House and Apartment
Apartment Insurance
Apartment insurance can protect you from many risks, and it’s entirely up to you to decide which areas of coverage to include. When drafting and evaluating an insurance policy, we ensure that you are fully informed about all its aspects. This way, every client will be fully aware of what they are paying for and the level of coverage they can expect in various situations.
General Information
Why Should You Insure Your Apartment?
An apartment is an asset with a certain monetary value and very low risk of financial loss. This means that damage to an apartment is extremely rare, and in most cases, compensating for such damage does not entail significant costs due to the small amount of damage involved. We should also keep in mind that situations can arise that lead to a fire or any other accident resulting in significant damage. Let’s say that when we purchase a policy with an average cost of 200 zlotys, even minor damage will pay for itself within 15 years of purchasing the insurance. If a serious incident were to occur, we can be confident that, thanks to the insurance policy, we can avoid a major financial tragedy for our family. Therefore, we should insure what is most valuable first, because insuring an apartment against risks is very inexpensive.
What should you pay special attention to when signing a policy?
Apartment insurance is voluntary, and all the terms and conditions governing the policy are set forth in OWU (General Insurance Terms and Conditions). Of course, every insurer creates its own OWU for their products, while every company has a large number of general terms and conditions. Someone looking for a specific apartment insurance policy will most likely not have the desire or time to study the OWU and familiarize themselves with a set of rules written in legal jargon. However, we should at least familiarize ourselves with the basic terms and topics related to the type of insurance that will protect our property. An important section is EXCEPTIONS, where we can find out which risks are not covered by our insurance policy.
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Key Terms.
Walls (Mury) — This term refers to the structural elements that make up the apartment itself (excluding decorative and finishing elements).
Fixed Elements (Elementy stałe) — These are all the elements that are attached to the walls and ceiling (anything that cannot be removed without dismantling the structure). Examples: Windows, parquet flooring, etc.
Movable Household Property (Ruchomości domowe) — As the name suggests, anything that can be removed from the apartment. Examples: Household appliances, furniture.
Civil Liability (Odpowiedzialność Cywilna) — This is one of the most important types of coverage in the policy because it protects us if we accidentally flood the neighbors below or if a fire in our apartment causes the neighbors’ apartment to burn down. It’s the most affordable coverage we always offer.
Market Value of an Apartment (Wartość rynkowa mieszkania) — We won’t go into detail about the concept itself, but the main thing to remember is that the market value must reflect actual conditions in the area where the property is located. Why? Because if we underestimate the value of the property at the time the contract is signed (which will lower the insurance premium), the insurer may apply the principle of proportionality and reduce the amount of compensation for damages.
Replacement Cost (Wartość odtworzeniowa) — This definition refers to the ability to restore a damaged object to its original condition.
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How much does it cost?
In most cases, the decision to purchase an insurance policy—or to decline it—is based on economic factors. Let’s briefly outline the approximate cost of insurance using a specific example to demonstrate its cost-effectiveness.
An insurance policy for 75 zlotys a year.
Permanent Elements (Elementy stałe) — Insured Amount: 10,000 zlotys
Household Personal Property (Ruchomości domowe) — Insured Amount: 10,000 zlotys
Civil Liability (Odpowiedzialność Cywilna) — Insurance Coverage: 10,000 Zlotys
These insurance coverage amounts are based on replacement cost.
An insurance policy for 150 zlotys a year.
Wall Insurance — Insured Amount: 165,000 Zlotys
Permanent Elements (Elementy stałe) — Insured Amount: 10,000 zlotys
Household Personal Property (Ruchomości domowe) — Insured Amount: 10,000 zlotys
Civil Liability (Odpowiedzialność Cywilna) — Insurance Coverage: 10,000 Zlotys
These insurance coverage amounts are based on replacement cost.
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