Find out about multi-risk home insurance in this new post. Here we explain in detail the guarantees included in these products and why you should have one. Just read on to find out more!
What is multi-risk home insurance?
The concept of multi-risk home insurance leaves no room for imagination; it is an insurance product designed to cover a large number of risks that can affect a home.
Beyond taking care of civil liability, it covers almost all the damages that can be suffered by both the building, the structure of the house, and the contents, the goods that are kept in it.
What coverage does a multi-risk home insurance policy have?
This type of insurance offers numerous guarantees, among which are the following:
A large number of events can affect the home: risks ranging from fires to explosions, breakages, water damage… A multi-risk insurance policy covers all these situations.
It can be provided directly, by means of a complete service that covers the costs of the necessary repairs in the home, or indirectly by connecting the insured person with a network of professionals.
There are also numerous meteorological factors that can seriously damage a property: heavy rains and winds, snow and hail.
Theft and vandalism
A comprehensive insurance policy should cover us in the event of theft or vandalism, both of furniture and of money and jewellery, as well as the damage that may be caused in these situations.
Burglary outside the home
The most competitive products not only protect your home, but also cover situations such as a robbery outside your usual home.
Change of locks
The best thing to do after suffering a burglary or running the risk of losing your keys is to change the locks. A situation that can also be covered by a good multi-risk insurance policy.
Damage due to an electrical fault, such as a short circuit or a power surge, is relatively common. Some insurance policies also include this type of damage among their guarantees.
Other coverage of the multi-risk home insurance policy
Ruin due to works by third parties, coverage of refrigerated food, spillage of liquids other than water or replacement of keys after theft or loss can be included in the terms and conditions of a multi-risk policy.
Additional guarantees of multi-risk insurance policies
In addition to the common covers in these all-terrain products, other complementary covers can be added, such as:
Extended civil liability
In addition to the usual civil liability guarantees, others can be added that expand the coverage beyond the building for damage caused by the fixed installations of the home.
Thanks to this guarantee the insurer claims for any damage that a third party causes to the insured property. This coverage offers not only legal defence but also criminal defence.
Integral technological services
Technology is becoming more and more important, and for this reason it is important that the coverage includes integral technological services that take charge of the repairs, installations or updates of our devices.
Mobile phone protection
The mobile phone is now indispensable, and some companies include protection among their optional coverage. Not only for accidental damage, allowing repair or replacement, but also compensation in the event of fraudulent use due to theft.
Other cases covered
In a multi-risk home insurance policy there can be as many optional guarantees as you can imagine: temporary uninhabitability, aesthetic restoration of the building, cover for temporary stays in hotels or flats, theft of luggage or damage to it, theft from lockers in sports centres, infidelity of domestic employees, reconstruction of the garden, vehicles in the garage, money in the safe, services for pets or plants…
Differences with a home insurance: What is more convenient for me?
A basic home insurance only covers fire and damages due to natural causes, so its coverage is far from that offered by a multi-risk insurance. Of course, as is obvious, its price also has little to do with it?
What is more convenient? It will depend on each circumstance and point of view.
The advice we can give you is to get information and be clear about which product is best for you, depending on your finances, your personal vision and the characteristics of your home.
Can I take out multi-risk insurance if I rent my home?
It is possible, always informing the insurer of the situation. Although the majority of tenants are legal and serious, not all of them are, so it is a situation that entails a serious additional risk.
For this reason, a multi-risk home insurance policy could include coverage to protect the landlord against possible non-payment of rent or vandalism by the tenant, as well as to provide legal defence.
How is it calculated and how much can a multi-risk insurance policy cost?
An initial estimate can be made through insurance comparators, or if you want to be more accurate, on the website or app of the insurance company you are interested in, which, based on the data you provide, will offer you a quote.
If we want to be even more accurate, we should contact an agent of the insurance company to choose the product we are interested in and agree on a price depending on the cover provided by the multi-risk insurance policy and the existing conditions.