Your home is exposed to numerous risks. Make sure it is properly protected against the unexpected. From fires and floods to theft or robbery and family liability. Furthermore, fire insurance is COMPULSORY for buildings with horizontal property regime status, pursuant to Article 1429, Paragraph 1 of the Civil Code.
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Immovable property, just like movable property, is subject to the occurrence of events which can cause it damage. If you do not hold valid insurance, you will have to bear the cost of repairing any damage to your home alone. Furthermore, fire insurance is COMPULSORY for buildings with horizontal property regime status.
The insurance covers damage caused directly to the insured building or part thereof by fire, except as a result of one of the situations specified in the exclusions, such as earthquake, war, unrest and others. The contract also covers damages directly caused to these assets as a result of the means employed to fight the fire or the resulting heat, smoke or steam, mechanical actions caused by lightning, explosion and removals or demolitions carried out by order of the competent authority or for rescue purposes.
However, in addition to fire, multi-risk insurance also provides cover for other risks: Among the most important of these is cover for movable property contained in the home, commonly known as “contents”, against the risk of fire and theft or robbery, or even cover for extra-contractual liability. Subject to acceptance by insurance companies, other types of cover may also be taken out which apply both to buildings and contents, such as: acts of terrorism, vandalism, malicious acts or sabotage, landslide, water damage, demolition and removal of debris, earthquakes, strikes, unrest and public disorder, floods, broken glass, electrical risks, storms.
The insured capital sum for buildings should be equal to the market cost of their RECONSTRUCTION, taking into account the type of construction or other factors which might affect that cost, or the value assigned by the tax authorities for buildings intended for expropriation or demolition. With the exception of the value of the land, all items should be taken into account in order to determine the insured capital sum, including the proportional value of shared areas. The INSURED CAPITAL SUM of furniture or contents will generally be equal to the cost of replacing the items with new ones. This means that the value assigned to each item of property should be regularly updated, taking into account the fact that the amount paid today for a television, for example, is higher than that which would be paid two or three years ago for a device with the same specifications. When you submit an insurance proposal, you should identify the items to be insured along with their value.
Whenever a claim event occurs in the home, the insured has the following obligations: to employ any means available to reduce or prevent aggravation of the damage arising from the event and salvage the insured items; not to remove or alter, or allow removal or alteration of any traces of the event, without prior permission from the insurer; to ensure the safekeeping, preservation and maintenance of the salvaged items; to inform the insurer, in writing, of the occurrence of any claim event within a maximum of eight days of becoming aware of it, specifying the date, time, known or assumed cause, nature and probable amount of the damage; to provide the insurer with any information requested and all reports or other documents which are in or which come into its possession.
The insurer must carry out, with due promptness and diligence, the necessary inquiries and appraisals for acknowledgement of the event and assessment of the damage.Compensation must be paid as soon as the investigations and appraisals necessary for acknowledgement of the event and definition of the amount of damage are completed, without prejudice to any payments on account, whenever it is acknowledged that such payments should take place. If, after 30 days, the insurer, in possession of all information necessary for repairing the damage or paying the compensation agreed, has not fulfilled this obligation for reasons which are not justified or are attributable to it, the compensation payment shall be subject to late payment interest at the legal rate in force.