There are many types of insurance contracts intended to protect people and property from events that can sometimes have serious financial consequences or on people's health, for example. This is why certain insurances are made compulsory by law, others are optional. Insurance contracts also cover risks that change over time depending on age, state of health, family composition, etc. This is why it is important to regularly take stock of your insurance contracts, to track down duplicate guarantees, and thus save money, or to really adapt your insurance to your current needs.
"The principle of insurance is based on the notion of risk, i.e. exposure to a potential danger, inherent in a situation or an activity and of which we could not face the financial consequences, whether they are linked to goods or people", as indicated by the Ministry of the Economy.
In other words, subscribing to an insurance contract serves to protect its beneficiary from the consequences of an event, also called "claim", that it causes itself or that it suffers. Without this protection provided by insurance, people (or companies) must bear the consequences of the damage they cause or suffer alone, consequences that may be financial, related to the state of health, etc.
There are different types of insurance. Some are intended to protect individuals and families, others property or heritage in general. Some are mandatory, and some are optional.
In terms of insurance, the law obliges the repair of damage that one causes involuntarily or not. In this area, civil liability insurance (RC) covers these risks and takes charge of the consequences of the damage caused. This is compulsory insurance which cannot be waived.
Regarding housing, whether you own or rent, home insurance is also necessary. Most insurers offer what is called "comprehensive home insurance", that is to say insurance that covers both people and personal property from events such as fires, natural disasters, technological disasters , storms, attacks, or even water damage.
Still in the field of housing, anyone who has construction work carried out must, before the start of the construction site, ensure that the contracting authority (the individual himself or a property developer, for example) has subscribed a "damage-work" insurance contract. An insurance valid for 10 years that guarantees the financing of the repair of damage that jeopardizes the solidity of the construction or renders it unfit for its intended purpose.
Car insurance is also one of the essential insurances when using a motor vehicle. In this regard, the civil liability guarantee, which allows compensation for damage caused to third parties by the driver of the vehicle, is even mandatory. Other insurance, if optional, is nevertheless recommended, such as that covering damage suffered by the driver of a vehicle or by the vehicle itself.
Other types of insurance contracts, such as, for example, compulsory group provident and company health contracts, or borrower insurance in the context of taking out a loan from a credit institution can also be taxed.
Apart from the different types of insurance made compulsory by law, or which it is strongly recommended to take out, the insurance contracts that one chooses to take out depend essentially on the needs of each one.
In fact, people do not opt for the same types of insurance contracts depending on their age, their state of health, the composition of their family, in particular whether or not they have children, their professional situation (employee or independent), etc.
In fact, depending on your needs, which automatically change over time, it is important to take stock of your insurance contracts regularly. To help you in this process, you can refer to what is called the "standard information document on the insurance product (Dipa, also called Ipid)", a document which, for each insurance product , allows you to identify the people, goods and events covered by the insurance contracts you have taken out. Also remember to consult the general and specific conditions of each of your insurance contracts, which contain more detailed information on the guarantees available to you.
Regularly reviewing your insurance contracts also helps to avoid duplication between similar guarantees. Indeed, it is not uncommon to take out several insurance policies which, in the end, cover the same risks.
Duplicates that are useless in case of damage caused or suffered, but also cost money. By terminating your insurance contracts that cover the same risks, you can also save money in this way.
The rule applied to insurance gives you the possibility of terminating your insurance contracts every year on their anniversary date, at least 2 months before their expiry date. However, there are exceptions.
Thus, the Consumer Law allows you to terminate your insurance at any time (comprehensive home, automobile), after the first anniversary of your contract. This measure affects contracts concluded or tacitly renewed since January 1, 2015. Thus, automobile insurance can be terminated at any time after a period of one year from the first subscription of the contract. In the same way, the termination of a complementary health insurance contract may be requested at any time by the subscriber of an individual contract or by the member of an optional collective contract at the end of a period of one year from the first subscription of the contract also.
