Comprehensive home insurance covers your home, regardless of its size, whether it is in a block of flats or a detached house.

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

The owners

Homeowners are under no obligation to insure their home or personal property, but it is wise to take out such insurance. This is because, in the event of a claim, the insurer, not the homeowner, will pay for any damage to property or harm caused to neighbours.

The co-owners

The building in which a co-owner lives is normally insured by the managing agent, on behalf of the co-ownership. It normally covers damage to the building's communal areas (entrance, stairwell, roof, etc.): fire, water damage, storms, natural disasters, theft or damage, etc. Some policies also cover private areas such as cellars and car parks. Under no circumstances does this insurance release the co-owner from his obligation to protect himself against risks to his own personal property, to other co-owners or tenants, or even to the common parts of the co-ownership.

The tenants

Home insurance is compulsory for all tenants, regardless of the property they occupy. All tenants must prove to their landlord that they are insured when they move in, and every year on the anniversary date 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 rather than another.

 Source: lemoneymag.eu