Home insurance: law, price and comparison

What is home insurance?

The common denominator of all home insurance contracts is to protect the insured home in the event of a claim. Other optional guarantees such as theft can also be taken out. In addition, multi-risk home insurance (MRH) also includes civil liability. This cover makes it possible to compensate third parties who have suffered damage and claims for which the insured or the members of his household are responsible.

Is it mandatory to have home insurance?

Taking out home insurance is compulsory for the tenant of accommodation (excluding seasonal rentals or company accommodation). The tenant must therefore submit an insurance certificate to his landlord each year, under penalty of eviction.

Article 7 of Law No. 89-462 of July 6, 1989 provides that the tenant is obliged “to insure against the risks for which he must respond in his capacity as tenant and to justify this when handing over the keys. then, each year, at the request of the lessor. The justification of this insurance results from the delivery to the lessor of a certificate from the insurer or its representative”. Similarly, since the Alur law, the tenant of furnished accommodation is subject to the insurance obligation when it is his main residence. The co-owner (owner of a lot in a condominium), whether occupant or non-occupant, also has an insurance obligation.

What guarantees are included in home insurance?

The multi-risk home insurance contract (MRH) protects the family assets (home and furniture) when you are responsible for or victim of a claim. It includes 3 main guarantees.

The fire guarantee of the housing contract

The fire warranty covers damage caused by fire, but also damage caused by an explosion or lightning. Electrical accidents and damage caused, for example, by an iron on the carpet are generally annexed to the fire guarantee. On the other hand, damage caused to trees and plantations is not part of the basic guarantees. For more comprehensive coverage, you will need to request an extended warranty. The fire guarantee covers the responsibilities of the tenant and the owner. The latter is also required to install smoke detectors in the accommodation he rents to you.

The theft guarantee of the housing contract

The guarantee concerns the movable property which is in the accommodation and which belongs to you (or to any other person living with you!): furniture, electrical, electronic, household appliances, etc. Study the contract carefully, which defines precious or “sensitive” objects. “: jewelry, precious stones, carpets, tapestries, paintings, furs, but also televisions, photographic equipment, laptops… For the guarantee to work, theft must be committed: by breaking and entering, climbing; with threats, violence; by house staff (in this case, you must file a complaint); or by using false keys. If you are away often, check your contract; some provide that the theft insurance ceases in the event of prolonged or repeated absences. Finally, be aware that many contracts guarantee the cost of replacing locks following theft or attempted theft.

Home insurance water damage cover

This guarantee generally covers water damage resulting from: leaks, ruptures, overflows or overturning of unburied cold or hot water pipes, drainage of rainwater, household water or drains, etc.; central heating installations (except buried pipes); a washing machine, boiler, septic tank…; and planters, children’s baths, refrigerators… Infiltrations through the roofs are also covered.

The damage covered concerns furniture and equipment, minor damage to property (plaster, parquet, electrical installation, etc.) but also immaterial damage, if you can no longer stay at home.

How much does home insurance cost?

The rates charged for home insurance are free, so they may vary from one insurance company to another. However, the amount of the insurance contribution depends on the following parameters:

  • The place where the accommodation is located;
  • Its area ;
  • Its value as well as that of the insured property;
  • The status of the subscriber (owner or tenant);
  • The amount of deductibles included in the contract;
  • The various taxes on insurance products passed on to the contracts.

As the rates are freely set, it may be wise to compare the different proposals issued by insurers. Comparators exist for this purpose on the Internet. In addition, it is possible to contact a bank, an insurance broker, a general insurance agent or an insurance company. All these organizations are indeed authorized to offer quotes for home insurance.

It is possible to terminate a home insurance contract at any time, under the Consumer Law. And this, free of charge and without reason after the first anniversary of the said contract. You must then send this request for termination by registered mail with acknowledgment of receipt. Effective notice periods vary depending on the situation. A termination without reason outside the expiry date of the contract will take effect, for example, one month after receipt of the request.

What home insurance when you are a tenant?

It is therefore mandatory for any “long-term” tenant to take out home insurance. The latter has the obligation to take out home insurance for rental risks. Its purpose is to cover damage caused to the accommodation, in particular in the event of water damage, fire or explosion.

What home insurance for students?

Regardless of the status of the tenant, it is mandatory to take out home insurance when a person rents accommodation, whether it is a university room or an apartment. By justifying their status, students can however benefit from preferential rates with insurance companies.

Which home insurance to choose for a non-occupant owner?

The non-occupant owner can take out home insurance to cover the various risks incurred, even in the event of absence. Moreover, if he rents his property, he can insure the accommodation instead of the tenant. He will then pass on the price of the guarantees to the rent. Several formulas specially designed for them are offered for this purpose.

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