How is the price of home insurance determined?

How is the price of home insurance determined?

The price of home insurance varies according to several criteria. The calculation takes into account the nature and characteristics of the property to be insured, its use (main or secondary residence), its area, the number of rooms, the possible presence of outbuildings (garage, workshop, etc.) or equipment, the age of the accommodation and its location. Be aware that the price of home insurance tends to be higher in areas with a higher level of risk than others (burglaries, floods, seismicity, etc.). The amount of principal to be insured also has a considerable impact on the price of home insurance. It is, in fact, essential not to underestimate it. In the event of a claim, compensation will be capped at the movable capital chosen by the insured. For valuable goods (antiques, precious furniture, jewelry, etc.), it is therefore strongly recommended to have recourse to an expert who will make a reliable and precise estimate.

It is not only possible but also strongly recommended to carry out a home insurance simulation online on the websites of insurance companies.
What steps should be taken in the event of a claim?

In the event of a claim, online insurance offers their policyholders the possibility of making a paperless claim declaration. This can be done by email, on the insurance website or on the mobile application. Generally, these steps must be accompanied by sending a registered letter - with acknowledgment of receipt - addressed to the insurance company. The insurer uses several criteria to determine the amount of your compensation. Apart from the guarantees subscribed, the obsolescence of the property is also taken into account if you have opted for a reimbursement at use value. It is then the reconstruction value of the property that is considered in the event of a claim. This value corresponds to the amount needed to rebuild your home to the condition it was in before the loss, minus age. If you have opted for a replacement cost reimbursement, on the other hand, the compensation will be paid in two installments. A first payment, corresponding to the value of new reconstruction (age deducted) will be made, followed by a second payment, capped at 25% for age. You will be responsible for the remaining amount due.

The amount of home insurance may be reduced if security work is carried out in the home.