AYY to oblige residents to take out home insurance

To protect the interests of residents, AYY will oblige its residents to take out home insurance in the future. With the reform process of housing regulations, resident selection is also renewed. Due to the reform, AYY will also update the terms of leases to comply with the Act on Residential Leases. At the same time, a requirement for home insurance will be included in the new leases starting in the autumn. We strongly recommend taking out insurance for our current residents as well.

In AYY’s view, it is important to take out home insurance because it also covers damage to the apartment caused by the resident, i.e. liability damage, in case of an accident. For example, if the dishwasher leaks onto the floor and causes water damage, the resident will not have to pay for the drying and repair work.

While damage is not likely, it is still possible. Without home insurance, compensation costs may be high, especially if the property or another resident’s property is damaged. In addition, home insurance also protects your property if your bike is stolen or if you drop your phone and the screen cracks.

Home insurance is available from a number of insurance companies and it is advisable to tender insurance policies. 

What to consider in tendering:

1. Maximum amount of compensation for movable property in the event of damage. 
2. How the amount of the deductible affects insurance premiums. Consider whether you are ready for a higher deductible and lower premiums. 
3. Check the restrictions. Typically, home insurance covers sudden and unforeseeable damage, but not damage caused by a pet, for example.
4. How legal expenses are covered.

Please contact insurance companies to get more information and help in choosing an insurance policy.
A list of insurance comanies can be found on Aalto's website, for example.