Many people think that home insurance is only useful for homeowners in the event of a robbery or fire. However, this insurance really offers many advantages, not only for dueños but also for renters of housing in Colombia. Next, we will show you what home insurance is and some plans to help you choose which one best suits your needs.
What you will learn in this content:
- What is home insurance?
- How much does home insurance cost?
- Is home insurance mandatory?
- Is it possible to hire a home policy to lease a building?
- What home insurance suits you according to your profile?
- Among so many planes and companies which one to choose?
Protect your home and the tranquility of your family with a home policy! Quote your insurance now
Frequently Asked Questions about Home Insurance
What is home insurance?
Home insurance is a policy that aims to cover the damage that can be caused to the home and its contents, in the event of various events such as fire, fire, earthquake, flood, among others. It is a multi-risk insurance, what do you want to say that it offers a set of covers that protect you from different risks in a single policy.
How much does home insurance cost?
The cost of home insurance depends mainly on the coverage contracted, the amount insured, the geographic location, the year and the type of construction. In case of ensuring the content of the villa, the cost can be increased according to the value of the bienes.
We recommend you to read: How to define the assured value in a home policy
Is home insurance mandatory?
It depends. When the building is mortgaged Home insurance is mandatory. DOn the contrary, the owner of the house or the tenant can choose whether he wants to hire a pole or no.
Is it possible to hire a home policy to lease a building?
Yes, both the property owner and the tenant are exposed to multiple risks. The owner can protect his property from risks such as earthquake, fire, and natural disasters. And the tenant can protect its contents of these same risks and obtain coverage such as injury, civil liability, water damage, among others.
What home insurance suits you according to your profile?
Before deciding which home insurance you should hire, it is important that you know what options exist in the market and which one best suits your needs.
In this post we have divided the home insurance of acuerdo with the profile of the buyer in the following way:
- For owners who live in their home.
- Deseñados para dueños que arriendan su vivienda.
- For home loans.
- Insurance for tenants.
Next, we briefly explain what each type of home insurance is about so that you have an idea of which one suits you best.
For owners who live in their home
If you fulfilled your dream and bought your own home, it is important that you protect what you have achieved with your effort. With a Home Insurance for owners who inhabit their housing, in addition to protecting the structure of the same against natural events and possible damages, you can include protection for its contents. Esto quiere decir que, los bienes que se encuentren con tu nuevo, como electrodomésticos, muebles, jeunes, y incluye tu ropa, puede aparar a la los events describid en tu poliza de casa.
Bear in mind that at the time of contracting an insurance you must make a declaration of well-being and inform the existence of high value objects so that these are covered in the pole and you get full coverage.
For people who are paying for their home with the support of a financial entity, through a mortgage loan, home insurance is mandatory to obtain the loan. In this case, the only mandatory coverages are those of fire and earthquake for the structure of your home.
However, it is highly recommended to obtain additional coverage such as injury, civil liability, water damage, vehicle impact, among others. Likewise, it is convenient to ensure the contents, especially if you plan to live in the building you are buying.
With home insurance for home loans, in the event that there is a covered event that damages or destroys your home, the insurance company will be in charge of paying off the debt that you have pending with the bank. In addition, if your property is insured at a commercial value and the debt is less than the value assumed by the insurance company, the remaining amount will be delivered to you as insured.
Do you want to know how to save up to 50% on your home and life insurance? Request a free quote now.
For owners renting their home
If you are the owner of a building and you are currently renting it to another person, basic home insurance that protects you from water damage, fires, earthquakes, and other natural events, maybe it will be enough to protect the integrity of your home and you inversion. Here it will not be necessary to purchase coverage for contents, unless you are renting your apartment or house with furniture and electrical appliances.
In an ideal scenario, both the owner and the tenant would have their own home policy specific to their case. In this case, the owner has to insure the continent (the structure), and the tenant the content (furniture, appliances, etc.). Then we tell you what home insurance is about for tenants or renters.
Despite not being the dueño of the villa you live in, you are exposed to different risks that can affect your belongings such as a robber, a flood, or a fire. For this reason, the insurance companies have designed products to protect the goods that are found inside the insured home, for example, furniture, electronic equipment, household appliances, and personal items.
Additionally, you can insure the bienes that have a special value, such as jewelry and works of art. The important thing will be that at the time of quoting your home insurance, you declare which are these goodies and how much is their value.
How to calculate the value of your bienes can be a difficult task, we advise you to carry out an inventory as detailed as possible. Allí must include all your furniture, electrical appliances, clothing items, books, household items, help, etc.
Possibly the insurance company will carry out an inspection of the goods before they are added to your home policy and each company is free to establish which ones will be supported and which ones will not.
Among so many planes and companies which one to choose?
The coverages, assistances and exclusions that you can have in a home insurance depend on the insurance company and the plan that you choose. Currently, at least ten (10) insurance companies offer Home Insurance and the majority has at least two (2) plans that adjust to different needs. So, if we do a quick calculation and multiply 10 insurers by 2 types of plan, it gives us a total of 20 possible poles for choosing which ones to choose.
How can you see the offer is very wide, and it can seem overwhelming to choose one option among so many possibilities. But don’t worry, we are here to help you!. When quoting your insurance with us, we make sure to study your needs to be able to present the plans that really fit what you are looking for.