Rebuild value
- Not the market value
- Not the WOZ value (the Dutch property valuation)
- Guarantee against underinsurance
Rebuild value calculator · valuation · guarantee
Calculating the rebuild value
The sum insured on a buildings policy is the rebuild value, and you set it with a rebuild value calculator or, for an unusual property, with a valuation.
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In brief
Rebuild value is what it costs to build the same property again in the same place, excluding the land. So it is not the market value and not the WOZ value: a flat in the Randstad can have a high market value and a modest rebuild value, while for a large house in the countryside precisely the reverse applies. The land is not lost in a fire and therefore does not count.
The usual method is the rebuild value calculator: a questionnaire about the type of home, the volume in cubic metres, the type of construction, the roof covering, the level of finish of the kitchen and sanitary ware, and any extensions or outbuildings. If you complete it correctly and in full, the insurer usually gives a guarantee against underinsurance for a number of years. That is the point of the instrument: you buy certainty about the sum insured.
An insurer does not pay beyond that certainty. Article 7:960 of the Dutch Civil Code provides that a payment may not put you in a clearly more advantageous position; too high a sum insured therefore produces no higher payment, only a higher premium. For the value of your home on the market, see calculating a property's value.
What does calculating the rebuild value cover?
The structure of the cover in three parts, with an overview per situation below.
What is included
Everything permanently attached to the building.
- Building and installations
- Outbuildings
- Boundary fences
Extensions
What is excluded as standard.
- Glass
- Garden landscaping
- Inherent defect and foundations
What is covered
| Situation | Standard | With extension |
|---|---|---|
| Fire, smoke and lightning strike | Yes | Yes |
| Storm from force 7 upwards | Yes | Yes |
| Water damage from a burst pipe | Yes | Yes |
| Glass breakage | Sometimes | Yes |
| Groundwater coming through the floor | No | No |
| Wear and deferred maintenance | 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.
What is and is not included in the sum
Included: the structure, the foundations in so far as they have to be rebuilt, installations, kitchen, sanitary ware, outbuildings and boundary fencing, as long as these have been declared. Not included: the land, your contents and the landscaping of the garden. Clearance and demolition costs and the cost of temporary accommodation are separate sections above the sum insured. Check whether those sections appear on your policy schedule and with what maximum.
The guarantee against underinsurance is the aim
Without a guarantee you carry the risk of rising building costs yourself. If a claim reveals that the actual rebuild value was higher than your sum insured, payment is proportionate: even on a small leak you then receive only part. With a correctly completed calculator, the insurer takes that risk over for the period stated in the conditions, provided you report changes to the property.
When the calculator is not enough
For a nationally listed building, a thatched roof, a property with craft plasterwork, cast-iron detailing or an unusual layout, a standard calculator gives too low a result; rebuilding calls for specialist work there and sometimes materials made to measure. In that case have a valuation carried out by an expert. See buildings insurance for a nationally listed building and buildings insurance for a villa.
Indexation is automatic, refurbishments are not
Most policies adjust the sum insured each year with a building cost index. That index follows the market on average, but not your property. If you add a conservatory, install a dormer window or replace the kitchen with a considerably more expensive one, the index does not raise the sum for that. Report such a change, otherwise your sum insured is out of date as soon as the work is finished and your guarantee lapses.
What does your premium depend on?
- Volume in cubic metres — The main measurement in the calculator; the length, width and height of the main building plus extensions determine the basis of the sum.
- Construction type and roof covering — Brick with tiles, timber frame construction or a thatched roof lead to different rebuilding costs per cubic metre.
- Level of finish — The kitchen, sanitary ware, floors and internal doors are asked about in classes; standard, luxury or exclusive makes a considerable difference to the result.
- Outbuildings and grounds features — A garage, shed, carport, boundary fencing and paving must be declared separately to fall within the guarantee.
- Unusual materials or listed status — Craft detailing and protected elements call for a valuation instead of a calculator, with its own rate as a result.
- Index clause — A policy with an annual adjustment to the building cost index keeps the sum up to date and prevents the guarantee being quietly hollowed out.
Insurers weigh these details differently. That is why comparing pays off.
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.
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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 use the WOZ value as the sum insured?
No. The WOZ value is a market value including the land, set for tax purposes. Rebuild value is a building cost concept without the land. The two can differ widely and will rarely coincide by chance. An insurer therefore does not accept the WOZ value as a basis and will test a claim against the actual rebuilding costs.
What if I insure my home for too much?
You then pay too much premium without getting anything for it. Article 7:960 of the Dutch Civil Code prohibits an insured from being put in a clearly more advantageous position by a payment; the insurer therefore pays the actual rebuilding costs and not the amount on your policy schedule. Overinsurance is thus only a cost, not extra certainty.
Do I have to declare solar panels separately?
Yes, unless your conditions expressly include them up to an amount. Panels fixed to the roof usually count as part of the structure, but do not automatically count in the calculator. Report the output and the year of installation, and read buildings insurance and solar panels for the exclusions that go with them.
How often should I redo the calculation?
In any event after every refurbishment that enlarges the property or changes the level of finish, and further when the guarantee period in your conditions expires. Without refurbishment, the index clause keeps the sum roughly up to date, but a calculation from ten years ago rarely still matches current building costs and what has changed since.
Read more
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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.