If you are about to buy an apartment in Paris from America, Asia or elsewhere you need to understand French home insurance.
Known as "assurance habitation" in France, it is a vital aspect of homeownership that provides financial protection against unexpected events and damages to your property.
Let's explore key aspects that you, as future Paris homeowner, need to know about assurance habitation.
đ„ Comprehensive Home Insurance Policy
Owners of a Parisian home located in a multiple apartment building must subscribe to a comprehensive home insurance policy. Such insurance policy covers three main types of risks:
Damage to Property:Â This includes coverage for damages caused by fire, water damage, natural and technological disasters, burglary...
Liability Coverage:Â This protects homeowners against legal liability for accidents or injuries that occur on their property.
Personal Belongings:Â Coverage for personal belongings such as furniture, electronics, and valuables against theft or damage.
đ„ Factors Affecting Premiums
Several factors can influence the cost of your home insurance premiums, including:
Location: The location of your property, including factors such as proximity to flood zones can impact insurance premiums.
Property Value: The value and replacement cost of your property, including its size, construction materials, and amenities, can affect insurance premiums.
Security Measures: Installing security systems, smoke detectors, and burglar alarms can help lower insurance premiums by reducing the risk of theft or damage.
Claims History: Your claims history and previous insurance claims can influence the cost of homeowner's insurance premiums.
đ„ Additional Home Insurance Coverage Options
In addition to the comprehensive home insurance policy, you may opt for additional coverage options to enhance your protection. These may include:
Enhanced Legal Protection: Coverage for legal expenses related to disputes with neighbors, tenants, or contractors.
Home Assistance Services: Access to emergency assistance services for home repairs, plumbing emergencies, or locksmith services.
đ„ Non-Occupant Homeowner Insurance in France
Sometimes also referred to as landlord home insurance, Non-Occupant Homeowner Insurance must be distinguished from Owner-Occupant Insurance (concerning a property you inhabit yourself), and Renter's Insurance, which concerns the latter once they begin occupying the property.
In fact, Non-Occupant Homeowner Insurance allows the owner of temporarily unoccupied property to cover it. Indeed, even when unoccupied, a property remains exposed to various risks, such as water leakage or a short circuit that could cause a fire... It is therefore necessary to protect it, both against anything that could happen within your property and against any dispute with one of your neighbors if the incident were to affect adjacent properties.
Non-Occupant Homeowner Insurance (or Landlord Insurance) can therefore be taken in two cases:
1. When the property is completely vacant. Whether the owner is protecting the property while awaiting a new tenant or wishes to safeguard it while leaving it unoccupied for an indefinite period, Non-Occupant Homeowner Insurance is strongly recommended to counter any unforeseen incidents.
2. When the property is occupied by a tenant. Even if your tenant has their own home insurance (or even if they haven't taken out any!), it will also be very useful for you as the owner to have your own insurance. Indeed, in the event that your tenant is not adequately insured or is uninsured for certain risks, it will be up to your Landlord Insurance to step in and cover your back.
đ„ Cost of Paris Home Insurance in 2024
Depending on your coverage requirements, the price of your Paris homeowner insurance can vary between 170 to about 400 Euros per year.
Be careful: an offer with a low premium can indeed end up costing you much more than a more expensive but more comprehensive insurance. It is therefore necessary to compare home insurance policies on the market to find the most advantageous offer.
Using an online home insurance comparison tool ensures that you choose the cheapest home insurance that is suitable for your budget and situation.
Happy property hunting, and may your French real estate journey be as smooth as a buttery croissant! đ„ đ«đ·
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