinets or bathroom fittings when insuring a flat.
At the stage of insurance purchase we should determine the so-called sum insured. This is the amount up to which the insurer will be liable for our loss. So if we determine it for example at 100 thousand usd, then, even if our apartment completely burns down, and the damage will amount to 200 thousand usd – we will still get maximum as much as the sum insured, i.e. declared 100 thousand usd. The sum insured should therefore be adequate to the real value of the property and the items and equipment contained therein. Neither too high nor too low. Especially that it affects the amount of premium paid by us.
housing insurance
When buying a housing policy, we should not only focus on the damage that could happen to us. We may as well be the ones who accidentally cause damage to someone – and not just in our own homes. The policy that provides protection against the financial consequences of damage caused to third parties in connection with the use of real estate and the performance of everyday activities is the so-called insurance in private life. Usually it is sold by insurers together with other housing insurances. You are probably wondering what kind of damage we often cause to others? This includes situations such as flooding the apartment of neighbours or damage to the garden by our dog, or even the breaking of a window by children. We may also be liable for damage resulting from our negligence. The most common situation of this type is when someone breaks a leg on an uncleaned ice and snow pavement in front of our house. In such a situation we will be able to use the insurance in our private life.
Not only burglary
Of course, burglary is not the only danger we should be insured against. We may as well face a number of other serious misfortunes. If we live in an old tenement house, our apartment insurance should absolutely ensure the payment of compensation in the event of fire, flooding, as well as explosion or breakdown of the installation. However, if we live in a house outside the city, our property will be exposed to violent weather phenomena such as floods, storms, hurricanes or lightning. We should also remember about such threats when choosing a housing policy.