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
A buy-to-let mortgage finances a property that you do not live in yourself. Because the repayments come from rent rather than from wages, the lender looks at the tenancy agreements, the make-up of the tenants and the ratio between the loan and the value of the property in let condition. That value is lower than the vacant possession value, which means you put in more of your own money than for a home you occupy yourself.
For the insurance there is one point that goes wrong more often than any other: an ordinary private buildings insurance policy does not cover letting. Almost every home policy states that the property is occupied by the policyholder. If you let it without reporting this, there is an unreported change of risk and the insurer can reduce or refuse payment. You need buildings insurance set up for letting, see buildings insurance (opstalverzekering).
In addition, the lender usually requires that it is named as an interested party on the policy and that loss of rent is included. If the rent stops after a fire, your interest and repayments continue; loss of rent cover bridges that period. So arrange the policy at the same time as the financing and not afterwards. Finass does not act as an intermediary for mortgages itself. We take care of the insurance side and refer you on for the financing.
Please note: borrowing money costs money. Finass Advies B.V. holds a licence for non-life insurance and does not act as an intermediary for credit or mortgages. This page is informative. For an application we refer you to a provider with a licence for consumer credit or mortgage credit. Every licensed provider consults the BKR (the Dutch credit register) for credit of € 250 or more with a term of longer than one month.
The structure of the cover in three parts, with an overview per situation below.
The basics
Liability
AVB for property damage and injury, BAV for professional errors.
Damage to third parties
Employers' liability
Care, custody and control as an extension
Your business
Assets and continuity
Business contents, goods and lost turnover during downtime.
Business contents at replacement value as new
Goods at cost price
Business interruption or additional costs
If you employ people
Staff
Sickness absence, accidents and the traffic risk.
Continued pay for 104 weeks
Group personal accident
WEGAS for traffic risks
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Sometimes
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Sometimes
Yes
Damage to property in your care
No
No
No
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 type of letting determines whether you are accepted at all
Letting to a single family on a standard tenancy agreement is the lightest form. Room letting, house sharing, letting to migrant workers and short-term letting through platforms are assessed separately by both lenders and insurers, and refused by part of the market. State the actual type of letting on the application; if it changes during the term, report it, because it is a change of risk.
The lender on the policy and the right of pledge
With a financed property the lender is named on the policy as an interested party or beneficiary. In the event of a large loss the payment is then not simply transferred to you but also to the lender, and in principle it is intended for repair or repayment. That limits your freedom to spend the money differently, but it is a standard condition in the mortgage deed and not open to negotiation.
Loss of rent is a requirement, not an extra
Loss of rent cover pays the rent lost for as long as the property is uninhabitable after an insured loss. What matters is the indemnity period you choose: for a property in a city centre, repair including permits and tendering takes considerably longer than the shortest standard period. Match that period to the actual repair time for this particular property and not to whatever the quotation offers as standard.
What neither the financing nor the policy solves
Non-payment by a tenant is not an insured risk; loss of rent cover works only after an insured material loss. A vacancy between two tenants is not covered either and, after the period stated in the policy, even restricts the buildings cover. Damage caused by deferred maintenance and by gradual damp is excluded. And damage caused by the tenant, including vandalism by the occupier, is excluded on many policies or can only be covered for an additional premium.
What does your premium depend on?
Type of letting. Self-contained letting to a single household counts more lightly than room letting or short-term letting.
Number of households per property. More separate occupiers means more cooking points, more installations and a higher claims frequency.
Construction type and year of construction. Pre-war properties with wooden floors and old wiring are assessed more strictly than post-war brick construction.
Loss of rent included and the indemnity period. The indemnity period you choose determines how long the lost rent is paid and feeds through into the premium.
Rebuild value of the premises. The basis is the rebuild value and not the purchase price. The land is not included and the building costs are.
Vacancy clause. The agreed vacancy period and the cover that remains afterwards affect acceptance and price.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your situation, your risk and your 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.
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.
Can I keep my existing home insurance if I start letting the property?
Not without reporting it. The home policy assumes that you occupy the property; letting is a change of risk that you have to report under the policy conditions. If you do not, the insurer can reduce the payment proportionately or refuse it when you claim. Apply for a policy set up for letting, with the type of letting on the policy schedule.
Why does the lender want to be named on my policy?
The property is its security. If it burns down, the security evaporates while the loan remains. By being named as an interested party, the lender makes sure the payment is used for repair or repayment. This is set out in the mortgage deed and the insurer notes it on the policy schedule. You do not have to do anything further.
What happens if my tenant does not pay the rent?
That is a credit risk and not an insured event. Loss of rent pays out only after an insured material loss that makes the property impossible to let. For debt collection and eviction, legal expenses insurance (rechtsbijstandverzekering) with a letting module is more useful; check the waiting period, because a dispute that already existed at the start is excluded.
Do I also need liability insurance as a landlord?
Yes. As the owner you remain liable under Article 6:174 of the Dutch Civil Code for damage caused by a defect in the property, even though the tenant uses it. If a piece of the facade falls on a parked car or a stair rail gives way, the claim comes to you. Property owners' liability insurance covers that. Your personal liability insurance (AVP) does not do so for let property.
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.
