YOUR HOME AND RECREATION PLACE
The insurance coverage of the building in which you live, rest or visit during weekends has the following composition:
The insurance policy for BUILDING is meant to cover your main or vacation home, garage and other constructions, gates, fences, swimming pools, etc against all possible risks.
Check whether you have “reinstatement and replacement cover”, meaning “new for old”. Expenses for repurchase of furniture, carpets, personal belongings and others may amount to a considerable sum – you must take care upon deciding what to insure and to what amount.
Also do take note of the covered and exempt risks and deductibles.
The Policy for equipment, furniture and audio-video appliances may be included in the insurance coverage of the BUILDING or may be a separate one, depending on the ownership of the building and the belongings in it. There are also various options for the type of coverage and the way for indemnification of the owner upon damage, which must be taken into account.
Belongings, such as jewellery, art, antiques and collections are insured to certain limits, with specific requirements and security measures.
Describe in maximum detail your belongings and define individual sums for each of them, taking care that the sums stipulated by you are close to market analogues. Your insurance company will cover all expenses for recovering of destroyed equipment and furniture but will always take into consideration age and wear and tear.
Liability of the owner to third persons
This coverage protects you against claims from other people, which have been injured or whose belongings have been damaged in accidents in your home for which you are responsible. For instance – if someone, not from your family, should fall down the stairs, as the banister has broken or pipe leakage leading to a flood in your neighbour on the bottom floor.
Add this clause to your policy, even for an insignificant sum. Do note that this clause does not include coverage for you or your family members, as well as for people who work in your home (cleaners or repair workers).
Personal liability to third parties
Anyone may decide to sue you for willful or accidental behavior, as a result of which you have caused injury or property damage. Such a policy may be personal or for the whole family. Do note that this coverage is relevant for occurrences outside of your property.
This has little application in Bulgaria for the moment, but do include this clause in your policy, just in case.