First of all, property damage coverage is not automatically included in all home insurance contracts. This home warranty may only be offered to you as an additional option.
However, if you have taken out multi-risk home insurance, the property damage guarantee will indeed be present in your contract. As such, you will be able to benefit from protection for all your property, whether movable, high-tech, computer, household appliances, or cultural.
The majority of insurance companies offer compensation for your property in the event of:
- Deterioration ;
- Flight ;
You don’t have to cover all of your belongings. You have the option of choosing only a few, the most valuable to you, which will significantly lower the price of your home insurance.
Estimate the value of your property
To best cover your property against certain risks, insurance companies generally ask, as soon as you take out the home insurance contract, the value of each object you wish to protect. This is not a matter of curiosity but of knowing the amount of your property to be insured under the property damage guarantee.
Logically, the higher the value of your personal property, the higher your insurance premium will also be. In this sense, you must estimate the value of your property as accurately as possible so as not to increase the insurance premium.
What about professionals
If you are a professional, you should know that the damage to property cover for professionals concerns all of your equipment used (machines, deterioration of goods, computer equipment) in the context of your work as well as your premises. Don’t forget that this is a guarantee and not insurance in its own right, often wrongly called “professional property damage insurance”.
In which cases is the property damage guarantee essential?
To know when the property damage guarantee comes into play, you must first consult your home insurance contract. It is this document where the warranties, as well as the warranty exclusions, are listed.
Most of the time, the following claims are compensated:
- Theft with violence or burglary ;
- natural disasters ;
- Storms, hail, snow;
- Fires and explosions ;
- Water damage ;
- Broken glass ;
- acts of terrorism.
Pay attention to all warranty exclusions contained in your contract. For example, in the event of accidental deterioration or negligence, committed by a person living under your roof, your responsibility is engaged and you will not receive any compensation.
What compensation with the property damage guarantee?
If you are the victim of one of the situations mentioned above, you must declare the home claim to your insurance, within 5 working days by registered letter with acknowledgment of receipt or online. After notifying it, the process of compensation for the declared goods will be active for you
Please note that in the event of theft, this period is reduced to 2 working days.
You must then specify in this letter or email:
- Your details (name, address, telephone, etc.
- Your contract number;
- A description of the incident that occurred, specifying the type of damage, the date, the place, etc.;
- An estimate of the deterioration or destruction of your property;
- Proof of the value of your damaged or destroyed property such as invoices, warranty certificates, or photographs.
Before being compensated, your insurer then appoints an expert to certify the circumstances of the claim and assess the damage suffered to determine the amount of your compensation.