What you can insure

A property insurance policy protects you from financial loss if your belongings are damaged or destroyed. You can insure almost anything that has value and that you own lawfully.

Real estate

  • residential — a flat, house, cottage, bathhouse, garage and other buildings on the plot;
  • commercial — offices, warehouses, retail and production premises;
  • structural elements (walls, floors, roof) and, separately, interior finish and building services.

Movable property

  • furniture, household appliances and electronics, clothing and personal belongings;
  • computers and office equipment;
  • production, retail and restaurant equipment;
  • raw materials and goods in a warehouse.

Liability to neighbours

Civil liability is often added to the policy: if you flood your neighbours or a fire in your flat damages someone else's property, the insurer will compensate them within the limit.

Which risks the policy covers

  • Fire — one of the main risks; damage caused by firefighting is usually covered as well.
  • Water damage — failure of water supply, sewage or heating systems, including through the neighbours' fault.
  • Explosion — primarily of household gas.
  • Natural disasters — storms, hail, floods, earthquakes, landslides.
  • Lightning strike — especially relevant for country houses.
  • Falling objects — trees, structures, aircraft and their parts.
  • Unlawful acts of third parties — burglary, robbery, assault-robbery, vandalism, arson.

You can build your own set of risks: a full package costs more, a basic one — for example, fire and water damage only — costs less. Always check the exclusions: damage from gradual wear of pipes or from breaching operating rules is usually not covered.

How to set the sum insured

The sum insured is the maximum the company will pay. Under the Russian Civil Code (Article 947), it may not exceed the actual value of the property. Insuring for more will not increase the payout. Insuring for less means that for partial damage the company will pay in proportion to the ratio of the sum insured to the value (Article 949 of the Civil Code), unless the contract provides otherwise — for example, "first loss" cover.

For expensive properties, the insurer may carry out an inspection or bring in an independent appraiser. For movable property, keep receipts, photos and inventories.

Deductible: how to save on the policy

A deductible is the part of the loss the policyholder bears. It can be:

  • unconditional — subtracted from every payout;
  • conditional — if the loss is below the deductible there is no payout; if it is above, the loss is paid in full.

A deductible lowers the cost of the policy and saves paperwork for small losses.

How the payout is calculated

The insurer compensates the actual loss within the sum insured, minus the deductible. The method of assessment is set out in the rules: by a repair estimate, by the cost of comparable property, with or without depreciation. If the contract sets limits for specific items — for example, electronics or valuables — the payout will not exceed that limit.

What to do when a loss occurs

  1. Take steps to reduce the damage: shut off the water, switch off the electricity, call the emergency services.
  2. Contact the relevant authorities: the Emergencies Ministry (MChS) for a fire, the police for a burglary, the building management company for a flood so that it draws up a report.
  3. Photograph the damage before cleaning up or repairing.
  4. Notify the insurer within the deadline set in the contract and wait for the inspection.
  5. Collect the documents: claim form, policy, reports and certificates from the authorities, proof of the property's value.

What affects the price

The price of the policy depends on the type and value of the property, wall material, floor, security and alarm systems, the set of risks, the deductible and the claims history. For businesses, the type of activity, fire protection and storage conditions are also taken into account.

Special cases

If your home was bought with a mortgage, the Russian mortgage law requires the borrower to insure the mortgaged property against loss and damage — learn more in the mortgage insurance section. Companies can use commercial property insurance, to which business interruption cover can often be added.

How to get a policy

You can check an indicative price in the calculator and see insurers' programmes on the home and apartment insurance page. Polis Re specialists will help you choose the set of risks and the sum insured and compare offers from insurance companies.