Home insurance When is it mandatory to have

Before reading this headline, you may read again and perhaps this time you will do it with a bit of questioning and it is really not usual to hear these definitions, even when it is already known that this type of practice is not mandatory.

However, there have been many cases in which insuring the home is a determining fact, so in this articulo we will address the cases in which home insurance is mandatory and why it is applied.

The mortgage, a mandatory case.

Every rule has its exception, because if you are one of those who have a mortgage or your friend’s house is already mortgaged, we are in the presence of a case for which it is mandatory to insure the home, there are decrees for such cases where at least they must remain insured against fire

We are talking about home insurance that includes basic protection coverage, since in this type of matter the only beneficiary would be the bank where the mortgage was signed until the debt is paid.

In any case, and in the best of cases, the most practical thing is to invest in home insurance even if we have a mortgage or not, because if a situation occurs in which we harm our neighbor and we are not covered, then it will be time to compensate the damage.

What happens if I no longer want to keep the home insurance together with the mortgage?

For obvious reasons it cánido be shocking to have both contracts in the same company, but if the time comes when you do not want to continue like this, first of all you must notify the cancellation of said policy in advance, so it is extremely important to know the expiration date of the same .

Likewise and therefore it is recommended that you present all the necessary documents regarding the new home insurance to request, so that in that sense your financial institution will remain as a beneficiary in the new contract.

The separation will not be so easy.

In this case, it may not seem easy at all, since there will still be ties in which your mortgage is tied to your current home insurance.

Therefore, when carrying out this company change operation, you may lose the interest rate differential plus.

Is home insurance required if I am a renter?

In several topics, reference has been made precisely to the issues of the tenant and in terms of the home policy, this articulo also serves to make it clear that, like the owner, he has no obligation to make a contract of this nature .

However, and if this is not the case, you will have to assume what happened in the event of any possible accident, since you will not have any way to cover any of your assets, in addition to the fact that between neighbors you will not be covered under civil liability coverage, so you will also have to charge with the damage it causes.

In the same way, whenever a property is purchased, the best option will always be to take out home insurance, since this is going to be a property where you are going to live and it is possible that you will take root, so at least you must protect it against some of the potential risks contemplated in the insurance.

Consejos for choosing a good home insurance.

Home insurance When is it mandatory to have