Immovable. Home insurance: which contract to choose?

Is home insurance compulsory?

Also called rental risk guarantee (GRL), home insurance is compulsory for tenants, who must provide a certificate each year. If a tenant does not take out insurance despite a formal notice, his lessor can take out one in his place and defer its cost to the amount of the rent.

The GRL is simply mandatory for owners living in condominiums. On the other hand, it is optional for the other owners of their accommodation. If they decide to do without it, they are the ones who will have to bear all the costs and compensate all the damages in the event of a claim. Insurance is also not compulsory for non-occupant owners, except in condominiums where it is required.

Why take out insurance when you are a lessor?

Although not occupying and despite the obligation for the tenant to take out insurance, a landlord can take out a contract which covers the damage suffered by his tenant. Contracts for lessor landlords generally involve civil liability and coverage of rental risks. The lessor can also hedge against unpaid rent.

Some multi-risk formulas (MRH) for landlords offer a neighbours’ recourse guarantee, home assistance or even legal protection.

How to choose multi-risk home insurance?

To compare contracts and find the one that best suits your needs, you can use a comparator, as offered by Assurland, the insurance brokerage specialist. A detailed questionnaire is used to determine the covers and options that suit you best. There is home insurance suitable for all profiles. For example, some offer low-cost contracts specially designed for students.

Please note: basic rental risk insurance (GRL) only covers fires, explosions and water damage. Damage caused to neighbors is not covered by this insurance, nor does it cover personal property that may be damaged in the event of a disaster or burglary. All these optional guarantees are offered in comprehensive home insurance (MRH).

How to cancel your home insurance and take out a new contract?

If you have already been insured for less than a year, you can terminate your contract two months before its expiry date by registered letter sent 15 days before. If your contract is over a year old, you can terminate it at any time by registered letter with acknowledgment of receipt, giving one month’s notice.

But the easiest way is to start by finding a new, better-suited contract and letting your new insurer take care of all the steps.

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