Household insurance in Italy is not obligatory unless you have a mortgage in which case the lender will require you to have insurance for the property. After signing the final deed it is advisable to insure your property in order to protect it from different risks.
Types of household insurance
When it comes to Italian household insurance, you have different options. You can take different types of house insurance in Italy covering different aspects. It is recommended to make sure that storm damage and natural disasters are covered and that the amount insured for covers the rebuilding cost. Earthquakes will always be excluded from insurance policies as they are covered by the Italian government. If you own an apartment then building insurance is included in your service fee but third party insurance is advisable.
Contents insurance is always a good idea but not essential and the insurance company will insist on many conditions like burglar bars. Valuables are virtually never covered and there are so many conditions and exclusions.
Check ‘theft’ is included in the policy
Italian policies often do not include theft, so you will need to check and add that option if you require it. These will not cover rental either, so it is wise to add it if you need one. If you take out an Italian policy and wish to cancel it, this must be done in writing and there are certain time lines. The Italian policies are normally a little cheaper than the English ones.
If your property is being used as a holiday rental house, it may be worth insuring it against those periods when you are unable to rent it out, although this is an extremely expensive insurance cover wherever you happen to be. Italian insurance companies are notoriously unwilling to pay out in case of contents claims involving holiday homes and you will find that the policies often contain so many different get out clauses that it renders having the insurance almost pointless.