Fire and flood insurance: how and why to insure an apartment and property

Why do you need insurance and what can you insure in your home? We consider the features of insurance of an apartment and property against fire, flooding, and calculate the cost of the policy.

Question: to insure the apartment or not? Each owner decides for himself. Many do not see this as a benefit, because an insured event may not occur, and you need to pay regularly. But it is worth considering the risks that housing is exposed to.

For example, the apartment has been in good repair and the owner is worried that the neighbors from above can flood the house and damage the finish of the walls, floor, and ceiling. Or a lot of household appliances are installed in the room, which may interest thieves, suffer from fire. In such cases, insurance of the apartment against fire and flooding, and other risks will help cover the costs of repairs, the purchase of new appliances, etc.

What can you ensure your home against?

There are many dangers to an apartment and household property, and companies offer a variety of insurance products. The standard list of risks includes:

  • fire;
  • household gas explosion;
  • illegal actions of third parties;
  • natural disasters;
  • accidents of heating systems, water supply systems, etc.

You can choose only apartment fire insurance. This will reduce the cost of insurance. But it is still recommended to use the full package of risks. The same fire can be caused by a natural disaster or unlawful actions of intruders.

It is possible to ensure the dwelling itself (if it is not recognized as an emergency), and the interior decoration, movable property. From the wallpaper on the walls and laminate flooring to the list of household appliances in the house. You can conclude a contract for an apartment where redevelopment is planned.

Considering that insurance is a voluntary matter, most often owners of mortgage housing apply for insurance. The bank is obliged to do this. Mortgage insurance includes only structural elements of the apartment itself – walls. The beneficiary in such cases is the bank.

Types of housing insurance programs

Companies have many offers, but most often the choice comes down to 2 options:

  1. Classic insurance – drawing up an individual program for the client’s requests. Includes agreement on insurance conditions, apartment inspection. There is a complete calculation of the cost of structural elements, household property, interior decoration. On its basis, it is determined how much it costs to insure an apartment against fire, gas explosion, and other risks. Additional insurance risks may be included in the classic program, for example, the penetration of atmospheric precipitation through balconies and ceilings in a home.
  2. “Boxed” product is a simplified procedure that does not require an inspection of housing, an expert assessment, or calculation of a tariff. The box insurance of an apartment against flooding and fire does not include constructive. Basically, movable household property (furniture, household appliances), interior decoration, and engineering equipment, civil liability to neighbors are insured. Boxed products are popular due to the versatility of purchase: not only in the insurance office but also in a bank, a communication salon, on the Internet. Such a program is cheaper than the classic one but does not cover additional costs. risks and does not take into account the peculiarities of the insured’s home.

It is worth dwelling on civil liability in more detail. This is the insurance of the apartment against fire and flooding of neighbors when the insured event occurred during the operation of the insured’s home. For example, a boiler has leaked or a pipe has burst, and water has penetrated the floor under your apartment. If there is a policy, the insurance company will pay the damage to the neighbors.

How to insure an apartment against flooding and fire

The insured may be the owner or the tenant of the dwelling. Depending on the type of insurance chosen (classic, boxed), you can contact an insurance company, bank or apply for a policy online on the website of the insurance company.

If any person can become insured, then only those who have the right to own, use and dispose of real estate receive payments from the insurer. Documentary evidence will be required:

  • passport and TIN;
  • sale and purchase agreement, donation, etc.

After clarifying all the nuances (personal data, home address, list of risks, etc.) and calculating the insurance amount, an agreement is signed with the company. The client receives a policy, according to which he has insurance of the apartment against fire, theft, flooding, and other disasters.

How to calculate the cost of apartment fire insurance

The price varies according to the needs of the client. If the boxed product already indicates the number of annual insurance payments, then when concluding a classic contract, the cost of insurance for an apartment against fire, floods are calculated individually.

You can try to calculate the price of insurance yourself. On the websites of insurance companies, when making insurance for an apartment against fire and flooding, a calculator will help you calculate the amount of the service. To do this, enter the required data in the online form: the area of ​​the dwelling, the region where the property is located, the presence of flammable equipment, etc. The program will issue the amount of insurance coverage.

The client himself chooses what to insure, for what amount, and what risks to include. When making insurance for an apartment against fire and flooding, the price depends on:

  • Insurance subject – for example, construction, decoration, type, and quantity of property.
  • Selected risks – you can ensure the apartment against fire, theft, gas explosion, etc. A set of risks may include damage to household appliances due to power outages, other hazards. Please note that adding options is + 1-8% to the cost of insurance.
  • The term for concluding a contract – the longer it is, the cheaper it is for the client to ensure the apartment against fire, the price decreases. It is beneficial for companies to enter into long-term cooperation with policyholders.
  • A deductible is an amount that insurers deduct from each customer’s compensation. The deductible reduces the cost of insurance. But upon the occurrence of an insured event and the payment of damage to you, a certain percentage will be taken by the company.

When registering, the market value of housing and property in the given region and at the moment is estimated.

When insuring an apartment against fire and flooding, the cost of insurance is paid once a year, or the payment is divided into monthly amounts.

What to do when an insured event occurs

The policyholder must:

  1. Contact the housing office, fire service, police (depending on the type of insured event) so that the competent authorities record the fact and establish the cause of the fire, flooding, or another event.
  2. Call the company and inform them about the occurrence of the insured event.
  3. Wait for the arrival of an expert from the insurer, fixing and assessing the damage.
  4. Submit an act of the police, fire department, and other authorities to the insurance company.
  5. Wait for the payment of compensation.

The terms of compensation for damage depend on the insurer. On average, they occur a month after the registration of the necessary documents for an insured event.

We recommend calculating in advance how much it costs to insure an apartment against fire, flooding, theft, and how much it will cost to cover losses in the absence of a policy. You will be able to make sure that it is more profitable to insure your home than to hope for “maybe”.

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