Comprehensive home insurance covers your home, regardless of its size, in a building or a single-family home.

It also covers your furniture and even your liability in the event of damage to third parties. Depending on who is concerned, taking out such insurance may be compulsory or optional.

The owners

There is no obligation for a homeowner to insure his or her home or personal property, but it is prudent to take out such insurance. Indeed, in the event of a claim, the damaged goods and the prejudices caused to the neighbours will be compensated by the insurer, and not by the owner himself.

The co-owners

The building in which a co-owner resides is normally insured by the syndic, on behalf of the co-ownership. It normally covers damage to the common parts of the building (entrance, stairwell, roof, etc.): fire, water damage, storm, natural disasters, theft or damage, etc. Some contracts also cover private areas such as cellars and car parks. In no case does this insurance exempt the co-owner from protecting himself against risks to his own personal property or to other co-owners or tenants, or even to the common parts of the co-ownership.

The tenants

Home insurance is compulsory for tenants, regardless of the property occupied. All tenants must prove to their landlord when they move in that they are insured, and every year on the anniversary of the contract. If this is not the case, the lease may be terminated. However, the law does not allow landlords to impose one insurance company over another.

 Source: lemoneymag.eu