The Allianz MyHome insurance is your insurance – regardless of whether you want to insure your house, flat or movables or all of these together.
The package you choose can be further extended to include a family accident and life insurance without medical examinations, according to your needs
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The sum insured should be determined by asset group (asset category) in almost every case, for example: apartment, outbuilding, household movables, value-preserving assets etc. Formally, the sum insured is always determined by the policyholder, but in practice, the insurer provides assistance with this. In the case of the most common asset groups, such as different buildings and household effects, the insurer will recommend a sum insured on the basis of the useful floor area of the real property. In such cases, the insurer uses an average unit price for determining the sum insured, and therefore you must make sure to calculate with the real useful floor area of the property. Of course, it may still happen that the recommended sum insured is not suitable for you because for example your home is equipped with more expensive and higher quality coverings or equipment. Therefore, you can modify the recommended sum insured.
It is important to know that you can reduce the recommended sum insured only within certain limits; in this way the insurer helps you to avoid underinsurance. You can freely modify the recommended values upwards, to higher sums insured. However, with regard to sums insured that are much higher than average, the insurer may request an on-site inspection, and it will make a decision on whether to underwrite the risk based on that inspection.
It is worth taking care never to under- or overvalue the real property or movables to be insured. You should always provide real values, (reconstruction or acquisition value – only the latter in the case of movables), and relate the recommended sum insured to these. The reason for this is that the insurer will determine the replacement or restoration value on the basis of real values in the event of damage. In the event of underinsurance, the insurer will compensate for the damage only to the extent of the proportion of the sum insured to the cost of the newly constructed asset or its acquisition cost. The insurer will not pay the injured party any amount higher than the cost of restoring the asset to a new condition or the acquisition cost of a new asset, even in the case of overinsurance.
Family life insurance is available as supplementary insurance. The insured persons in the contract will be the person designated as the insured person of the home insurance and that person’s cohabiting spouse living at the insured real property, as well as any close relative (e.g. spouse, parents, children or siblings) living in the same household. The insurance covers the death of the insured person occurring for any reason, anywhere in the world. The initial sum insured of the life insurance is determined by the policyholder, and it can be any amount between HUF 200,000 and HUF 2 million that is divisible by 200,000. The contract can be concluded without a medical examination.
Further details are included in the Client Information and the contract terms and conditions of the Supplementary Family Accident Insurance and Supplementary Family Life Insurance for the Allianz MyHome insurance.
The insurance terms and conditions include the description of anti-burglary levels and the definitions of property protection terms and the rules for storing assets that retain their value, as well as the service limits dependent on the security level at the time of the occurrence of the damage.
It is important that, in the case of insured events, the insurer will always inspect the security level at the time of the occurrence of the damage, because this will determine the service it provides, based on the provisions set out in the terms and conditions.
When purchasing or renovating real property, we often use bank loans. In such cases, the credit institution (mortgagee) requires home insurance as a condition of the disbursement of the loan, and the insurance must usually provide cover for damage caused to the financed property by fire and natural disasters.
The mortgage can be reported by the insured person who takes out the loan, i.e. the mortgagor, upon the conclusion of the insurance contract (e.g. when purchasing a flat) or subsequently, concerning a home insurance contract that is already concluded. The mortgagor must make a statement in both cases, based on which the mortgage will be recorded in the insurance contract, and the insurer will issue a certificate regarding this.
The modification or cancellation of a registered mortgage requires the consent of the mortgagee. The insurer will inform the policyholder of the insurance contract and the credit institution acting as the mortgagee of the termination of the home insurance contract involving a mortgage.
It is possible to include several mortgages in one home insurance contract. However, at the time of recording a mortgage, the insurer will notify the previous mortgagees of the new record.