What is home insurance and when to take it out?

The home should be a place to feel safe and secure. However, no property is immune to risks and unforeseen events, from burst pipes to storm damage. 

Home insurance is an extra protection for homes and a way of guaranteeing peace of mind for those who live there. These policies cover different types of damage (both their own and those caused to third parties), offer quick solutions with the intervention of professionals in different areas (plumbing, electricity, masonry...) and guarantee compensation for possible damages suffered. 

What is home insurance for? 

The scope of a home insurance policy depends on the coverage contracted with the insurance company. Without going into the details of the extended or additional coverage of each product, this type of policy offers protection on two levels:

• Contents: at the time of taking out the policy, the insured person must indicate the value of all the belongings inside the home (personal and decorative objects, electronic devices, electrical appliances, furniture, etc.). In the event of a claim, this value will be taken as a reference for the payment of the corresponding compensation.
• Containers: this section includes all the elements of the property that cannot be moved, such as walls, floors, ceilings, electricity and water installations or wiring. The insured value is calculated according to what the repair/reconstruction of these elements would cost. 

Depending on the scope of the coverage and the sum insured, the premiums payable for home insurance will be higher or lower. 

Is home insurance necessary in Real de La Quinta homes? 

There is only one case in which it is compulsory to take out home insurance, and that is if the property has been acquired by taking out a mortgage. 

However, it is common for Real de La Quinta clients to take out home insurance for their residence as extra protection for their assets. Even in cases where it is not compulsory (a purchase without a mortgage), this type of policy is very useful to quickly resolve any mishaps, such as breakdowns or damage, or to be compensated in the event of fire, flood or other types of damage.