Thousands of thousands shook their heads in December to be able to take advantage of a housing renovation subsidy of 3 million HUF and an accompanying discount loan of 6 million HUF. If you can submit all the paperwork and bills on time, it’s worth the millions to insure everything you’ve installed in your apartment.

One of the patriotic sports in the last two years has been the home renovation subsidy, where up to 6 million HUF subsidy and a discounted loan could have been done up to HUF 6 million. Apart from some special cases, the opportunity can be used for the last time on December 31st. Since the renovation had to be completed by then, many people shook their heads in the last month of the year in order to meet all the conditions, no one likes to throw three million forints of gift money or a loan of 6 million forints at 3 in The cent is out the window.

If you can get everything sent in on time, there’s one more thing worth doing so that everything you’ve installed in your apartment for millions isn’t lost if something unexpected happens. In such cases it is definitely worth checking out our existing home insurance. This is necessary because, on the one hand, renovation increases the value of the property, but this does not mean that the insurance company will automatically pay more in the event of damage. In addition, high-value equipment may have gotten into or into the home, which is not covered by our original home insurance.

See also  Total Car - Magazine - One of the stars of Verdák revived by Porsche

A large-scale investment, such as an addition, adding an attic, adding a floor or installing energy-efficient equipment, can increase property value so that annual home insurance consolidation is no longer enough to continue. Especially now, when there has already been a significant increase in housing prices in recent years, which is justified in itself Home insurance reconsidering. The situation is similar with the increase in value due to the purchase of new technical items or equipment, furniture, and other movables that are more valuable than before. In each case, there may be a risk of underinsurance.

If we do not track changes in the property by checking our insurance regularly, our home may become uninsured. This means that the amount specified in the insurance contract is less than the property recovery value or repurchase value of the insured property. However, in many cases, this only becomes apparent and causes problems when the problem has already occurred and a damage assessment is under way. The majority of home insurances are withdrawn when you move into the property and are automatically extended year after year with no substantial changes, even though property, along with the movables within it, are owners’ most valuable assets.

However, in the event of damage, the insurance company will compensate us based on the coverages and values ​​included in the current contract, even if there has been no renovation or purchase of a larger property since then. In other words, they are not included in the reimbursement, because they are not subsequently included in the home insurance. The result is that the amount insured does not cover major damage recovery, while the owner believes his home insurance will cover it – points out expert.

See also  Index - abroad - Moscow: Washington is not playing with fire!

If we really want to insure ourselves, we must accurately define the parameters of the property we want to insure and the value of the assets when entering into the contract. It’s worth spending some time on this, because the stakes are high. Should major renovations or extensions take place, we will also include this in our home insurance afterwards. At least once a year, regardless, it’s worth reviewing our existing contract and renewing it, if necessary, since our home and with it our needs and available insurance plans can change. If we don’t pay attention, it could easily be that years ago we’ve been paying unnecessarily expensive home insurance that isn’t optimal for our current situation.


Order the weekly HVG newspaper or digitally and read us anywhere, anytime!

The number of editorial offices independent of the authorities is constantly decreasing, and those that still exist are trying to stay afloat in a headwind that is getting stronger every day. At HVG, we persevere, do not give in to pressure, and bring local and international news every day.

That’s why we ask you, our readers, to support us! We promise to keep doing the best we can!