How to insure a house or apartment correctly?

Today, home insurance is not just a precaution, but a necessity to protect against numerous modern risks, including fire, flooding, theft and, especially relevant in Ukraine, the consequences of military operations. Find out how to insure your apartment or house, what types of coverage are available and what to look for when choosing a policy to be truly protected

Apartment insurance against damage, destruction and theft

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Today, the issue of home insurance is no longer perceived as an ‘extra precaution’ and has acquired the status of an urgent need dictated by the realities of modern risks. Fires, floods, explosions, destructive effects of natural disasters, bold thefts and, especially in the current environment, damage to property as a result of military operations - all of these have a destructive force and can instantly destroy property that has been created over the years. That is why, in order to protect your peace of mind and financial stability, it is crucial to know how to properly insure your house or apartment. In this article, we will take a closer look at the key aspects of home insurance so that you can be truly protected from unforeseen circumstances.

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What is home insurance: types and coverage

Protecting your home means taking care not only of the walls, but also of everything that makes it your fortress and a reflection of your life. Insurance of an apartment or a private house is a comprehensive service that allows you to minimise financial losses in the event of unforeseen events. Let's take a closer look at what exactly you can insure to feel truly protected.

First of all, the object of insurance can be anything:

An apartment or a private house, as well as the surrounding area. This is the basic component of the policy that covers the risks of damage or destruction of the building itself. For a private house, this may also include landscaping elements, fencing, gates, paths and other structures on the adjoining territory, depending on the terms of the contract.

In addition, you can insure everything inside your home:

Structural elements. This includes walls, partitions, floors, ceilings, windows, doors, roofs (for a private house), balconies and loggias. Structural elements insurance will help restore the basic structure of your home in case of damage.

Repair (decoration). This includes interior and exterior decoration: plaster, wallpaper, painting, suspended ceilings, flooring (laminate, parquet, tiles), interior doors, plumbing and other elements that create cosiness and comfort in your home.

Household appliances. This is a wide range of appliances that make our everyday life easier: refrigerators, washing machines, dishwashers, stoves, ovens, microwaves, TVs, computers, air conditioners, boilers and other large and small appliances.

Furniture. This includes sofas, beds, wardrobes, tables, chairs, nightstands, shelves and other furniture that provide functionality and aesthetics to your home.

Personal belongings and property. Depending on the insurance company and the package you choose, you can also insure personal belongings such as clothes, shoes, books, jewellery, antiques, art and other valuable property.

Main types of coverage

*Prices are per year (EUR) / one day (UAH)

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What is not covered by insurance?

In order for an insurance company to enter into an agreement with you, the property must meet a number of requirements:

1. A house that is pledged to a bank or other financial institution cannot be insured.

2. Real estate that is under repair, construction is not completed, or the building itself is in a state of disrepair is not eligible for insurance.

3. Real estate in the frontline territories where active hostilities are taking place and temporarily occupied territories (Donetsk, Luhansk, Zaporizhzhia, Kherson, Mykolaiv, Dnipro, Kharkiv, Sumy, Chernihiv regions (except for Chernihiv city, Nizhyn and Pryluky districts) and the Autonomous Republic of Crimea) is not insured.

Please note! There is a list of property that is not covered by insurance: cash, jewellery, documents, books, toys, paintings and other works of art.

How to choose the right insurance?

When choosing an insurance policy, first of all, estimate the real value of your property, because an overestimated amount will not increase the payout, and an understated amount will not cover losses.

Be sure to clarify the amount of coverage to match potential losses, understand the terms of payment in detail, including the necessary documents and deadlines, and carefully study the exceptions to the contract to understand when the insurance will not apply.

In Ukraine, pay special attention to the presence of insurance against war risks or terrorist acts in the policy, find out the list of events, the territory of coverage and the terms of compensation for such risks, as this may be a separate option or have significant restrictions.

How to take out insurance online on Visit Ukraine

On the Visit Ukraine portal, you can take out express insurance online without inspecting your property and real estate documents. You only need a passport and TIN to take out insurance (available even for tenants).

1. Select the sum insured and the policy start date.

2. Fill in the form with data about the property (address) and the person insuring the property (full name, date of birth, passport details, TIN, contact phone number and e-mail).

3. Agree to the terms and conditions of the contract and confirm the registration (via a special code that will be sent to your e-mail).

4. Pay for the insurance in a convenient way.

5. Receive a ready-made apartment insurance policy to the specified e-mail.

Advantages of taking out insurance on Visit Ukraine

1. Speed and affordability - the price is calculated instantly, and only a passport and TIN are required for registration.

2. Optimal price and convenient payment methods - you can use a card of any bank.

3. Security - you can immediately receive the policy to the specified e-mail.

4. A wide range of prices and services - you can choose the optimal amount from UAH 125 thousand to UAH 2 million to insure your own or rented apartment.

5. Additional services - reimbursement of expenses to third parties who suffered as a result of unintentional actions.

Common mistakes in home insurance

A common mistake in home insurance is to indicate a low sum insured, which leads to insufficient compensation in the event of significant losses. Many people do not read the exclusions from the contract carefully, and then are surprised to find out that their insured event is not covered. A critical mistake is to take out a policy after the problem has already occurred, because insurance only covers future events. In the context of Ukraine, it is especially dangerous to ignore the availability of war risk coverage, as losses from hostilities can be significant, and without a corresponding clause in the contract, there will be no compensation.

Choose an insurance policy and don't worry about your real estate!