Building your own house is not a simple task. It takes a lot of effort, time, and financial capacity to pull off. Aside from that, it is also important to know that the interior materials and equipment of your new home is another expenditure. If you are in Texas, average home insurance costs in Texas is also more than average.
If you want to settle in Italy, having your own house might be simple though.
Italy’s home insurance is not obligatory. However, if you are under a mortgage, expect that your agent would insist to get you under insurance. However, when you are not from Italy, it is always better to get under insurance and mortgage to your homeland simply because of two things:
- The US, UK, and northern part of Europe have the best kind of mortgage and insurance which settle claims quicker
- It is best to talk with an agent of the same language and the same way of holding the claims properly.
When buying a property in Italy, make sure you know how the insurance is handled in the country and what types of insurance are available for you.
What an Insurance Covers
Although home insurance is mostly for personal consideration, you have to make sure that your home insurance covers unexpected calamities as well. Homeowner insurance covers the damage on a property due to flood, fire, and others.
At the same time, you have to find ways to review the insurance if it covers natural calamities like earthquake. Italy’s home insurance supposedly covers earthquake damage in which the government should shoulder whatever the cost of rebuilding the house.
Unfortunately, it will take you forever to rebuild your home this way. That is why homeowners who live near the fault lines are required to cover natural calamities in their insurance. It may not be a 100% insurance coverage, but at least the payoff is a bit quicker.
What if it’s a Holiday Rental Property?
Ensuring the periods when a property is not being rented out is much better when you opt for holiday rental homes in Italy. Italian insurance is infamous for not paying out content claims if it involves holiday rental. Due to the presence of too many loopholes, others are now using insurance from the UK.
Your Home as Your Workplace
Italy is also known to have electrical power issues. A sudden surge of power supply can ultimately burn your appliance which can do damage on your property. Due to this, you have to make sure you get home insurance and include your livelihood for the cost of damage.
What is Better for Content Insurance?
Insurance in Italy is notorious for making loopholes that can be a pain to deal with. It is for this reason why some would go to UK-based insurance companies to get the best service regardless of the amount they pay.
Premiums for content insurance may differ from non-Italian counterparts, and because of the surge of premium prices, people are not buying with premiums anymore.
Unless you speak the language fluently and would permanently stay in Italy, it is smart to get through the details of your insurance policy.