Year after year, real estate is considered an increasingly valuable form of private property. In fact, their value continues to rise because demand is enormous. Many of us dream of owning our own four walls. When it finally comes into our hands, we want to secure it properly.
Property Insurance – what is it?
This type of insurance most often covers apartments and single-family houses. Of course, there are different types of policies, so we are also able to insure utility buildings, and even public facilities. The insurance involves protecting a given property against threats such as flooding or fire. In fact, a policy can include even dozens of different types of unwanted events, but we must be aware that the more potential risks the contract covers, the higher the policy cost we will need to pay.
Is property insurance mandatory? No, such a decision is made independently by each of us. However, we should think about our apartment in the long term. Over many years, unforeseen circumstances may arise. Sometimes there will be a failure, other times severe weather conditions may cause significant damage. Some Poles therefore calculate that purchasing a policy will be a good solution to protect them from large expenses in case of building damage.
What does apartment insurance cover?
As mentioned earlier, the policy can cover many different events. However, it’s worth paying special attention to a few things:
• First of all, apartment insurance can cover walls, fixed elements, and household belongings. The basic version of the insurance will not protect us against damage to household appliances, but it will cover windows.
• Apartment insurance can also allow us to insure antiques or valuable items. This is important because movable property insurance cannot be purchased separately.
• Insurance companies also sell “all risk” policies. They cover all potential threats related to the property.
Additionally, remember that it is also important to consider the location. For some properties, there is an increased risk, for example, in the case of floods. In such situations, it’s worth including this possibility in the policy.
Important information about apartment insurance
Primarily, insurance is usually concluded for a period of one year. However, some insurance companies agree to sign a three-year policy. Interestingly, no documents are required to insure an apartment. For example, a notarial deed is not necessary. An exception might be if you want to insure antiques or valuable collectibles – in that case, the insurer may ask for a valuation of the items by an appraiser.
Additionally, you might be interested in an article about how to insure a wooden house: https://www.ubezpieczeniaonline.pl/mieszkania-domu/a/jak-ubezpieczyc-dom-z-drewna/491.html.
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