Property Insurance

I have encountered various situations, which leads me to assert: it’s not so much about which insurance company is listed on your policy, but about who you can call, even on a weekend, and who will make an effort to ensure you receive compensation for your losses.

It must be admitted that the primary goal of insurance company employees working in support services and call centers is to save money for their company.

So, let me outline everything related to property insurance. This is an important matter for homeowners living in their own property, landlords, tenants, and those working with short-term rentals through platforms like Airbnb.

First and foremost, remember that the property is insured regardless of how many times ownership changes during the year.

If your apartment was insured and you sold it, you can request a recalculation from the insurance company and have part of the amount refunded.

You must notify the company two months in advance if you do not intend to renew the policy. Otherwise, the policy will be automatically renewed.

Now, let’s discuss the types of insurance, as many people associate it with just one term: “the apartment is insured.”

1. Every residential apartment building is legally required to be insured! This means that all common areas, elevators, sewage pipes, and water pipes in the building are protected against fire, flooding, earthquakes, etc. For instance, if something happens in your apartment due to an issue with a common pipe, the compensation matters are handled with the company insuring the entire building.
2. If you imagine turning everything inside your apartment upside down and throwing it on the floor, that’s your personal property (household contents). It’s worth noting that any items older than seven years are a “special challenge” when it comes to getting compensation from the insurance company.
3. The third type of insurance is liability coverage for neighbors below. For example, in case of flooding, your insurance company covers the damages.

• Scenario 1: You caused the flooding, and your insurance compensates the damages.
• Scenario 2: You were flooded, and your neighbor’s insurance compensates the damages. If your neighbor has no liability insurance, your insurer pays the damages and then seeks compensation from your neighbor in court.
• Scenario 3: Neither party has insurance, and you’ll need to go to court yourself.

An important issue is how exactly the insurance company assesses and pays compensation. The value of furniture is determined by an adjuster, who considers its current market value, taking depreciation into account. It is very useful to keep purchase receipts for everything! This can significantly impact the valuation.

There is now an app for estimating repair costs. You simply upload photos, and it automatically calculates the cost of materials and repair work based on market prices.

If there are doubts (and often, your oak parquet flooring is the victim), an adjuster will visit you. What happens if, instead of finding a beautiful, expensive parquet floor, they discover laminate from the year you were born, is best left unsaid. This is classified as fraud. The penalty can be up to five years in prison!

Don’t be discouraged by what’s written above.  Everything will be fine. Your apartment will remain safe and sound! And insured.

Feel free to call +420 608 307 789 or write [email protected] 

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