Property Insurance

Property insurance is a contract between a property owner and an insurance company, with the purpose of providing financial protection against loss or damage to the insured's property, as well as civil liability for injury or damage to third parties within the insured property. It is essential for any real estate owner, as it acts as a safeguard against a wide variety of risks, depending on the coverage purchased and the specific conditions.

The main types include:

• Housing - Dwelling: Includes single-family homes, townhouses, apartments, condominiums and other residential structures.
  
  
• Commercial structures: Covers offices, commercial buildings and industrial buildings.

• Covers repair or reconstruction of the property structure against damage caused by covered events, such as fire, storm, lightning, hail, high winds, vandalism or specifically mentioned hazards. However, it is important to note that this protection may not apply if the residence is left unoccupied for extended periods, depending on the precise terms established.

• Covers damage to structures separate from the main property structure, such as detachable garages, sheds and fences, ensuring the entire property is protected.

• Covers personal items within the property, such as furniture, appliances or merchandise, in the event of theft or covered damage. It is advisable to maintain a detailed inventory and adequate documentation to facilitate the claim process.

• Covers the costs of legal and financial protection if someone is accidentally injured on the insured's property or if the insured damages another person's property.

• In flood-prone areas, it is crucial to consider separate flood insurance, as typical homeowners insurance does not cover flood damage.

• Similarly, earthquakes are generally not covered and require additional specific coverage.

• It is crucial to regularly evaluate the value of the insured property to ensure coverage is adequate to rebuild or repair in the event of a total loss. This may involve an adjustment in line with increases in market value or improvements made to the property.