In the Netherlands, home insurance is a personal policy that protects all your belongings, ranging from precious jewellery to the structure of your home, including walls and floors.
It provides coverage for the loss and replacement of personal items, furniture, and permanent structures in the event of unexpected incidents such as burglary, fire, or natural disasters like floods or storms.
What are the different types of home insurance?
There are two main types of home insurance: household contents insurance and building and fire insurance.
Household contents insurance (inboedelverzekering)
The household contents insurance particularly covers your personal properties in your house, which contains:
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Furniture: Sofas, tables, chairs, etc.
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Appliances: Refrigerators, washing machines, microwaves, and televisions.
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Electronics: Laptops, computers, cameras, and audio systems.
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Valuables: This may encompass jewellery, artwork, collectables, and other high-value items.
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Household items: Everyday items such as kitchenware.
Insurance policies offer coverage up to a set limit, which can be found in the terms and conditions. But they typically range from €150,000 to €200,000. Extra fees are required depending on the insurance company if there are additional high-value belongings you want to insure (like artworks and jewellery).
What does it cost to have household content insurance (inboedelverzekering)?
The cost of household content insurance depends on your living situation. For example, living in a medium-sized apartment in the Netherlands, the household content insurance might typically range between €10 and €30 per month; however, the prices vary per different mortgage lenders.
Building and fire insurance (opstalverzekering)?
The building and fire insurance generally includes coverage for the physical building, fixtures, and permanent fittings like walls, floors, ceilings, and built-in appliances. This insurance protects against structural damage to your home due to unforeseen incidents. In most cases, the building insurance is covered by VVE ( your homeowner association).
There is also an additional insurance that many people are aware of:
Liability insurance (aansprakelijkheidsverzekering).This insurance protects you financially if you accidentally cause damage or harm to someone else's property or body when you're at fault. For example, it covers your compensation for accidentally breaking your neighbour's window when fixing your car.
Is having home insurance mandatory in the Netherlands?
Short answer: no. The house insurance is not legally mandatory in the Netherlands. However, mortgage advisors usually suggest you consider taking out home insurance to protect your property and belongings. In the worst scenario (theft, loss of items, unpredictable incidents that damage your house severely), house insurance covers your equity like a protective shield.
What are the benefits of house insurance?
Although it is not mandatory, having a house insurance has several benefits:
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Protection: It safeguards your home and belongings against unexpected events like fire, theft, or natural disasters.
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Financial Security: It offers financial support to repair or replace damaged or lost items, ensuring you don't bear the full cost.
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Liability Coverage: Some policies include liability coverage, assisting if someone gets injured on your property or if you accidentally damage someone else's property.
How much is homeowners insurance in the Netherlands?
When you get homeowners insurance, you can pay it yearly or monthly. Paying once a year might be better in terms of benefits, but it can vary depending on the insurance company. The cost of insurance for your house changes a lot based on where you live and what type of house you have. On average, the insurance could be around €20 - €30 per month for a medium-sized home.
How do you ensure additional valuable items are in your home?
Some insurance providers enable you to add other valuable items to your house insurance. Of course, you usually have the flexibility to change this set amount to ensure your belongings are properly protected. Remember that adjusting this will impact how much you pay for your insurance.
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