How Insurance Companies Can Make Your Home Dream True
The home multi-risk insurance can guarantee all property and furniture of an owner.
The term “immovable property “refers to all immovable property, such as the building of a house. But the definition also extends to all the property that is inside the dwelling, provided that it is “attached to the fund for perpetual residence “, that is to say, impossible to remove without damaging the part. from the back to which they are attached (e.g. a mirror forming an ornamental set with a fireplace, a library built to the exact dimensions of the room, fitted cupboards and stoves, water pipes …).
By contrast, you call “movable property “all the property that can be moved, i.e. all furniture (table, chair, bed …).
HRM also provides liability insurance to cover the owner in the event of damage to a third party (by him or a member of his family). The insured is also protected in case he breaks a tree in his garden and that it crushes the roof of your neighbor by falling, for example.
The HRM contracts cover the property of the outbuildings. An outbuilding is an annex building, detached or not from the main building, which is not used for habitation and therefore cannot be used as a living room or bedroom. Garages and terraces are generally considered as dependencies. But be careful, the exact qualification of a building is most often the responsibility of the insurance company.
What is PACE? PACE is an innovative mechanism for the finance of energy improvement on private home properties that will improve their properties energy efficiency and co-friendliness. It also covers the improvement that saves water and protect against natural disasters.
Pools and gardens
The pools require a warranty extension because this type of equipment is not supported in the HRM. As for the gardens, they are not considered as dependencies, but the movable property that could be found there (furniture, clothes, decorative objects, appliances …) are generally taken care of by the home insurance.
Since January 1, 2015, home insurance policies can be terminated by policyholders after one year, without cause and without charge, thanks to the Consumer Law. However, unlike tenants, the owners must proceed with the cancellation procedures themselves and cannot entrust these formalities to the new insurer.
The Multi-Risk Co-Ownership Insurance
Multi-risk Residential Condominium is generally imposed on the syndicate of co-owners to take out multi-risk co-ownership insurance. This cover guarantees all the common parts of the condominium (stairs, elevators, corridors, gardens …). Basic guarantees cover the following risks:
– Fire, explosions, lightning;
– Water damage;
– Natural disasters and acts of terrorism;
– Broken glass.
To these covers is added the civil liability guarantee, which concerns all co-owners. It must necessarily mention two clauses:
A clause stating that the co-owners are considered as third parties between them, so that if one of them sees his property degraded, he can be compensated by the insurer; a waiver of recourse clause that prevents the insurance company from turning against the co-owner(s) responsible for an accident.
The civil liability of the co-ownership is engaged in an accident is caused by:
Buildings (e.g. a tile falls on a passer-by, a tenant falls on the stairs);
People who work in the building (e.g. guardian).
Finally, the personal liability of the co-owners covers each co-owner who would be held liable for damages he or she would have caused to third parties. Thus, if a defect of maintenance or a state of obsolescence of the building causes a disaster which creates damage at a tenant, the personal responsibility of the co-owners will be engaged.
Non-occupant homeowners insurance
Multi-Tenant Renter Dwelling
Each tenant must imperatively insure against the rental risks (otherwise, the owner is entitled to terminate the lease). Similarly, although nothing requires it legally, it is better to take out a home multi-risk insurance policy as the owner. This cover ensures both the building rented and the responsibility of the landlord to the tenant or third parties in case of damage caused by a construction fault, lack of maintenance or disturbance of enjoyment. However, the rental risk guarantee covers the landlord in case of recourse of tenants or disturbance of enjoyment.
Tenants’ recourse refers to the case where the tenants appeal to the courts to report the poor condition of the dwelling, the work not performed or the negligence of the maintenance of the common parts. Before reaching this point, it is common for tenants to turn to tenants ‘associations, which are referred to as tenants’ associations.
Enjoyment disorder means an infringement of the enjoyment of the tenant’s premises, that is to say his right to settle in the rented house and use it according to the stipulations of his lease.
In addition, the owner can protect himself against the recourse of the neighbors and thirds, by subscribing a guarantee of the same name. Thus, its responsibility is taken care of in the case of a dispute with its neighbors or third parties.
The Insurance “Unpaid Rent”
Owners and Rent Unpaid
Unpaid rent insurance is an optional guarantee that can be added to multi-risk home contracts. As the name suggests, it protects the landlord against rents that have not been paid by tenants. This guarantee reimburses the rent due and at the same time provides coverage for property damage and litigation costs. This insurance can be taken out for empty or furnished accommodations.
In general, insurers agree to guarantee the repayment of unpaid rents only for solvent tenants. They must receive income representing at least three times the amount of the annual rent and have an indefinite contract (CDI).
Other optional coverage for home multi-risk insurance
– Protection and deterioration of the premises;
– Premature departure of the tenant;
– Loss of income caused by a long delay between two leases…
The contracts offered by the property and casualty insurers offer different guarantees and it is crucial to read carefully all the clauses of a contract before committing themselves. Comparing the market offers before taking out comprehensive home insurance is, moreover, an excellent way to save money!