The wrong sum insured
- The rebuild value excludes the land
- A valuation tool or survey provides the basis
- Too low means underinsurance
- Completed correctly: a guarantee against underinsurance
Rebuild value · underinsurance · exclusions
These mistakes cost you money when taking out buildings insurance (opstalverzekering)
Most problems with buildings insurance arise not at the time of the claim but at the moment you take out the policy. Below are the mistakes we come across most often in practice and what they cost you.
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In brief
Buildings insurance covers the building itself: walls, roof, foundations, fixed floors, kitchen, bathroom and everything permanently attached to the house. You do not insure the land, because it does not burn down. The mistake made most often here is basing the sum insured on the WOZ value or the sale price. Both say something about the market value including the land and the location, not about what it costs to build the same property again.
The correct basis is the rebuild value: the cost of rebuilding on the same site, for the same use and to current building standards. With an old or unusual house that value is regularly higher than the WOZ value; with a newly built flat in an expensive region it is lower. You establish the rebuild value with a rebuild value calculator, an address scan from the insurer or a valuation report.
The second category of mistakes concerns what you do not report. An extension, a dormer window, solar panels, room letting, a business at home or a period of vacancy changes the risk and therefore the policy. Anyone who does not pass that on discovers when they claim that the cover is narrower than they thought. Also read what buildings insurance covers exactly.
Where things go wrong in practice
Three places in the application process where a wrong choice costs you money when you claim.
Not reporting changes
Building work or a different use changes the risk, even where the premium seems the same.
- Report an extension, dormer window or conservatory
- Name solar panels separately
- Room letting and a business at home
- Report vacancy and building work in good time
Choosing on premium alone
The cheapest policy often differs on the excess, the form of cover or the guarantee.
- Compare the form of cover, not just the price
- Watch the excess for storm
- Check glass and outbuildings
- See whether the guarantee is included
What is covered
| Situation | Extended | Comprehensive |
|---|---|---|
| Fire, storm and water damage to the building | Yes | Yes |
| Burglary damage to doors, frames and locks | Yes | Yes |
| A mishap of your own while working on the house | No | Yes |
| Damage during renovation or a long period of vacancy | Provided that | Provided that |
| Solar panels and outbuildings on the same plot | Provided that | Provided that |
| Subsidence, foundation damage and pile rot | No | No |
What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) that you receive before you take out cover.
Four mistakes you can avoid
Each of these points recurs in practice in files where the payout disappoints.
Using the WOZ value as the sum insured
The WOZ value is a tax valuation of the home including the land and the location. Buildings insurance pays for rebuilding, not for purchase. For a 1930s house with a bay window, stained glass and a tiled roof, the rebuild value can be well above the WOZ value; for a flat in the city centre, far below it. So always enter the result of the rebuild value calculator and not the figure from the local authority.
Underinsurance creeps up on you
If the sum insured is too low, the insurer pays proportionately: with a shortfall of twenty per cent you get twenty per cent less even on a small claim. With a correctly completed valuation tool, you usually have guarantee against underinsurance. For listed buildings, thatched roofs and unusual properties, a valuation is used under Article 7:960 of the Dutch Civil Code; within the term of that report the value is fixed.
Thinking that everything is covered
A comprehensive policy has fixed exclusions too. Not covered are, among other things, subsidence, foundation damage and pile rot, damage caused by deferred maintenance, wear, design and material faults and damage caused by vermin, mould and slowly penetrating damp. Groundwater entering through the floor or a wall and flooding caused by the failure of a primary flood defence are also excluded. Damage caused deliberately or recklessly is excluded under Article 7:952 of the Dutch Civil Code.
Filling in the application too quickly
On taking out the policy, the duty of disclosure applies under Article 7:928 of the Dutch Civil Code. Questions about the construction type, roof covering, use, previous claims and any criminal record have to be answered in full. If an answer is incorrect, the insurer can reduce or refuse the payout under Article 7:930 of the Dutch Civil Code. If damage occurs, report it as quickly as is reasonably possible; that is required by Article 7:941 of the Dutch Civil Code for.
What does your premium depend on?
- Rebuild value — the basis of calculation for the policy
- Construction type and roof covering — brick, timber or thatch
- Year of construction and state of maintenance — older premises, higher risk
- Use of the premises — owner-occupied, let or empty
- Type of cover — extended or comprehensive
- Excess and extensions — glass, solar panels, outbuildings
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, risk and wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
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Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Frequently asked questions
The questions we are asked most often about this.
May I estimate the sum insured myself?
You may estimate, but it gives you no guarantee. Insurers only give a guarantee against underinsurance if you complete a rebuild value tool in full or use their address scan. If you estimate yourself and the amount turns out to be too low, the insurer pays proportionately. So complete the tool on the basis of the actual volume, construction type and finish of your home.
What happens if I do not report building work?
Two things can go wrong. The sum insured no longer covers the new situation, so underinsurance arises, and during the work itself restrictive conditions often apply to theft and water damage. Reporting in advance costs a phone call and sometimes a little extra premium. Afterwards there is no way to arrange the cover retrospectively.
Is a cheaper policy always a worse policy?
Not automatically, but the difference is usually somewhere. Look where: a higher excess, a narrower form of cover, a separate excess for storm, glass that is not included or outbuildings that have to be insured separately. If those points do not matter much in your situation, a lower premium is fine. If one of them does matter, you pay it back later.
Do I need both buildings insurance and home contents insurance?
If you own the home: yes. Buildings insurance covers the building and everything permanently attached to it; home contents insurance covers your possessions. Some items sit on the borderline, such as a floor, a kitchen appliance or an air conditioning unit. Have it checked that they appear on one of the two policies and not on neither, or on both.
What if my home is a listed building or has a thatched roof?
Then a standard application is rarely enough. Not every insurer accepts this type of property, and those that do often set requirements for the flue, lightning protection, electrics or fire detection. Instead of a valuation tool, a valuation report is used. Always report the special character of the property on the application; it is a fact the insurer asks about.
Read more
Similar pages
- The basics of buildings insurance (opstalverzekering)
- Why buildings insurance (opstalverzekering) protects your biggest asset
- What does buildings insurance (opstalverzekering) do?
- What is the best buildings insurance (opstalverzekering) for your home?
- Buildings insurance (opstalverzekering): rebuild value and exclusions
- What does buildings insurance (opstalverzekering) cost?
- Buildings insurance (opstalverzekering) for your own home: what counts as buildings and structures?
- What determines the cost of your buildings insurance (opstalverzekering)?
Also relevant
Are you unsure about your sum insured?
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About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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This page was written and checked by an adviser at Finass Verzekert. Last updated on .
The information on this page is general in nature and is not personal advice.