Property Insurance
It can be expensive if your property suffers damage, such as from indoor leaks, severe weather, or burglary.
With Property Insurance, you protect your property against the most common damages that can occur in residential housing.
Information regarding the insurance
What type of insurance is this?
Property Insurance is a combined insurance which covers the common types of damages that can happen to residential property. Property insurance is generally taken out in addition to the mandatory fire insurance for buildings.
What is covered? | What is not covered? |
|---|---|
| Water damage insurance covers: | Water damage insurance does not cover: |
Damage caused by water suddenly leaking from water pipes inside the walls in the building. | Damage caused by external water. (See downpour and meltwater insurance). |
Damage caused by water flowing from sanitary appliances due to a mistake or sudden malfunction. | Damage caused by water flowing out of sewers or drainage pipes. |
Damage caused by leaks from refrigerators and freezers. | Damage caused by failure of drainage pipes. |
Damage caused by prolonged moisture or fungal growth. | |
| Downpour and meltwater insurance covers: | Downpour and meltwater insurance does not cover: |
Damage caused by surface water flooding the property due to a sudden heavy downpour or thaw. | Damage caused by water leaking from balconies, gutters and their drainage systems due to the tides and/or ground water. |
| Frost crack insurance covers: | Frost crack insurance does not cover: |
Damage to the building‘s water pipes due to frost damage if the building‘s heating system fails suddenly. | Damage to snow melting systems. |
| Heavy snowfall insurance covers: | Heavy snowfall insurance does not cover: |
Damage to the property if heavy snow load overburdens its roof or walls. | Damage caused by avalanches. |
Damage caused by construction defects or insufficient maintenance. | |
| Storm insurance covers: | Storm insurance does not cover: |
Storm damage to the property when the wind speed reaches 28,5 meters per second or more. | Damage to loose items outside the house. |
Damage caused by sandstorms. | |
| Rental insurance covers: | Rental insurance does not cover: |
Rental payments the insured party loses or has to pay if the property has to be evacuated due to damage. | Rental payments for longer than 6 months after each insurance event. |
| Burglary insurance covers: | Burglary insurance does not cover: |
Damage to the property due to a break-in. | Damage to mail boxes. |
| Glass insurance covers: | Glass insurance does not cover: |
Damage to glass installed in the insured property if it breaks. | Damage to cut glass or glass art. |
Damage if the glass is scratched or chipped. | |
Damage due to fog between window panes. | |
| Breakage and collapse insurance covers: | Breakage and collapse insurance does not cover: |
Damage to the property if fasteners in indoor ceiling panels or interior fixtures suddenly fail. | Scratches or damage not considered breakage. |
Chipped tabletops | |
| Soot damage insurance covers: | Soot damage insurance does not cover: |
Sudden and unexpected soot accumulation from heating equipment and fireplaces. | Damage covered by the building‘s Fire Insurance. |
| Homeowner‘s liability insurance covers: | Homeowner‘s liability insurance does not cover: |
Damage the homeowner is liable for according to the law, for example if a guest is injured due to inadequate finishing or incomplete construction. | Damage to items the homeowner has rented or borrowed or are, for other reasons, in their care. |
| Legal expenses insurance cover: | Legal expenses insurance does not cover: |
Legal expenses due to a civil case involving the insured person as the owner of a property. | Legal expenses involving a property other than the one specified in the policy. |
Any limitations on what the insurance covers?
The insurance policy does not cover damages caused by natural disasters or damages caused by war, terrorism, pollution, or other similar events.
Where is the insurance valid?
The insurance is valid for the property specified in the insurance policy.
What responsibilities do I have?
You must report any damage as soon as possible and no later than one year from the date of the damage.
You must ensure that all the information in the insurance policy is accurate.
You must inform us of any changes in your address, telephone number, and email address.
You must follow all the precautions in the terms of the insurance policy.
When and how do I pay the premium?
The premium must be paid on the due date. When the insurance policy is issued or renewed an electronic claim is created in your online bank. You have the option to distribute the premium payments by:
Credit card payment, where the premium is charged monthly to a credit or debit card.
Direct payment, where your bank account is debited monthly.
Corporate distribution, where the premium can be paid in monthly payments.
When does the insurance start and when does it end?
The insurance policy takes effect when an offer is accepted and is renewed annually until it is canceled.
How do I cancel the insurance?
Individuals and companies with fewer than five full-time positions can cancel the insurance at any time and it will expire at the end of the following month after the cancellation is received. Other companies can cancel their insurance one month in advance before the end of the insurance period.
The cancellation must be in writing, for example with an electronic signature.