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Property Insurance |
| Household insurance
usually combines a third party liability, building and contents
insurance or a assurance multirisques habitation. It is required
by law that you have third party liability insurance, and usually
transfers to the new owner when the property is sold. The notaire
will inform the buyer if there is a valid liability insurance
and it is up to the buyer if he wants to continue the existing
insurance or take out a new one. |
 |
| If you own property
with shared ownership such as a time share or condominium, the
building insurance is usually included in your service charges.
This usually covers only building insurance, as a owner you need
to cover for third party liability and for the contents of the
unit. Since there is a higher risk involved in homes as a second
home, the insurance will cost more than if it was a primary home.
Despite the higher cost of insurance, it is better to pay the
higher premium than to have a claim denied. The insurance companies
have certain criteria about how soon a claim has to be filed
after a loss or damage occurred. If you are not able to file
within this time limit, your claim may be denied. You may want
to ask someone local to check on your property on a regular basis. |
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| disclaimer:By using the
contents of this site you accept our user agreement. All contents
are intended as study material and a general guidance. It does
not substitute professional legal advise. We advise readers to
contact the authorities before making any legal or tax involving
decisions. |