What is a home insurance policy?
A home insurance policy covers damages to items that are fixed in and to your house, such as the roof, bathroom, toilet, pipes, and central heating. If you own your home, the mortgage lender will require you to have a home insurance policy because your house serves as collateral for the loan they have given you. Even if it is not mandatory, it is still wise to have one because if your home is destroyed, your most valuable asset is likely to be lost, and the costs can be significant.
What is covered by a home insurance policy? And what is not covered?
Covered by your home insurance policy are damages resulting from incidents such as fire, storm, water, and burglary. Moreover, the policy covers more than just your house. Outbuildings such as a shed and garage are usually included, as well as solar panels on your roof.
Examples of incidents not covered by a home insurance policy are damages caused by neglectful maintenance or earthquakes. Loose items in your home are also not covered by a home insurance policy because you insure those with a household contents insurance policy.
Is damage caused by my own fault covered?
Damage caused by your own fault is not covered by a standard home insurance policy. So, if you accidentally damage something fixed to your home, it is not insured. However, you can choose an all-risk coverage that does cover damages resulting from your own fault.
Is damage to my windows covered by a home insurance policy?
Your windows are generally considered part of your house and are therefore covered by your home insurance policy. There is often standard glass coverage in your home insurance policy, for example, when the cause is fire or explosion. However, you can also opt for additional glass coverage, which covers almost all causes. If you are renting a house, you can choose to have additional glass coverage on your household contents insurance policy.
My house has a thatched roof
If you have a house with a thatched roof, not all home insurance policies offer coverage. Insurers are hesitant to accept insurance for houses with thatched roofs. Fortunately, some companies have developed special products for houses with thatched roofs.
Home insurance policies and apartments
If you own an apartment or plan to buy one, it is usually not necessary to take out a home insurance policy yourself. This is already covered by the owners’ association. Unless you are dealing with a dormant owners’ association. It is advisable to always check with your owners’ association to see if a collective home insurance policy is in place.
If the finishing of your apartment is better, more luxurious, or more expensive than that of other owners in your owners’ association because you have an expensive kitchen or bathroom, you can insure that under your household contents insurance policy (called owner interest).
How is the value of my home determined for a home insurance policy?
When taking out a home insurance policy, the rebuilding value of your home must be given. Most insurers use rebuilding value meters, which determine the rebuilding value based on available data about homes, such as data from the cadastre, property value assessment data, and data from the BAG register (Basic Addresses and Buildings Register).
How much does a home insurance policy cost?
The premium of your home insurance policy depends on several factors. Factors that play a role in determining the premium include the construction of the building, maintenance condition, the postal code area where the house is located, and the amount of rebuilding value. If you want to apply for a home insurance policy, you can request a quote. If you want to know more or request a quote for your insurance package, feel free to contact us and schedule a no-obligation conversation about your insurance needs.
Secure your future with a personalized insurance package – Schedule a call now!
Don’t leave the protection of your valuable assets to chance. Our team of experts can help you tailor an insurance package that meets your specific needs and budget. Whether it’s for your home, car, or personal belongings, we’ll work with you to create a comprehensive plan that gives you peace of mind. Contact us today to schedule a call and take the first step towards securing your future.
The insurers we compare:
Expat insurance service