This insurance is specifically for residential houses and movable personal property.
The assets covered by this insurance include:
- Buildings
- Electronic equipment such as computers, cameras, TVs, radios, etc.
- Furniture, such as chairs, tables, cabinets, etc.
Losses compensated are those resulting from disasters such as:
- Fire
- Theft
- Flooding
- Earthquakes
- Accidents, such as being struck by a falling tree or a vehicle leaving the road, etc.
The duration of this insurance policy is one year.
The premiums for home and property insurance depend on the assessed value determined at the start of the policy. The policy can be adjusted to reflect changes in the value of the house or personal property each time the insurance contract is renewed.