Renovation is often expensive, but can be worthwhile when selling the property due to a higher purchase price. It depends on the individual case and should be assessed in advance by a professional.
Anyone who has fulfilled their dream of owning their own four walls is reluctant to take the risk of not being able to repair any damage to their beloved home for financial reasons. In addition to property damage and financial loss, personal injury can also occur. Property owners are not required to take out insurance. Nevertheless, basic coverage is advisable to avoid potentially insurmountable problems in the future.
As a rule, insurance should be taken out for cases in which the owner cannot possibly repair the damage on their own. There are generally three types of insurance that are essential for property owners whose property has already been built.
The owner decides which potential damage they want to insure their property against. With some types of insurance, there is no need to even consider it, while others are optional.
Home insurance
Home insurance is a must for every homeowner. It provides insurance coverage for damage to your property caused by storms, hail, fire, or water damage. Whether it's roof damage after a severe storm or water damage after a burst pipe, the insurance covers reconstruction and repairs. Home insurance policies often exclude compensation for gross negligence or pay a lower amount. Homeowners should bear in mind that such a case can arise quickly. A candle that has not been extinguished or a forgotten stove can sometimes lead to a fire with catastrophic consequences. For this reason, owners should definitely choose a tariff that also covers gross negligence. If your property is located near a river, for example, you should also insure yourself against damage such as flooding. Home insurance can be extended to include insurance against such natural hazards.
Home contents insurance
Another type of insurance that is often useful for homeowners is household contents insurance. However, your individual situation must be taken into account here. The decisive factor here is how expensive the contents of your home are. Before taking out such insurance, you should estimate how much it would cost to replace your household items. Would you be able to afford to replace furniture, appliances, or other items if you lost them in a fire or burglary? If you have invested a lot of money in exclusive furniture and the latest technical appliances, household insurance is advisable and will pay off in the event of damage.
Personal liability insurance
Finally, third parties may also suffer damage to your property. As the owner, you are obliged to ensure that your property does not pose a danger to other people or their property. A tree that falls onto your neighbor's property can cause damage for which you will be liable. You are also liable if a pedestrian slips on the unplowed sidewalk in front of your house and suffers injuries. However, if you already have personal liability insurance and live in your own property, you can dispense with property owner liability insurance. This is because personal liability insurance already covers the costs of damage to third parties.
Professionally determine the insurance needs of your property and protect it optimally with Garcia Immobilien
In principle, every property owner should opt for basic cover consisting of the three types of insurance listed above. The need for additional insurance depends on the general condition of the building and the property. Individual insurance coverage always pays off! It is therefore important for you to determine your actual insurance needs in advance to avoid over- or underinsurance.
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