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The price of home insurance is hardly spared by the resumption of inflation: according to the Personal Insurance Price Index (IPAP) of the insurance comparator Assurland, their price has increased by 33% on average in France since 2010.
This is no doubt the reason why the city of Paris wanted to give a helping hand to underprivileged people with low incomes, by launching the project for “low-cost multi-risk home insurance” which will be put in place at the autumn, thanks to a call for expressions of interest (AMI) initiated by Ian Brossat, deputy in charge of housing. Which explains in a tweet aimed at Parisians that the initiative pursues “two objectives: to make you gain purchasing power, and to allow you to access quality insurance”.
“The insurer Wakam and the mutualist group VYV were jointly selected following the call for expressions of interest launched by the town hall of Paris”
The AMI indicated that candidate insurers had to satisfy three criteria: the quality of customer service, the guarantees and amounts of cover, and the price. Several large insurance companies responded, and it was the insurer Wakam and the mutualist group VYV that were jointly selected. Two unknown but important actors. The first, a mutual player in health and social protection, is better known by the name of its subsidiaries: MGEN, Harmonie Mutuelle, or the Mutuelle Nationale Territorial… The second, Wakam, has more than 11 million policyholders in 32 countries Europe, and was better known under the name of its French brand, La Parisienne Assurances.
The conditions for obtaining this insurance are specific: have an income of less than 2,000 euros net per month for a single person, 3,300 euros for a couple, or 4,300 for a family with two children. For example, the price of this new insurance will amount to 130 euros per year, against 180 euros on average for a studio. The price will increase to 194 euros per year for a three-room apartment, against 292 euros on average.
Single deductible at 120 euros
On paper, the advantages of this home insurance are numerous: single deductible of 120 euros, reimbursement at the value of new in the event of water damage, fire or burglary, no subscription costs, no exclusion criteria related to previous claims. In addition, according to the specifications, the procedures must be simplified and – a useful requirement – the documents must be written in “clear language”. Among the appreciable bonuses: assistance that can be reached by telephone seven days a week and 24 hours a day, and the possibility of a digital safe for policyholders. Between 200,000 and 400,000 inhabitants of the capital could benefit from this “municipal” home insurance.