The purpose of signing a home insurance policy is to protect your home and your possessions. You should also buy apartment or house insurance if you are the owner.
Things to keep in mind
- Home insurance provides the basic coverage that everyone needs.
- The policy covers everybody who is registered as living at the address but generally not a lodger.
- The policy runs for a year.
- Read the terms carefully—call the insurance company if there is anything you do not understand.
- Compare various home insurance policies on the website of the Swedish Consumers' Insurance Bureau
A home insurance policy provides various kinds of coverage:
- personal assault
Property coverage compensates you for loss due to theft or fire.
Travel coverage pays expenses for illness and accidents when you are out of town. Generally you are protected for 45-60 days.
Liability coverage provides compensation if you owe damages. Legal coverage compensates you for certain civil court costs.
Personal assault coverage may provide compensation if someone physically attacks you.
A home insurance policy generally covers everyone who is registered as living at a particular address. Lodgers are rarely covered. Thus, a lodger should have a separate insurance policy.
A home insurance policy runs for a year. Most property insurance policies run for a year as well. You cannot cancel a policy during that period in order to purchase one with lower premiums, etc. But you are free to switch policies on the expiration date. Unless you cancel or switch as of the expiration date, the policy automatically renews for another year.
Exclusions and restrictions
All insurance policies contain various exclusions and restrictions. Read the terms of your policy carefully to know exactly what it says. According to the Insurance Contracts Act, you are entitled to receive a summary of the most important information and restrictions that you should be aware of.
All-risk coverage for unexpected events
All-risk coverage may compensate you in case of sudden, unexpected events. Some home insurance policies provide all-risk coverage. If not, it may be a good idea to obtain such protection elsewhere.
No compensation for accidents
A home insurance policy compensates you for acute injuries but not for accidents, or for other illnesses except when you are travelling. If you want to be covered for a permanent injury caused by an accident, you need to sign a separate accident policy.
- Proofread 10 April 2018