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Homeowner’s insurance in Poland and what you should know about it


English

2013-09-06

Flood, fire, strong gale, or theft – all of those may take a toll on our property. Homeowner’s insurance may help you deal with this risks. Check out what you should know before you choose a specific policy.

 

Where to get a homeowner’s insurance policy?

If you have a mortgage loan on your property, it is more than probable that taking out an insurance to cover all risks related to the damage of it (flood, fire, etc.) will be one of the bank’s requirements you have to meet in order to be granted a mortgage loan. So, where to buy an insurance? Just don’t take the first-best! You can take out a homeowner’s policy when you are signing the mortgage loan agreement (bank will provide you with the offer of the insurance company they cooperate with), or you can buy it directly at the insurance company office. There is a wide range of offers on the insurance market, and it is worth to take a closer look at what you are choosing from, because it may appear that the premiums differ largely.

 

Insurance coverage

Insurance companies provide the insured with the choice of the insurance coverage. It may include only the walls and fixed elements of the building. But, it may also cover the household movables (television, washing machine, documents) with the accident insurance, or insurance against burglary and theft. In addition, you can purchase a household Assistance, which provides a immediate help of skilled workers (plumber, electrician, or locksmith), or liability package, useful in the case when you caused an accident (flood the neighbor, for instance).

 

It is important to consider all potential risks treating our property. There is no point in insuring the apartment against the flood, if it is located on 10th floor. On the other hand, you should pay a special attention to exclusions, meaning the events and circumstances whose results will not be covered by your insurance. Damages to the property which are the result of war, willful misconduct, or gross negligence are usually excluded from the insurance. The insurance coverage and its exclusions should be carefully analyzed so that you are not surprised, when the insurer denies the compensation payment, because your policy was not covering a particular event.

 

Sum insured

The insurer will cover damage to your property only to the sum insured, specified upon the purchase of the policy, which is the reason why you should make a correct calculation of the value of your property and the possessions in it. At the same time, it is important to avoid the over-insurance, which is the situation when the insurance exceeds in amount the actual cash value of the property it covers.

 

Discounts

The purchaser of the homeowner’s insurance is very often granted a discount. Discounts and their amounts depend on factors such as: having a certified security lock in the entrance door, location of the property in the closed residential district, lack of claims resulting from a previous policy, or even having a motor insurance purchased from the same insurance company. It is always worth asking for discounts.

 

Jakub Jastrzębski

 

 

 

 

 

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