Purchasing property in Italy is the end goal of many foreign vacationers and retirees. It also represents the start of a journey: homeownership in a foreign country.
One of the first considerations for new homeowners is how to best protect their newly acquired property: homeowner’s insurance is the obvious answer. While homeowner’s insurance is not mandatory in Italy, it is a requirement if you are applying for a mortgage.
The adoption of insurance in the Bel Paese is less widespread than in North America, and only half of Italian homes are subject to some level of coverage (vs. 85% in the U.S.). Foreign buyers of Italian real estate are rarely urged by their realtor to acquire home insurance and the matter is often set aside for the future. It is, however, paramount that you protect your home and belongings, even more so if you only spend a limited amount of time in your Italian property.
Insurance Coverage Types
The landscape of home insurance products is quite varied. Your policy is highly customizable in terms of the type of coverage you may elect to have (including fire, water damage, theft, and earthquake), cost, and amounts covered.
While coverage against fire damage is the most common, large areas of the country are affected by seismic activity, and earthquake coverage is a wise idea. You can find out about your area’s relative earthquake risk by consulting the Italian government’s risk prevention website and the following seismic risk map.
If you live in a condo and have neighbors above and below you, homeowner’s insurance is paramount. Damages starting in your home may extend to your neighbors’ homes and inflate your repair bill. A smart thing to do is to consult with the condo president and confirm whether your building is already insured against certain events.
Insurance Coverage Providers
Among the prominent insurance companies that provide homeowner’s coverage for the Italian market are the following:
You can also visit online platforms such as Segugio.it, and consult with local brokers or your
Italian bank to learn about possible alternatives.
Filing a Claim
If anything has occurred to your property and you would like to file a claim, time is of the essence. Most insurance companies require you to file a claim within three days of the event. You should call your insurance broker or insurance company as soon as possible to inform them of what has occurred. They will explain what steps you need to take to file your claim, which often requires submitting a form via certified mail (raccomandata A/R). You should make sure to document any action you are taking to remedy the damage, and make sure to keep receipts.
At Dolce Living, we support our clients in finding, understanding and obtaining the homeowner’s insurance they want for their newly acquired Italian home.
The above information should be considered to be general guidance; changes may have occurred since the article was written. Dolce Living advises you to consult about your specific situation with qualified Italian professionals.
