Owned Property Flashcards
Condominium
Buying an apartament and becoming a member of a housing association.
The owner is responsible for certain costs like fridge, freezer, dishwasher and minor repairs.
Outdoor areas like the lawn are owned collectively by the assosciation. Residents pay a monthly fee for them.
House or townhouse
Buying a house or a townhouse. Stronger form of ownership called freehold.
This type of residence is quite expensive requies the homebuyier to take a significant bank loan to complete the pruchase.
Responsability for most property maintainance, paintin the house mowing the lawn, snow removal falls on the owner.
Home insurance
Provides basic protection in case of burglary or fire resulting in loss of your belongings. Some include an all-risk insurance, compensating for stuff you accidentally break.
Some home insurances may not cover items stored in the attic or basement.
Life Insurance
Certain compensation to your surviving dependents (spouse and children), if you were to pay away.
Requires various types of certificates. Health certificate might be needed for compensation in case of ilness.
A person who’s already sick can’t take out a life insurance policy.
When an incident covered by the policy occurs, a report must be made to the insurance copmany. Who then carries out an investigation, weighting the damage or loss against the insurance. Insurance fraud is common, so it might take some time.
Social Insurance
Workers pay a portion of their salary to the social insurance every month. Activated in case of illness, unemployment, parental leave or retirement.
Also funds child allowance and housing allowance (based on type of accommodation, number of individuals in the houselhold.)
