Owning a house is often the biggest investment you will ever make and most people will do anything to protect it. Homeowners insurance is essential to securing your property as it will assist you in repairing your home in the event that something has happened to it. Simply put, while it seems as though you may be paying out considerably more than you have used in the past, it is the most important insurance that you want to have. You never know when something might occur and repairs may be needed or items may need to be replaced.
In Italy, homeowners insurance is not required and as a result many people go without it unless you are still paying on a mortgage, then, the lien holder will require you to have building insurance. This, however, only applies to the structure and does not include any of your belongings.
Italy does have some special stipulations in place regarding insurance policies.
1. Italian law states that if you are going to be leaving a property vacant for more than 24 hours the water must be shut off to prevent burst pipes or freezing while you are not home as this can cause significant damage to a house.
2. You must let your insurance company know if you are using a bottled gas as your rates will be higher.
3. In Italy, you must insure each individual electrical system or appliance against lightning strikes. It they are not covered separately then most companies will not pay.
4. You absolutely cannot have an earthquake policy. In the event that there is an actual earthquake that causes damage the Italian government will step in and assist you. The amount will be based on the value according to the land.
5. Italian policies, generally, exclude tree damage.
It is important that you insure your belongings as well in case of a disaster or theft. Italy, once again, has policies in place that should be followed.
1. Certain policies require different safety measures. They must all be adhered to or your clain will not be paid.
2. Valuables, such as jewelry, cannot be insured unless they have been valued by an Italian expert and then they must be stored in a safe. Also note that valuables are only insured when you are present and as such, claims will not be paid if you are traveling abroad.
Italy, thankfully, is not known for being struck by many natural disasters on a regular basis. Nevertheless, you never know when a bad storm may crop up, a fire might break out, a pipe may burst, or someone may break into your home. It is vital to be prepared.