Types and nuances of home insurance

Home insurance

This is the most reliable way to protect yourself and your family from the consequences that can occur as a result of a fire, explosion or flooding. Housing is our rear, our capital, which, unfortunately, can be lost. Imagine the situation, you are building your dream home on a suburban area, investing your whole soul and money in it, but it happens that some bad people spoil your property or even destroy it. Or you just drove into a new apartment, made a good repair and your neighbors flooded you. In the first and second situations, you will spend a lot of nerves, time and money on the restoration of your property. But if you correctly arrange home insurance, you can avoid many problems, and most importantly financial losses.

Types and objects of home insurance

When the question arises about home insurance, the insurance market offers various programs and “boxed” products. Each company develops its own “boxed” products. They collect within themselves a complex of risks that are in demand. Conventionally, home insurance can be divided into the following types:

Apartment insurance

When insuring an apartment, it will insure:

  • Apartment design
  • Apartment decoration
  • Engineering equipment
  • Movable property
  • Civil liability to neighbors

Private House Insurance

When buying a policy for a private house, in addition to the facilities indicated in the “apartment insurance” section, you can insure other buildings on the site.

Mortgage insurance

This is a set of insurance products, thanks to which the insurance company guarantees the bank loan repayment. Please note that mortgage insurance is issued in the amount of debt to the bank. Mortgage insurance include:

  • Life and health insurance of the borrower. In the event of death or disability, the insurance company pays the remaining loan debt to the bank.
  • Property insurance. If the housing is damaged or destroyed, the insurance company will repay the loan to the bank in the amount of the established damage.
  • Property insurance in case of loss of ownership or title insurance. It is issued only when buying a home in the secondary real estate market.

Home Insurance Terms

As a rule, a home insurance contract is drawn up for one year, after which the policy is extended. But you can insure a house or apartment on vacation, from one week to 60 days. Such insurance is called short-term insurance.

Home Insurance Risks

When insuring property, the policy covers such risks as:

  • Fire, lightning strike, explosion
  • Natural disasters
  • Water damage
  • Theft
  • Third party damage
  • Terrorism

In case of civil liability insurance – the risk of civil liability of the insured person for causing harm to the life, health or property of third-party victims.

Which housing is not subject to insurance

A property owner will not be able to conclude a home insurance contract if:

  • Depreciation of housing or its individual elements exceeds 70%
  • Housing unsuitable for living or recognized as dilapidated
  • The property is located in a danger zone where forest fires or floods often occur, as well as if housing is located on the territory of military operations.
  • Housing is subject to confiscation, arrest or demolition.

Advantages and disadvantages of insurance

The lack of home insurance, some citizens may call the high cost of the policy. In fact, it will cost no more than two or three months of the communal payment for the apartment you plan to insure. And this cost is not comparable with the possible losses that may happen to each owner of the premises.


The following factors will affect the cost of the policy, depending on the type of insurance:

  1. The amount of insurance coverage.
  2. Selected insurance objects.
  3. The material of the walls.
  4. Availability of valid insurance contracts. For example, in Ingosstrakh, when extending a home insurance contract, a discount is given. In Reso-Garantia, all CASCO policy holders who have been issued with them provide a guaranteed discount of 15 to 30%.

What documents will be required to apply for a policy?

To insure housing is not necessary to be its owner. With many programs, the agent’s departure to the insurance object and additional documents other than a passport will not be required. For example, when filling out an insurance policy for flooding an apartment, you only need a passport. With private home insurance worth up to 1 million rubles, an agent’s departure is not required. But each individual case requires an individual approach.

If you need to draw up a contract in favor of the beneficiary, you will need documents establishing the owner of the housing. This may be an extract from the Unified State Register, a certificate of ownership, a contract of sale or other documents.


Home insurance is a voluntary type of insurance. But with a mortgage loan, banks can insist on compulsory real estate insurance. If the client refuses, the percentage of the loan or refusal to issue money will be increased.

When housing insurance, pay attention to the nuances of the contract. Before signing the document, clarify all exceptions and the procedure for payment of compensation.

Pay attention to the list of risks, do not overpay for floods if you live 100 kilometers from water bodies.

Each family decides whether to insure their home or not. But you should carefully weigh the pros and cons, evaluate your financial capabilities. Home insurance can truly be a salvation for someone. Today, insurance companies offer a wide variety of insurance programs for any occasion and wallet.