Finance and insurance are two professions with their own licences. We do the second. What we explain here is what the lender will require of your policy.
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.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Finass Verzekert advises on and arranges non-life insurance. Financing property (a let home, business premises, a portfolio or a development project) falls under a different licence category. We refer you to a specialist party that handles that process independently.
With let property, lenders generally work with the market value in let condition, which is lower than the value with own use. The borrowing capacity follows from that, not from the purchase price.
What virtually every lender does require of you is that the security is adequately insured: buildings cover on rebuild value, with the financier named as an interested party on the policy. That is our profession.
What does property finance: we refer you on cover?
The structure of the cover in three parts, with an overview per situation below.
No licence
What we do not do
We leave advice and intermediary services in financing to specialists.
No financing advice
No brokerage
A referral instead
From your policy
What the lender requires
The insurance requirements that appear in almost every quotation.
Buildings on a rebuild value basis
The lender as an interested party
Sometimes a valuation
Around the property
What we do provide
The covers that go with let property.
Buildings and loss of rent
Premises liability
Glass and environmental damage
What is covered
Subject
With us
With the finance provider
Advice on the form of finance and the term
No
Yes
Assessment of your rental income and cover ratio
No
Yes
Application to the lender
No
Yes
Buildings insurance (opstalverzekering) on rebuild value
Yes
No
Loss of rent and property owner's liability
Yes
No
Statutory credit information
No
Yes
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
The lender wants to be named on the policy
Virtually every lender requires to be named as an interested party on the buildings policy, so that a payout is not spent behind its back. That is a simple entry, but it does have to be there before completion. Arrange it at the same time as the quotation, not afterwards.
Rebuild value, not market value
The finance is tied to the market value. The insurance to the rebuild value. With older property those two differ widely, and with listed buildings or properties with unusual structures the rebuild value is often considerably higher than what the property would fetch. Have them established separately.
If the property stands idle for months after a loss, the rent stops while interest and repayments continue. Loss of rent cover absorbs that. For a lender that is often just as relevant as the buildings cover itself. Some make it a condition.
If a property stands empty for longer than the policy allows, cover is limited to fire, storm and lightning strike. That is precisely the moment your financier wants security. Report vacancy actively and ask about vacancy cover.
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.
No. We advise and act as intermediary solely in general insurance. For finance we refer you to a specialist party.
What does my lender expect of the insurance?
Almost always buildings insurance on rebuild value, with the financier named as an interested party on the policy and sometimes a valuation. We arrange that, preferably at the same time as the finance quotation.
Why does the rebuild value differ from the market value?
Finance is tied to market value, insurance to what it costs to build the property again. With older or unusual property the rebuild value is often higher than the sale proceeds.
Do I need loss of rent cover?
If the rent carries your interest and repayments, yes. If the property stands idle for months after a loss, the outgoings continue while the rent stops.
What happens when the property is unoccupied?
Cover is usually limited to fire, storm and lightning strike once the vacancy lasts longer than the policy allows. Report it and ask about vacancy cover.
Am I obliged to use the party you refer me to?
No. You choose who you deal with yourself. We receive a fee when you submit an application form through our link. That changes nothing about your insurance with us.
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.
