Today we want to talk about what a multi-risk home insurance policy consists of. We are going to understand the reason for this special name, and how the home insurance policy has evolved from its origins to what the companies offer today.
YESTERDAY'S home insurance
In the beginning, home insurance was not known as such. It was known as home insurance. “fires”. For this reason, we will see in many houses: “fire insured”.”, The only thing that was covered at the time.
Why? The clearest reason: it was the main risk of an accident at the time, as the houses were built with other materials. Wood was present in a higher proportion in these constructions, so being a more flammable product, the chances were higher.
Moreover, if a fire broke out, as the means of extinguishing it were not as advanced and widespread, it was much more serious than it is nowadays.
The example of Santander in 1941, for example, razed the historic centre of the city to the ground.
Home insurance TODAY
Gradually, as customers' needs evolved, new guarantees were introduced. Among others, we are talking about:
- glass breakage,
- civil liability,
- water damage,
- burglary in and outside the home,
- the electrical damage in home insurance
This continuous improvement of the policies is still present. The latest: the handyman service or DIY service, much in demand by customers, for small incidents that we may have in our home.
Main problems in home insurance
The accident rate of home insurance policies has increased compared to what it was a few years ago. In times of crisis, like so many things, premiums have been adjusted and claims have increased.
The main causes of claims in home insurance are:
- Water damage
- Glass breakage
- Atmospheric phenomena
- Electrical damage in the home
The first two «they take the cake».». But the truth is that the claims rate in home insurance is contained. Three quarters of insured homes do not have a single claim per year, which is very positive for the evolution of premiums. If there are 18 million homes with policies, less than 5 million have at least one claim.
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