The importance of getting home insurance
Most homes are exposed to sudden dangers, and it is better to take the necessary measures to protect it. It may not be easy to own a property, whether it is for housing or investment, as many people have made an arduous journey of searching until they found a suitable home that provided them and their families with comfort, stability and safety, or achieved them An increase in income through his investment. However, any house may be exposed to sudden dangers, God forbid, which may lead to heavy material losses that destabilize the safety and threaten the safety of its residents, and consequently, the goal for which the house was purchased fails. Therefore, it is best to take the necessary measures to protect your home, your valuables and other assets, as well as your family members, from any risks that the home may be exposed to.
Ways to reduce the cost of property insurance:
There are five steps to help property owners choose the right insurance policy at the lowest costs:
Choose insurance coverage that suits your needs only
The lack of property insurance may put the property owner facing great financial challenges in the event that the property is exposed to any risks that lead to damage or damage to it. But at the same time, this does not mean buying insurance coverage in excess of the need, because that leads to the waste of some money without interest.
So it is best to get coverage that is neither more nor less than necessary. This begins with a careful reading of the terms and conditions for the basic and additional coverage. And then choosing the additional coverage appropriate to the needs and conditions of the real estate, and not adding any coverage from which there is no benefit, such as covering electronic devices or valuable items such as jewelry, which may not be in the owner’s possession during the validity of the document. However, it is not always right to choose the cheapest policy, although this is important to save money. The most important thing is to choose a reputable insurance company that offers an insurance program with excellent coverage features, so what is the benefit of subscribing to a cheap program that does not provide the desired coverage, and which may force you to bear the costs of repairing the damages caused by the uncovered risks.
That is why you should give the benefits of insurance coverage and the reputation of the insurance company equal importance to saving in price and looking for an insurance program that provides the coverage you want to obtain in installments commensurate with your financial capabilities.
Stamina ratio revisited
The deductible percentage is the amount that the customer will have to pay in the event of submitting a claim with the insurance company to cover the costs of repairing the damage to the property as a result of one of the covered risks. The relationship between the deductible ratio and the value of the insurance premium is inverse. The higher the deductible percentage, the lower the value of the insurance premium, and vice versa. Here, it should be noted that the tolerance percentage may be different depending on the type of damage covered.
Follow safety and security procedures
When inspecting the property that the owner intends to insure, insurance companies take into account the risk of that property being exposed to risks. For example, a property that is not equipped with the tools and equipment needed to put out a fire is subject to greater property losses. This increases the risk that the insurance company may bear, and thus this increases the value of the insurance premium. Therefore, it is better to prepare the property against the risks expected to occur by following the safety and security measures that mitigate the impact of these risks, which will positively affect the cost of insuring the property.
What are the conditions for accepting compensation claims?
The insurance company provides the insured with compensation for damage or loss of his property as a result of the risk of the insured falling against him and causing the insured to lose all or some of his insured property or exposing him to financial liability towards others, in accordance with the terms and conditions of the property insurance policy, for example the loss resulting from the occurrence of fire Or, exposure to burglary and theft.
The importance of creating a home list
In the event that your insured home has been subjected to burglary and theft – God forbid, then you need to accurately determine the contents of the house that you had and were stolen or destroyed, specifying the model number and brand, in order to obtain the compensation value that is actually proportional to the value of the stolen property within the limit Maximum insurance coverage.
Conditions for property insurance compensation claims
– The insurance company completes the claim process or not approved it within the framework of several factors, including the maximum insurance coverage and the conditions and exclusions contained in the property insurance policy.
-Submit a report on the accident that the insured was exposed to, provided that all fields in the report must be filled out with all the required data.
– The insurance company makes settlement of the claim within the specified period, after submitting all the supporting documents.
-Evaluating the claim and settling it according to the loss estimator report prepared on the basis of the supporting documents submitted by the insured.
– When submitting a claim, it may be required that witnesses be present or, if possible, attach photos.
Documents required to file property insurance claims
In the event of any loss in the insured property, the insured must file a claim for compensation for those losses, provided that the claim is supported by a number of documents, which are usually as follows:
-The internal insured’s report on the accident and its losses in addition to the claim form
-Police report on the accident
– Repair estimates or quotations for damaged items
-Attaching photographs of the accident
– Bills for the final repair of the damaged property
-The insured’s final claim bill
-The insurance company may require some other documents
In the end, we can say that keeping a list of the properties and things in the house attached to the invoices and receipts, not only helps you determine the value of the insurance claim for what may be destroyed as a result of an insured damage, but also contributes to determining the insurance coverage that we have.