FAQs: Household

HOUSEHOLD INSURANCE

NATURE OF THE INSURANCE

Insurance for property damages as a result of fire is compulsory by law for buildings in horizontal property and must cover the respective autonomous flats and the common parts of the building, such as stairs, roofs, elevators, garages.

The insurance must be made by each owner; however, if they do not do so within the term and at the amount decided by the joint owners’ meeting, the condominium administrator must proceed with it, and will be reimbursed by the owners of the flats.

WHAT IS THE PURPOSE OF THE INSURANCE?

The repair of the damages in buildings as a result of the various risks to which they are exposed.

The insurance can be issued with a risk policy of “Fire and Forces of Nature” or as Multi-Hazard Household insurance.

WHAT IS COVERED BY THE COMPULSORY INSURANCE?

Compensation for damages caused directly by fire, whether in the building units or in the common parts of the building, as well as for damages caused by heat, smoke, steam or explosion resulting from the fire and the means used to fight it, the damage caused by the removal or destruction carried out under the order of the competent authority, such as firemen, police, etc., or by the salvage of assets.

Unless otherwise agreed, damages caused by a lightning strike, explosion or other similar accidents, whether or not accompanied by fire, are also covered.

WHAT IS COVERED BY A MULTI-HAZARD HOUSEHOLD INSURANCE?

This insurance is optional and guarantees coverage of a wide range of risks on the building or its household effects. It may also include coverage of the civil liability risk for damages caused to third parties.

The coverage of a multi-hazard household insurance varies according to the insurance companies. The most common ones include the repair of damages caused in the building, in the own flat or in other flats, due to floods, storms and electrical risks, repair of the damages caused in movable goods of the dwelling; compensation for theft or robbery; the civil liability of the insured person and of his/her household members; the payment of a capital for the death of the insured or spouse, as a result of fire, lightning, explosion or theft that occurred in the dwelling.

The premium payable for a multi-hazard household insurance varies according to the insurance companies and to the range of coverage to be contracted.


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