Multiple-risk home insurance policy

The multiple-risk home insurance policy protects your home and property from disaster whether you are responsible for the incident or the victim.

What is covered with a multiple-risk home insurance policy?

• Fire and explosion coverage: Covers damage done due to fire or an explosion to the home as well as its occupants. Example, total destruction of home, asphyxiation, burns, electrocution, etc.

• Water damage coverage: Water damage is quite frequent.

• Burglary and vandalism coverage: Covers the loss, destruction or deterioration of objects and goods due to burglary or attempted burglary or acts of vandalism committed in the circumstances described in the insurance policy in which the insured party must provide proof.

• Glass breakage coverage: Covers damage done to glass of windows, bay windows, roof windows etc.

• Natural disaster coverage: Covers damage done to material and objects due to a natural disaster even material and objects that are normally not insurable.

• Storms and other climatic phenomenons coverage

• Riots and other disruptive events coverage

What property and goods are covered?

The elements covered are: the buildings, the furniture, the fixtures and improvements as well as goods for professional use. Furniture and movable property must be valued at their current state. For some objects it will be necessary to have a property assessor study the exact value, for example, paintings, sculptures and other works of art.

Expenses and loss of money linked to the disaster

-Expenses due to moving and relocation as well as the loss of use of the property and the loss of rental income for the owner.
- Assessors fees
- Cleaning and demolition fees
- Damage done due to rescue operations
- Reimbursement of fees for decorator, technical control and engineering
- Architectural fees
- Indirect loss

Damage done to other persons

Multiple-risk home insurance policies include the coverage of civil liability which covers harm or injury done to other persons or to their property by the insured which occurred in the aspect of their private lives (not professional).
The owner as well as spouse and children and other members of the family living in the home are covered. The policy can extend to persons who are employed at the home (Gardner, housekeeper etc.) and cover them in the case that they have caused harm or injury to a third party.

Please note that the policy does not cover intentional acts.

The insurance company must be informed if any change in situation has occurred that may change the analysis of risk. The modification may have an affect on the opinion of risk for the insurer if the chances of an accident or disaster happening have increased.

Is home insurance mandatory?

Multiple-risk home insurance is mandatory for people who rent an individual house or apartment. The renters are responsible for any damage done to the property that they are renting (apartment, house, and building). The owner of the property must be certain that he will be compensated for any damage done to property.

However, if the rental is furnished or is a company accommodation the renter is not obliged to have multiple-risk home insurance.
Also, the owner of a property is not obliged to have a multiple-risk home insurance but it is advised that the owner takes an insurance for coverage on civil liability in the case of any harm or injury done to a third party.

How the insurance premium is calculated?

-Status of insured as an owner or a renter: The cost of the insurance is usually less for a renter than an owner since an owner has more risks to insure.
-The difference between a main residency or a second home: the cost is usually less for a main residency than it is for a second home since the risk of theft is less.
-The location of the property: the risk of an accident or a disaster is measured by the geographical location of the property. The cost paid is usually less for a property in a non urban area than a property in Paris.
-The size of the property to be insured: the cost increases with the number of main rooms in the home.
-The value of the furniture and fixtures to be insured: the cost of the insurance increases with the value of the furniture and the fixtures to be insured.
-The deductible: the deductible is the amount that needs to be paid by the insured in the case of an accident or disaster. The higher the deductible the lower the cost of the insurance.

How to choose an insurance company ?

To properly choose an insurance company for a multiple-risk home insurance policy you must know the rule the insurer implements to estimate the value of your property the day of the disaster.
The amount of the reimbursement will be directly linked to this rule:

-The insurer can implement a time-element coverage in which the value of the object depends on its age on the day of the accident or disaster and leads to a decrease in value of the object. The compensation calculated is expressed in percentage and the higher the percentage is the better the insured will be reimbursed.
-The insurer can reimburse the objects at their ‘new value’: an extension of coverage must be taken in order to be reimbursed for objects at their new value. This ensures that the insurer cannot implement time-element coverage on the objects.
Caution! Insurance companies tend to have their own definition of what is new value. It is necessary to verify the definition of new value in the general conditions of the insurance policy.

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