Why take out home insurance?
First of all, because it is compulsory, even in student residences. When moving into your accommodation, you must take “tenant risk” insurance as a minimum as quickly as possible, and you can take out a higher level of insurance, called “multi-risk household” insurance.
“Tenant risk” insurance covers damage caused to the accommodation by a fire or water damage, only if this damage is caused to the building. If this damage is caused by your neighbour, the insurance cannot be effective.
To cover your property and more damages, you can take out a “multi-risk household” insurance. It covers your accommodation and its contents, as well as your civil liability.
More specifically, “multi-risk household” insurance covers damage caused by:
- fires and events arising from these (explosion, lightning, smoke, damage)
- impact from a vehicle
- water damage
- natural disasters
- terror attacks and acts of terror
- electrical damage
- an inhabitant of the accommodation breaking/damaging furniture
Get acquainted with and find out what you are specifically covered for with your “multi-risk household” insurance. If you do not take out home insurance, the property owner has the right to terminate the lease agreement.
How do I take our home insurance?
You have the choice from between many different home insurance policies. In practice, a lot of students take out home insurance from the insurers close family members use.
Prices vary, depending on several elements, like surface area, certain specifics relating to the accommodation, the number of occupants and their credit ratings, the contents of the accommodation as well as their geographic location.
You can also take out extended cover to reduce excess or obtain more assistance, for example in the event of an incident.
Home insurance contracts are contracts that are generally for one year, which automatically renew. Therefore, you must really think about terminating it when you leave your accommodation.
How does my home insurance work?
Be aware, you must adhere to a certain timeframe, depending on the incident, so that your home insurance is effective.
In the event of a theft, you must declare it within the 2 days that follow In the event of an accident, you must declare it within the 5 days that follow
So, contact your insurance company as quickly as possible and produce observations as requested sometimes through amicable reports, handwritten letter or through the intervention of an expert. Also, think about taking photos and videos to show evidence of the damage.
Compensation considers several elements like the excess, the cover ceiling levels and the obsolescence.