Once the declarations have been made by the occupant of the damaged housing and the expert has intervened, the compensation process can begin. It is important to know under what conditions this compensation will take place and in what time period we can hope to receive it.
Property valuation and losses
Property compensation and furniture following a loss depends on the amount of losses estimated by the insurance expert, which makes an inventory of the disaster and all damaged property.
Compensation will never be greater than property valuation made when taking out the insurance contract. In fact, insurance offers its clients the insurance offer most suited to their needs. For this, it takes into account the surface of the house and the goods present in the housing. In case of mis-estimation or false information from the insured, the insurance will not indemnify more than it was planned with his client. That's why it's important to regularly reassess your property to know the real value. It is also essential to prevent his insurance in case of acquisition of a particular property that one wishes to protect or in case of extension of the dwelling.
Both types of real estate compensation
There are two types of property compensation: the old reconstruction value and the new value.
The first type of compensation consists in compensating the insured on the basis of the sum necessary to rebuild his property entirely. From this sum we deduce a certain percentage corresponding to the wear of the property at the time of the disaster. It is the job of the expert to evaluate the coefficient of obsolescence of the property.
The new value constitutes additional compensation so that the loss corresponding to the percentage of obsolescence is too important. The insurance will therefore pay additional compensation which will however be limited to 25% of obsolescence. Beyond this, the costs will be borne by the insured.
The insurance will therefore pay the insured an allowance corresponding to the reconstruction value of the property, then it will pay the supplement corresponding to the value of nine.
Time limits for compensation
Deadlines for payment of compensation must be mentioned in the insurance contract. It may take some time before compensation is made. The insured may need to do some work in the meantime. That's why some insurers plan to give their clients an advance on compensation so that they can start the necessary work. The amount of this advance is generally 1,500 euros maximum.