Buildings cover
- Rebuild value or a valuation per object
- Extended, or limited to fire and storm
- Report changes on purchase and sale
- Record vacancy per address
Property · let premises · portfolio
Buildings insurance (opstalverzekering) for property landlords
Anyone letting property insures more than bricks: the building, the rental income and their liability as owner. Below is how that is built up and where the limits lie.
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Deze pagina in het Nederlands: Opstalverzekering voor verhuurders van vastgoed.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
For an insurer, let property is a different product from an owner-occupied home. The property is occupied by someone who does not own it, you are not there daily, and between two tenants it stands empty. So the rule applies in full: a a personal buildings policy does not cover letting. Let property belongs on a let property policy or, where there are several objects, on a property portfolio policy on which all the addresses are declared.
The heart of such a policy is the information given for each address: sum insured, construction type, year of construction, use and whether the property is occupied or empty. That information falls under the duty of disclosure under Article 7:928 of the Dutch Civil Code. If it is not correct, the insurer can, under Article 7:930 of the Dutch Civil Code, reduce or refuse the payout proportionately, and that works per property: one wrongly declared address can leave the damage at that address uninsured while the rest of the portfolio simply runs on.
There are also two risks that the buildings cover itself does not deal with. The first is loss of rent: if a property is out of use after damage, the rent stops while the financing costs continue. The second is liability: as the owner you are the possessor of the structure and under Article 6:174 of the Dutch Civil Code liable for damage caused by a defect in the building. See also the business buildings insurance.
How a property portfolio policy is built up
Three elements, which you can arrange per property or for the whole portfolio.
Loss of rent
The rental income lost for as long as a property stands empty after covered damage.
- Only after a covered cause of loss
- Up to the period stated in the policy
- Not for non-payment or vacancy between tenancies
- Important where objects are financed
Property liability
Injury or damage caused by a defect in one of your properties.
- Basis: Article 6:174 of the Dutch Civil Code
- A personal AVP excludes letting
- Also injury to visitors and passers-by
- Taken out separately from the buildings cover
What is covered
| Situation | Separate policy | Property policy |
|---|---|---|
| Fire and storm damage to a let property | Yes | Yes |
| Several addresses under one renewal date | No | Yes |
| A valuation per object instead of a valuation tool | Provided that | Yes |
| Loss of rent after a covered claim | Provided that | Provided that |
| Vacancy for longer than the term in the policy | No | No |
| Poor maintenance and structural faults | 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.
What landlords of property need to arrange
Four points that make the difference with a portfolio of let properties.
Keep the details of each property up to date
A property portfolio policy is only as good as the list of addresses beneath it. Purchase, sale, building work, division, letting room by room and vacancy are all changes you have to report. The duty of disclosure under Article 7:928 of the Dutch Civil Code applies when you take out the policy. The duty to report changes is set out in your policy conditions. If a change is left unreported, the insurer can rely on Article 7:930 of the Dutch Civil Code when you claim. Set out the procedure for reporting changes and check the full list at least annually.
Choose deliberately between a valuation tool and a survey
The sum insured is the rebuild value, not the WOZ value or the market value. For ordinary homes a rebuild value tool or an address scan is enough. For listed buildings, properties with a thatched roof or an unusual construction type, a a valuation under Article 7:960 of the Dutch Civil Code is sensible: it fixes the value for a set period, so that within that period the insurer cannot rely on underinsurance. Without an up-to-date sum you bear the difference yourself in a large claim.
With property, vacancy is a structural feature
In every portfolio there is always a property standing empty: between tenants, during renovation, on sale or after a death. Vacancy is a change of risk that you have to report, because squatting, copper theft, vandalism and frost damage all increase. Insurers respond with restricted cover, a higher excess or requirements for supervision and draining the pipes. Beyond the period stated in the policy, cover at that address can lapse. So keep central track of vacancies.
Count on these exclusions
Excluded from cover are, among other things damage caused by tenants themselves and vandalism by occupants, deferred maintenance, wear, design and material faults, vacancy for longer than the term in the policy and damage caused by cannabis cultivation or other illegal use of a property. Settlement and damage to foundations, vermin, mould and slow-acting damp are also excluded, as are intent and recklessness under Article 7:952 of the Dutch Civil Code. Rent arrears are not damage and do not fall under loss of rent cover.
What does your premium depend on?
- Total rebuild value: the total for all properties
- Number and type of premises: homes, rooms or mixed
- Construction type and year of construction: material and state of maintenance
- Vacancy rate: percentage unoccupied
- Claims history: the number and size of claims
- Excess and additions: loss of rent, glass, liability
Insurers weigh these details differently. That is where your saving is.
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.
9.5New policy
9.8Claims handling
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
This is what people ask us most.
When should I move from separate policies to a property portfolio policy?
As soon as the number of properties becomes so large that separate policies are unwieldy or that insurers assess the portfolio on a commercial basis. A property portfolio policy gives one renewal date, one point of contact and often a more favourable rate. It does call for discipline: every purchase, sale and vacancy has to be notified, otherwise gaps arise that only become visible when you claim.
Do I insure let homes differently from shop or office space?
Yes. Different underwriting rules and rates apply to residential space than to commercial property, where the nature of the tenant and the installations present count heavily. A mixed property with a shop below and homes above is often assessed separately. State for each address what the actual designated use and the actual use are. The designation in the environment plan alone does not say enough.
What exactly does loss of rent cover?
The rental income lost because a property cannot be let temporarily after covered damage. The cover runs for as long as repairs take, up to the period and the amount stated in the policy. Without a covered cause of loss there is no loss of rent cover. Non-payment, vacancy between tenants and an object that is hard to let are not included. That remains a business risk.
Is liability included on the buildings policy?
No, that is separate cover. As the possessor of the structure you are liable under Article 6:174 of the Dutch Civil Code for damage caused by a defect in the building, even without fault: a falling roof tile, a balcony giving way, a defective staircase. Personal liability insurance (AVP) excludes the letting of property. So take out liability insurance for property owners.
How do I prevent problems with a cannabis farm in a property?
Damage caused by cannabis cultivation and other illegal use is excluded, including fire and clean-up costs. Limit the risk with tenant screening, a right of inspection in the tenancy agreement and periodic visits. Record who holds keys and watch for signs such as covered windows or an altered meter cupboard. Local authorities can also close a property, which again costs rental income that is not insured.
Read more
Within Opstalverzekering
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Also relevant
Own let property?
Request a quote without obligation. We will check the sums insured, vacancies and liability.
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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.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
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.