Property Insurance - Some Important Nuances.

Finally comes to an end, annoying all winter, and to replace it is approaching the opening of the summer season. It is now important to think about insurance for your summer cottage property.

It is at this time that a large number of fires and other force majeure events occur that can completely or partially destroy your property.

Today, there are a huge number of insurance companies that provide property insurance services. Among them are those that offer full-fledged options for insurance coverage, including a full package of risks and a detailed census of all insured property, as well as those that have in their arsenal simplified unified policies with a minimum number of documents (for example, the company "Insurance Examination", more on Strahexpert.by). The final choice of a suitable option is entirely your decision.

But, choosing the last option, you need to take into account a few specific points. Firstly, the simplified policy saves time for its registration, but makes it impossible to describe your structure in more detail. Property insurance in such a policy is mainly determined only by the basic material and the total insurance amount. The discrepancy between the insured sum insured and the real value of the real estate object can be manifested only at the stage of the insurance payment itself, which can lead to a decrease in its size.

In the event that the insured amount was overstated, and after the insured event, the insurance expert determined that the actual cost of the affected object is less than the claimed amount, they compensate only for the amount that the experts themselves have determined. This condition about the absence of compensation in excess of the real value of the lost property is laid down in all property insurance rules and fully complies with legal norms. In view of this, do not try to overestimate the real value of your property, as this would unreasonably entail an increase in the insurance premium.

In the event that the insured amount is underestimated, and the real value of the property after the occurrence of the insured event, the experts determine a higher one, then proportional insurance arises (the situation in which the property was not initially insured in full value). As a fact, this will again lead to a reduction in insurance payments.

What is still important is the amount of the sum insured. Insurance policies of a simplified type have a number of limitations. Therefore, your house can simply fall under these very restrictions, and it will not be possible to insure it.

Always clarify the risks from which this simplified policy insures, as often such programs have a fixed coverage (it is possible to cover only one risk, etc.). An inexpensive tariff here is determined by the minimum number of risks. It can only be fire, theft, flooding, etc. In case of occurrence of several cases of spoiling or theft, the damages will be reimbursed only one, which is registered in the policy.

Against the backdrop of all these minuses, filling out the full set of documents does not look so horrific. A detailed inventory of the buildings, indicating the materials of the structures and finishes, their footage and number of storeys, allows the underwriter to correlate the insurance amount chosen by you with the real cost of the structure and avoid misunderstandings even at the stage of concluding the contract. Therefore, having spent a little more time on property insurance, namely to fill up additional papers, you will secure your dacha from all possible risks.