Home insurance (France)
A policy combining insurance of damage to the home and its contents, fire, water damage, weather events, theft, with the occupant's liability; it is compulsory for tenants.
Home insurance is the most widely held household policy in France after motor. It combines two parts. The property part covers the home and its contents against a list of perils: fire and explosion, water damage, windstorm, hail and snow, natural and technological disasters, whose cover is compulsorily included, terrorist attacks, theft and vandalism, glass breakage. The liability part covers the occupant's liability toward neighbors and the owner, and often the personal liability of the whole family. Legal protection and assistance are frequently added. Insurance is compulsory for tenants, who must cover their tenant's liability toward the landlord, and, since 2014, for co-owners' liability; it is not compulsory for owner-occupiers of a house, but lenders almost always require it. Compensation depends on the valuation of contents, the value used for the building, new or used, and deductibles. The product is at the heart of climate issues: the growing weight of drought, floods and hail is pushing up premiums and calling into question the insurability of some areas. It is also a highly competitive mass market, where cancellation at any time after one year speeds up customer turnover.
Textbook case, under the IRSI inter-insurer convention, in force in France since June 1, 2018: a washing machine leak damages an apartment's parquet and the ceiling of the neighbor below. The occupant's home policy pays for her parquet under water damage and, through this convention, the neighbor's damage, without determining liability for losses of this size.
homeowners insurance, home insurance, household insurance, buildings and contents
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