Home insurance is An insurance policy that provides a certain amount of money in case of loss, regardless of whether you are a victim or the person responsible for the loss. It covers property damage and civil liability.
In general, home insurance covers :
- fire
- man-made disasters and technological risks
- weather events
- natural disasters
- water damage
- theft
- glass breakage
- acts of vandalismes
Is home insurance mandatory ?
Since the Quillot Act of 1982, all renters are required to contract a home insurance policy. Every year, he/she must provide a certificate of insurance to his/her landlord.
It is however not required for the latter.
Nonetheless, it is highly recommended if you are a homeowner, in case of fire or water damage you could find yourself with no resources.
What to do in case of a loss ?
You usually have 5 days from the moment you become aware of the loss to inform your insurance company, 2 days in the case of theft. Take pictures and avoid touching anything before the adjuster arrives.
More often than not, policies have deductibles. If the amount of the damage is less than the deductible, you won’t be indemnified. Refer to your policy.
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