The expenses associated with a real estate investment can include the market study of the area that you can do yourself but it will be expensive, the purchase price of the property, notary and registration fees, real estate agents’ commissions, maintenance costs, insurance, local taxes and possible renovations or repairs, after which you should take into account the cost of property management. It is important to calculate all these expenses to get a clear picture of the total investment.
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Things that home insurance can cover depending on the contracted policy:
What does home insurance not cover?
Intentional damage or damage done in bad faith by the insured
Natural disasters
Theft outside the house
Damages due to the insured’s negligence
Failures due to the simple passage of time
Damages caused by atmospheric phenomena on goods located outside the house
*What can home insurance cover and most people don’t know? *
IT support. If your computer is not your best friend, look for this type of assistance in your home insurance. You have a new laptop and can’t figure it out. If your internet isn’t working or your computer is acting weird, this policy option will make your life easier. And if you work remotely, even more.
DIY. There are many problems such as hanging curtains, repairing a door, assembling a piece of furniture, replacing a faucet, etc.: you need to call the insurance company and request the home service. Practically all companies include one, but it’s important to know how many times and hours per year they are available and exactly what type of service they include. This depends on each insurance company.
Losing keys or replacing locks. If your lock jams, it works so badly that you fear you will be locked in your house or you won’t be able to get in, you are robbed, you left your keys in your house or your key breaks in the cylinder: this cover can be of great help if the insurance includes locksmith, all you have to do is call and the locksmith will come right away to take care of it.
Cancel your credit/debit cards. If you lose your card or mobile phone, there is an option with some insurance companies where they can block your lost phone or cards if necessary.
Electrical faults. If you have electronic devices connected and a short circuit, power cut, surge or similar causes them to fail, home electrical damage cover will mean that we don’t have to bear the full cost of repairing our computers, consoles etc.
If the food you kept in the refrigerator spoils due to an electrical fault in the house, there is a guarantee by which the insurance could cover (within the limit reflected in the Special Conditions) the spoiled food. As a general rule, they will ask you to provide proof such as supermarket receipts.
Legalized fixed solar panels. If your home already has them, you can include them in your insurance so that they are covered in case of fire, glass breakage or theft. In general, solar panels are considered part of the property because they are a fixed installation for producing electricity for the home, therefore, you must take this into account when declaring capital and contents.
Children may break the neighbor’s window with a ball or scratch the neighbor’s car; the insurance includes civil liability coverage for these cases; the puppy, if it is not PPP (perro potencialmente peligroso) we can usually include it in the home insurance policy, so that the Civil Liability is covered for any damage it may cause to third parties. OVE (objects of special value). This cover covers goods such as paintings, antiques, collections or works of art that you may have in your home, but be careful! In order to have cover for these goods you must apply and declare them on your insurance application. Before signing the contract, check with your broker or insurance company to what extent they would be covered and how they should be valued.
If you need it, you can ask for legal aid, which is included in many home insurance policies.
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