Is it worth insuring your flat?

Have you bought a property or are you planning to invest in one? It is also worth thinking about some formal matters. One of them is insuring the premises. Is it worth insuring your flat? Read our arguments and practical advice.

Although flat insurance is yet another expense, over the course of a year it is a really small amount. Yet we often try to find savings wherever possible. Let us consider, however, whether we can afford such a saving – in the event of damage we will bear much higher costs. Properly chosen insurance is not only protection in case of damage but also a kind of investment. However, amid all the industry jargon it is hard to choose the best option. If you are thinking about insuring your flat but are not properly prepared for a conversation with an insurance agent, we encourage you to read up on the details of property insurance.

The cost of insurance – is it worth choosing the cheapest?

We often choose the cheapest option when insuring a flat. We choose the policy that offers the lowest annual premium. Will the cheapest insurance be the most beneficial? In this text we will focus only on policy variants, not on the choice of a particular insurance company. There are many variants of insurance policies. The cheapest versions usually cover only the walls. Remember to read contracts carefully. There are options that also protect you against all kinds of unforeseen events, including water leaks, fire, theft and burglary. It is therefore worth insuring not only the walls but also the flat together with its fixtures and fittings and its contents. The amount we will have to pay depends on the value of the property and on the declared sum at which the value of household appliances and the contents of the premises is estimated. Some insurance companies can offer discounts to new customers, which will certainly allow you to save money when buying a good-value insurance package.

Is property insurance necessary?

In most cases, when we decide to buy a flat with the help of a mortgage, we undertake to insure the residential premises against unforeseen events. In other circumstances, buying an insurance policy is not compulsory and is entirely up to the owner.

READ ALSO – ADDITIONAL COSTS WHEN BUYING A FLAT

What does the amount of the premium depend on?

The amount we pay to the insurance company depends on the insurance package and on the value of the possible payout if unfortunate events occur. The agent will ask various questions about the value of the property, its floor area, the price of the contents of the premises and the glass elements in it. All of this is to estimate the value of the insurance. The annual premium can usually, if necessary, be spread over convenient instalments. Its value also depends on whether the flat has anti-burglary protection, for example a burglar-resistant door or an alarm.

We remind you to read the contracts you sign carefully. They will set out the conditions for paying compensation. Knowing the general terms of insurance means being certain what we are paying for and what we are entitled to from the insurer in the event of damage.

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