Household Property Insurance

Household property insurance is an important direction for insurance companies. Inclusion of such package into the range of insurance products is a sign of company reliability. However there is no a mass flow of insurers in this direction. First of all it is connected with lack of financial stability and partly due to people mistrust to insurance companies. Therefore only owners of especially valuable things resort to purchase this policy.

Property is insured with indication of insurer residence place in the insurance contract. In case of moving of the insured person to a new place the insurance contract is valid within a month on the address specified during conclusion of the agreement. If resettlement was carried out on other permanent residence place the property, which remained in the old address remains to the insured person, the rest requires renewal of the agreement.

Conclusion date of such agreements fluctuates from 2 to 11 years or from 1 to 5 years.

While contract is valid change of insurance sum is possible if the additional agreement has been signed. The term of the additional agreement should match with basic term. Thus the total amount of property can’t exceed its market value with a deduction of depreciation expenses. The insurance premium value is charged according to the signed contract and rules of insurance.

Insured event is: in case of the destroyed or stolen property it is full amount of insured subject. In case of damage the payment amount is calculated as difference between initially evaluated value of property and its cost after incident.

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