Optional insurance of the household and/or the goods is one of the most important non-life insurance that you can have as an individual.
Important! According to the new legislative amendments coming into force in July 2015, no optional insurance for a home can be issued with the insurance and reinsurance companies authorized to carry out the catastrophe risks if you have not previously issued a compulsory PAD insurance!
In short, optional household insurance is a specific product of an insurance company, which can protect apartments, homes or real estates entirely against certain risks provided in the insurance contract. The coverage offered through the policy comes in return for payment by the insurance contractor of a premium, representing the cost of the insurance.
The risks covered by an insurance policy are those phenomena or actions with negative consequences through the production of which activates the insurance policy and therefore, for which you can ask to be compensated by your insurance company. The risks covered by the policy are expressly provided in the optional insurance contract you have and are different from insurance to insurance.
Important! You should know that the optional policy covers the three catastrophic risks included in the mandatory policy (floods, landslides, earthquakes) only over the PAD policy (maximum 20,000 euros).
For example, if you have a 100,000-euro household and you have a mandatory PAD policy and an optional policy (which has an insured sum of € 100,000), the optional insurance will cover the flood, earthquake and landslide risks up to 80,000 euros , the remaining 20,000 euros being covered by the PAD policy. Also, the other risks (fire, theft, etc.) will be covered within 100,000 euros. Also, in case of one of the risks covered by the PAD policy, the payment of the indemnity will be made first on the basis of compulsory insurance. If the damage exceeds 20,000 euros, the remainder will be paid on the basis of the optional insurance contract.
We strongly recommend that you carefully study the TERMS AND CONDITIONS of an insurance policy before deciding on it.
As a matter of principle, the basic (standard) risks assumed in the optional home insurance are:
Depending on the type of optional insurance you have contracted, other types of risks (optional or extensions) can be added:
As far as the goods are concerned, they can be totally or partially covered, depending on the financial possibilities of each. Also, the risk of theft is covered only with other risks.
Home insurance is mandatory:
In order to obtain a loan for which it is guaranteed with the building of the household, the bank will require the issue of an insurance policy covering all the risks.
In case of the purchase of household goods with installment payment, an insurance policy will be concluded only for the purchased goods, covering all the risks.
There are no standard risks and extensions to cover the risks of accidents and third-party liability.
Also, most optional home insurance policies also include a section for CIVIL LIABILITY FOR THIRD PARTIES. So, if there is a fire or a flood in your apartment or house that has affected neighbors’ homes, their compensation will be covered by the insurance company, up to an amount agreed at the end of the policy.