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Principles of Residential Property Insurance

Principles of Residential Property Insurance

 Principles of Residential Property Insurance

Household property insurance is a type of optional household insurance that protects personal belongings as well as consumable commodities used at home to meet family domestic and cultural needs.

Household property insurance is a type of optional coverage that protects goods like furniture and artwork, as well as food and drink, in the home.

An insurance company that has been granted permission to conduct insurance operations by the federal executive body in charge of overseeing insurance activities.

Legal individuals, people, and private businesses who have signed an insurance agreement with the insurer are known as insurers.

Citizens' residential property insurance protects them from property loss due to natural disasters, accidents, and other unforeseen events.

Household goods, household objects, and consumer products that belong to the insurance policyholder (members of his family) under his right of personal property and are intended for use in the house to meet the family's domestic and cultural needs are categorized as household things.

Property insurance for houses and other places to live, such as apartments and condominiums, includes the things in each of these categories. Depending on their function, the following groups of objects can be tentatively distinguished: upholstered furniture;

  •  Clothes, shoes;
  •  Radio-television equipment;
  •  Electrical appliances;
  •  Sewing, knitting, typewriters;
  •  Electronic computers;
  •  musical instruments;
  •  Photographic and cinematographic equipment;
  •  watch;
  •  Crockery and table setting items;
  •  Items of optics;
  •  Books and magazines;
  •  Carpets and rugs;
  •  Objects of inventive and decorative art;
  •  Perfumery;
  •  Jewelry;
  •  Inventory (hunting, sports, tourist);
  •  Building materials, etc. 
Insurance is not accepted for:

  • Documents (written acts of legal significance);
  •  securities;
  •  Banknotes;
  •  Manuscripts;
  •  Photographs and slides;
  •  Objects of religious worship;
  •  Belonging to vehicles;
  •  animals;
  •  Fruit and berry and other plantings, and crops.

The ability to acquire, use, and dispose of individual belongings is known as the right to personal property

In most cases, the right to own something (to truly hold it) and the ability to use it (to derive benefit from it) occur at the same time. Citizens' rights to dispose of include the ability to form certain legal relationships with others regarding their property (sale, donation, exchange).

The second crucial signal is the actual use of a piece of household property as an insurance object to meet the insured's family's domestic and cultural needs.

Any family member who has reached the age of majority can insure a home. Household products, appliances, utensils, and other objects used to meet the family's and cultural needs, as well as premises furnishings and furnishings, are covered by the guarantee.

According to the criteria of residential property insurance, a person who lives with you and shares a common household is considered your family member. True (real) living at the same address is required for cohabitation: in the same room (apartment) or private house. Sharing in the family's total budget, joint meals, shared usage of common things, and combined participation in their purchase are all aspects of maintaining a common household.

Both of these signs (living together and maintaining a common home) must be present at the same time, or they will be two separate families.

When determining whether or not an insurance claim is valid, demonstrating actual cohabitation and running a common household is especially important, because insurance compensation is not paid if the insured accident was caused by the policyholder's or an adult family member's intentional acts, according to the rules.

An insurance contract is lawful if it is put into for the benefit of a person (the policyholder) who has a legal, contractual, or other interest in the preservation of the insured property. An insurance contract that isn't based on the policyholder's wish to keep this property isn't valid.

The policyholder has the option of appointing a new specified beneficiary and alerting the insurance provider in writing. Once the beneficiary has completed any of the requirements of the insurance contract or filed a claim for insurance compensation, he or she cannot be replaced by another person.

There are several different types of home insurance coverage available:

A typical homeowner's insurance policy includes a general contract that covers all household belongings (excluding those covered by a separate policy) as well as apartment furnishings, decorations, and equipment.

regardless of whether the policyholder has a basic household property insurance contract, a customized contract under which particular groups of household products and individual items are insured.

Luxury property, debts, paintings, one-of-a-kind, and antique goods, and car spare parts, components, and accessories are all covered by specific insurance contracts.

The beneficiary mentioned in the insurance contract is the policyholder. The property is insured in the territory specified in the insurance contract. If the covered object is taken out of this region, unless expressly mentioned in the insurance agreement, the coverage for it ends. Any ownership, usage, or other proprietary rights are owned outright or through a leasehold interest by the policyholder. Insurance can be purchased for a wide range of purposes and hazards.