Taking out home insurance for the first time? Here are the nuts and bolts to help you choose wisely

With your first apartment, you’re starting a new chapter in your life and you have a million things to think about. Home insurance is just one of them. It’s an essential requirement, and even a legal obligation if you’re renting. But why is home insurance so important? And what exactly does it cover? We’re here to tell you the basics you need to know when choosing a solution that suits your needs on this new journey.

Why do I have to have home insurance?

As a resident, you must provide a certificate of insurance when the keys are handed over. This is so you are protected financially if something happens in your new home. A leaky tap, a socket that catches fire… Sometimes, when things go wrong, it can be expensive. If you are liable, home insurance will cover the cost of repairs for you. And if you’re robbed, you’ll be entitled to a payout. It’s a simple as that.

The “multi-risk home” insurance option

Many home insurance policies also cover your “third-party liability”. In other words, if you’re at fault for an accident outside of your apartment, for example in the communal areas of the residence, your home insurance covers you for this too. Want to know what we think? This option is all the more essential, as it’s relatively inexpensive. What are you waiting for?

How do I choose the type of cover that’s right for me?

It’s not always easy to understand an insurance quote the first time you see one! Here are the key points you need to look for to make sure you’re properly protected, depending on your personal situation:

• The value of your belongings, including furniture: Although most types of cover offer the same basic guarantees (for example against theft or fire), some allow you to choose the amount that will be paid out to you if something goes wrong. Generally speaking, the bigger your premium, the more you’re entitled to receive if you make a claim that is approved. But if in doubt, it’s better to overestimate the value of your belongings, rather than underestimate in order bring down the cost of your premium. Otherwise, you might run the risk of receiving too low a payout should the worst happen. Top tip: Remember to keep an electronic copy of the receipts for your belongings in your apartment. This will ensure that you’re properly covered.
• Optional guarantees: You may need specific protection, for example to insure your gaming laptop and latest smartphone that were bought for the new academic year. How are these different from the previous point? Optional guarantees allow you to receive the maximum amount of compensation for those certain items that are the most valuable to you. However, it’s worth checking the policy limits for these specific items.
• Glass breakage: One wrong move and a window cracks… Glass breakage insurance is a must-have to avoid costly repairs.
• The deductible: This is the minimum amount you have to pay if you cause an incident. The bigger your premiums, the lower this amount will be. So it’s up to you to find the right balance based on your budget.
• Water damage: Make sure that the cost of finding a leak is covered, as this can be very expensive.

In the event of prolonged absence

Are you away for more than 90 days a year, e.g. for an internship or on holiday? Negotiate the removal of the vacancy clause to remain protected in the event of a robbery.

Who can I take out student home insurance with?

There are several different ways to find the right insurer for you:

• Your first instinct may be to use the same one as your parents. But your needs aren’t the same; the insurer in question won’t always have a suitable option for small student residences, in terms of guarantees or prices. So consider shopping around for one or two other quotes.
• It might then be worth turning to online comparison sites (lesfurets.com, lelynx.fr etc.). These are a practical way to get quotes that meet your criteria.
• Lastly, we work with the insurance company MAE, which offers guarantees and prices that are tailored to students. They’re trustworthy and you can use them if you don’t have time to read and compare the small print of the different options.

Home insurance is a crucial step in getting your first apartment. It takes a little effort, but it’s key for your peace of mind during a new chapter of your life as a YouFirst Campus resident J.