MY BROKER s.r.o. offers comprehensive property insurance services, including insurance of residential and commercial real estate, motor vehicles, employee liability toward the employer, and many other insurance products. We work with both private individuals and legal entities. WhatsApp contact: +421 902 154 317
Property Insurance (Poistenie nehnuteľností)
Property insurance protects a house or apartment and the insured property against following risks: fire, flooding, storm/hail, explosion, lightning strike, theft, vandalism, and other risks. When obtaining a mortgage, property insurance is mandatory.
When is property insurance mandatory?
- – When obtaining a mortgage loan, property must be insured for the entire loan repayment period
- – Insurance policy must cover at least basic risks (fire, explosion, storm, water damage, hail, etc.).
- – Sum insured must correspond to the reinstatement value (cost of constructing an equivalent property today, not the original purchase price).
When is property insurance recommended?
- – In case of long-term rental (from 1 year or more), it is recommended to insure interior finishes, furniture, and renovations, as well as tenant’s liability toward third parties—neighbors—for damages (flooding, fire, etc.).
- – When leasing a property on a long-term basis (from 6 months or more), it is recommended that the landlord insure his property against basic risks.
Insurance coverage:
- – fire, explosion;
- – lightning strike, storm/hail;
- – flood/water damage;
- – snow/ice, falling objects/trees;
- – failures of utility and engineering systems;
- – glass breakage, burglary/robbery, vandalism.
Property insurance may also include personal liability (damage caused to third parties in everyday life) and 24/7 assistance services (plumber/electrician).
An insurance policy often also includes civil liability insurance for family members (for example, in the event of flooding neighbors). Such insurance is also useful for active travelers, as it covers unintentional damage to property (such as breaking a shop window) worldwide.
Useful options that can be included in insurance coverage:
- – Živelná pohroma (extended natural catastrophe risks)
- – Únik vody (burst pipes, water leakage)
- – Sklá (windows/stained glass/cooktops)
- – Krádež/vandalizmus (robbery, vandalisms)
- – Zodpovednosť (family civil liability)
- – Assistance (24/7 assistance services)
How to choose sum insured (poistná suma)
Basis for calculation is current reinstatement value of the property: cost of rebuilding or repairing a house of the same size and quality, or fully restoring an apartment (excluding land plot value). Do not underestimate sum insured; otherwise, the proportionality rule will apply at claim settlement (insurer will reduce payout in proportion to how much the property value was underestimated compared to the current market value)!
- – Real estate (apartment/house): base sum insured on reinstatement value (materials + labor + design/utility connections) at current market prices.
- – Do not use market price including land as the basis—land plot is not insured.
- – Annual indexation of sum insured is required in line with increases of construction and renovation costs.
- – Household contents: actual replacement value (including appliances and furniture), with limits for valuables/cash, jewelry/bicycles, scooters, etc. Recommended insurance limits range from EUR 10,000 to EUR 20,000.
- – Liability: select a limit sufficient for a «worst-case scenario» (flooding several neighboring apartments, injury to a third party). Recommended insurance limits start from EUR 200,000.
Most common mistakes:
- – Confusing the concepts of Real estate and Household contents.
- – Real estate (Nehnuteľnosť): walls, roof, windows, doors, utility installations (wiring, pipes), sanitary equipment, built-in kitchens and wardrobes — i.e. all structural, fixed, and built-in elements.
- – Household contents (Domácnosť): furniture, electronics, clothing, sports equipment, etc. — all movable items.
- – Underinsurance (understated sum insured → risk of reduced proportional claim payment);
- – Refusing liability insurance and water leakage coverage (the most frequent and costly everyday losses in urban areas).
- – Failure to consider limits/sublimits for glass, electronics, and valuables.
- – Lack of annual indexation of sum insured.
🛡 Support from our company
Our company supports clients at every stage of the insurance process:
✅ Assistance in selecting and concluding insurance contract, risks identification, and policy structuring.
✅ Updates on changes in legislation and insurance tariffs.
We do more than just to arrange insurance — we provide tranquility and transparency.