Home insurance FAQs

Home insurance FAQsProperty market is bound by many other economic and social services. One of them is the insurance sphere. Just like the life insurance, home insurance covers common risks. Most of them, unfortunately, are warrantable. Meanwhile, the insurance subject is something we all know, but we aren’t entirely familiar with. It is recommended for your own good, as well as for the sake of your home place, to get a home insurance. So, if you aren’t informed enough, see the most common home insurance FAQs:

  • Which factors affect the insurance premiums? – The most common among them are the home features and characteristics (age, structure, roof, garage, extras and etc), the location (availability of natural disasters), the protective devices (detectors, alarm systems and etc), personal factors (are you a smoker?) and the claims history.

  • Is the home insurance a homeowner’s duty? – No. In difference to driving a car, having a property doesn’t require from you insurance. It is only recommended. Of course, if you give the property for rent, it is quite advisable. Ordinary end of lease cleaning cannot cover the intact of the house from both – the renters and all the other circumstances.

  • What are the most frequent risks covered by the home insurance? – fires, terrorism, robbery, impact damage, malicious damage, riot and strike, aircraft damage, explosion and implosion, lightning, losses or damages due to neighbouring property, storms, cyclones, typhoon, tempest, tornado, hurricane, flood, inundation, missile testing operation, bursting or overflowing and etc.

  • Which risks are excluded by the home insurance? – They are less: losses or damages due to any war actions – including civil war – or by nuclear activity, stocks in cold storage caused by temperature anomaly and by over running of any electrical machine or device.

  • Which valuable home items does the home insurance cover? – Extremely expensive, luxurious and rare items are covered. However, in case of a flood, do not expect the insurance company to cover the bill for the steam carpet cleaning, if your rug is damaged.

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