How to Get a Quote for Your Multi-Risk Home Insurance

You’ve decided to buy a home and are currently shopping around to compare offers. Or maybe you already own a home and are finally going to take a look at your bill to see how much you’re paying for your comprehensive home insurance. Running a simulation is the first step toward saving money.

No one is immune to minor everyday accidents that can have serious consequences.

A leak or break in the washing machine can cause a flood that damages the floor of your home. Worse yet, it can seep into and cause damage to the neighboring apartment.

Comprehensive insurance gives you peace of mind.

That’s why running a multi-risk home insurance simulation is essential to ensure you choose the plan that’s right for you. In this article, we’ll explain the benefits of this home insurance and show you how to use our free online simulator.

Why should you purchase comprehensive home insurance?

By law, fire insurance is mandatory for condominiums. However, if another serious incident occurs in your home, you will be responsible for the costs of repairs and loss of property, which could jeopardize your family’s financial stability.

To guard against these circumstances, there is multi-risk home insurance.

Purpose of the Insurance

Comprehensive home insurance covers damage to the property and its contents.

It is a flexible solution designed for homeowners seeking security and peace of mind.

Roofs

You should only pay for the coverage you need. You decide what to include, based on your family’s needs, the characteristics of your home, and other factors.

If you already have a policy, review your insurance information. You may be paying for coverage you’ll never use.

Premium Amount

The premium amount is calculated based on the coverage purchased.

You should estimate the reconstruction cost of your property—this is the maximum amount the insurance company will pay. The same applies to the contents of the home.

If, for example, you make improvements to the property, you must factor in the increased value and report the new amount to the insurance company.

There are dozens of options on the market—beyond just banks. EXS is a broker with in-depth knowledge of the market. We have been building long-lasting partnerships with numerous trusted insurance companies. This is one of the secrets behind our competitive prices.

Why is it important to purchase comprehensive home insurance?

An emergency fund is a savings account set aside to cover situations such as temporary loss of income, unexpected expenses, and so on. Comprehensive home insurance follows the same principle. It’s a Plan B in case something unexpected happens to the property, the family, or in the event of damage caused to third parties.

However, there are some questions that may arise when purchasing a policy, which we address below.

Does comprehensive home insurance cover the contents of the home?

Household supplies are generally not included in the Basic coverage under comprehensive home insurance. Typically, basic coverage under most plans includes protection against damage caused by fire, natural disasters, electrical hazards, and civil liability.

However, you can ensure that your household contents are protected by adding additional coverage. With this extra protection, you can safeguard your household contents against potential theft or accidents. In this case, you’ll need to assess your equipment and valuable possessions and determine a value that covers the cost of replacing those items. Then, you simply need to update the insured amount on your policy and provide a detailed list of your equipment.

What should the insured amount be?

The insured amount is the sum—determined by you—that represents the total value of your home. It corresponds to the cost of rebuilding your home in the event of a fire or flood.

It is essential to carefully determine the insured amount, because it affects the premium you pay for the insurance and determines the amount you may receive in the event of a claim. Thus, if the insured amount is less than the cost of repairs, the insurer will only pay a proportionate share of the damages. In other words, if the reconstruction will cost €100,000 but you’ve only insured €70,000, you’ll only receive the amount you specified. However, if you insure for €100,000 but the repair costs only €70,000, you’ve been paying a premium higher than you should have.

What does comprehensive home insurance cover?

As we mentioned earlier, the basic coverages under comprehensive home insurance policies are:

• Fire, lightning, and explosion;
• Storms and floods;
• Water damage;
• Property Liability Insurance;
• And electrical hazards and cosmetic damage.

In addition to these, there are other supplemental coverages that protect against other risks, namely:

• Housing assistance;
• Protection of the property's contents against accidents or theft;
• Protection for your personal property against theft or robbery;
• Insurance for personal accidents occurring in the home and coverage of expenses related to domestic incidents;
• Family civil liability;
• And, expenses related to a temporary move.

Are seismic events covered by insurance?

Seismic coverage is an additional coverage under a multi-risk home insurance policy that protects property against damage caused by events such as tremors, earthquakes, volcanic eruptions, tsunamis, underground fires, and fires resulting from these natural phenomena.

This coverage ensures the demolition and removal of debris, backfilling of the property, and reconstruction of the home, all up to the insured amount.

This coverage is especially important if the property is located in an area with a higher risk of earthquakes, such as the Lisbon and Tagus Valley, Alentejo, and Algarve regions.

Unknown Coverages Under a Comprehensive Home Insurance Policy

In addition to covering major risks, multi-risk insurance It also offers smaller coverage options, which you probably aren't even aware of.

We're talking about support services, specifically home repairs and maintenance, legal protection, in-home medical care, and additional coverage.
Coverage that includes reimbursement for laundry, restaurant, and lodging expenses, payment for a security guard, or legal assistance in the event of theft.

At the same time, your comprehensive home insurance policy may also include coverage for compensation for damage to refrigerated goods or reimbursement for the replacement of documents.

Get a great price with EXS

EXS works with a network of partners that includes 26 insurance companies. What does this mean for the customer?

This means that we contacted 26 partners on your behalf. We screened them and selected the proposals based on your requirements.

In addition to competitive prices, EXS conducts its business in accordance with the following principles:

• Simplicity;
• Transparency;
• Ongoing customer support.

All market analysis and research is conducted by our professionals. More than 15,000 clients have already taken advantage of our services.

A insurance simulation It's a small step toward a big change.

3 Steps to Get a Quote for Comprehensive Home Insurance

A Home Insurance Quote It's free and requires no commitment. It's designed to help customers understand where they can save money without compromising on the quality of their coverage.

It involves just 3 steps:

• Step 1 – Go to the multi-risk home insurance simulation page;
• Step 2 – Fill in the required information;
• Step 3 – We will respond to your simulation request within 24 hours.

This simple step can save you up to 60% on your home insurance premium.

Coverage Under EXS's Multi-Risk Home Insurance Policy

Our customers have seen a reduction in their home insurance costs.

Many had taken out an insurance policy at the time they took out the loan. They were paying for coverage they didn't need, and at too high a price.

With EXS, a comprehensive insurance policy includes at least the following coverages:

• Fire, lightning, and explosion;
• Storms and floods;
• Water damage (burst pipes);
• Property Liability Insurance;
• Electrical hazards and cosmetic damage.

If you're looking for comprehensive coverage, there are other supplemental coverage options available. Even pets can be covered.
And all this for less than half of what you’re currently paying. Want to lower your Multi-Risk Home Insurance premium?

• Efficient response. Smooth and professional policy transfer.
• Personal and human qualities of the consultants.

Here are some terms our clients use to describe the teams and the work carried out by our mediator.

Become an EXS customer. Take a step toward saving.