Frequently Asked Questions About Multi-Risk Insurance Coverage

Experience tells us that when you decide to purchase comprehensive insurance, countless questions arise. Here are the answers to the most frequently asked questions we receive:

1. Is comprehensive home insurance mandatory?

The only coverage required by law is fire insurance, which covers damage to the property in the event of a fire. On the other hand, it is mandatory for buildings under condominium ownership. However, if you turn to a bank or other lending institution to purchase your home, comprehensive home insurance is a condition required by the lender.

2. What is the difference between the building and the interior?

The building includes the entire structure of the individual unit, its annexes, and enclosed garages (parking spaces), as well as the building’s common areas (roof, stairwells, elevators, garage, etc.) in proportion to your ownership share. The contents refer to all the items you place inside your home from the day of purchase, such as furniture, appliances, kitchen utensils and other kitchen equipment, curtains and rugs, bedding and towels, and valuable items such as jewelry, paintings, fur coats, video and still cameras, and audio equipment, among others.

3. Is it possible to save money on comprehensive insurance?

Yes. For example, compare quotes from various insurance companies and regularly review the cost of your comprehensive insurance. Also, check whether you’re paying for the coverage you actually need or if you have supplemental plans you don’t need. At EXS Seguros, as representatives of 26 insurance companies, we have in-depth knowledge of the Best Multi-Risk Home Insurance Deals and we offer a solution that is sure to save you dozens of euros a year. This product is suitable for both those who are preparing to apply for a mortgage and those who already have a mortgage.

4. What kind of protection do I need for my home?

You need to ensure that the cost of rebuilding your home is covered. In this case, the property’s market value or its value for tax purposes has no bearing on the coverage amount for your comprehensive home insurance policy. Whenever you carry out construction work or make alterations to the building, you should increase the insured amount so that the policy continues to cover the property at 100%. At EXS, we can help you calculate the construction value.

5. What distinguishes a high-risk item from the rest?

Items are classified as high-risk if the insurer considers them to be of high value and, therefore, to pose a greater risk of theft. This is typically the case when the total value of the valuable items exceeds 30% of the total value of the contents.

6. What does accidental damage coverage include?

Most basic protection plans do not cover damage caused to your own property by accidental acts, such as kitchen cabinets falling over accidentally. Contact us to learn about the options that cover these situations.

7. How much does it cost to cancel my current comprehensive insurance policy?

Canceling your current insurance policy is free of charge for the customer. Contact us to review your situation. At EXS, we’ll provide you with a personalized quote, with deductibles and coverage limits tailored to the coverage options you’ve chosen.

8. Does comprehensive home insurance cover water damage?

No. For example, if there is a crack or the building’s exterior has not been properly maintained in the area of your unit, and water gets in during a rainstorm, that is not covered by insurance. The owner must perform proper and regular maintenance.