Rebuild value
- Not the market value
- Not the WOZ value (the Dutch property valuation)
- Guarantee against underinsurance
Three values · the difference · how they are used
Calculating the value of your home and the rebuild value
Market value, WOZ value and rebuild value all describe the same house, but you use them for three different purposes.
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In brief
The market value is what the house, including the land, fetches when sold. A valuer establishes it and your lender works with it for a mortgage or an interest rate review. It is unsuitable as a sum insured: the land is not lost in a fire or a storm.
The WOZ value (the Dutch property valuation) is a valuation by the local authority as at a valuation reference date. It serves for property tax, the notional rental value for income tax, the water board levy and inheritance and gift tax. It too includes the land, and the reference date is almost a year behind you.
The rebuild value is what it costs to rebuild the same property in the same place, excluding land. Only that value belongs on the schedule of your buildings insurance. How to build up that figure is explained on calculating buildings insurance.
What does calculating the property value and 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.
Why the land stays outside the sum insured
An indemnity policy compensates loss of assets and no more than that; Article 7:960 of the Dutch Civil Code prohibits a payment above the loss suffered. In a fire you lose the building, not the plot. That is why the insurer works with building costs and not with the sale price. It explains why the two values can be far apart: in a sought-after village the market value is well above the building costs, while for a large property in a shrinking region it is exactly the other way round.
The WOZ value belongs in your tax return, not on your policy
The local authority values the whole property, land included, as at a reference date that precedes the assessment. For buildings insurance that figure means nothing: it includes land, takes no account of your type of construction or level of finish, and follows the market instead of building costs. If you do adopt the WOZ value as your sum insured, the chances are you will be structurally underinsured or needlessly overinsured.
When a valuation replaces the calculator
For a standard house a rebuild value calculator is enough. For a listed building, a thatched roof, a great deal of handwork or unusual materials it will not do: the calculator does not recognise those items. In that case an expert values the property in advance. Under Article 7:960 of the Dutch Civil Code such a prior valuation binds both parties for its period of validity, so that the discussion about underinsurance after a loss no longer takes place.
Building work makes the agreed value wrong without anyone noticing
An extension, a dormer window, an enlarged bathroom or solar panels on the roof increase the rebuilding costs, but not the sum you have declared. The insurer's index clause only follows general building cost movements and therefore does not correct your extension. So report building work to the insurer, as Article 7:928 of the Dutch Civil Code also requires when you apply; if you fail to report it, every claim will be paid proportionally.
What does your premium depend on?
- Rebuild value as the sum insured — The amount produced by the calculator or the valuation is the basis on which the insurer sets the premium.
- Volume and type of house — Detached, end-of-terrace, mid-terrace or flat: at the same volume, rebuilding costs differ by type.
- Level of finish and luxury — Hand-made materials, bespoke window frames and high-end installations lift rebuilding costs above the standard level.
- Construction type and roof covering — Thatch, timber or a mixed construction leads to a different valuation than brick with tiles or bitumen.
- Outbuildings, extensions and installations — Garage, conservatory, heat pump and solar panels belong in the figure; if they are missing, the sum has been set too low.
- Index and guarantee against underinsurance — A correctly completed calculator usually gives a guarantee for a number of years; that arrangement forms part of the conditions.
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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Frequently asked questions
The questions we are asked most often about this.
May I use the WOZ value as my sum insured?
Better not. The WOZ value is a tax valuation of land and building together, set as at a reference date that precedes your assessment. The insurer works with building costs excluding land. Anyone who adopts the WOZ value almost always ends up with the wrong sum: too low with a cheap plot, too high with an expensive one.
My rebuild value is higher than the sale value. Is that right?
It may well be. In areas with low sale prices, or with a large, labour-intensive property, building costs exceed what the house would fetch. The insurer insures rebuilding, not selling. If the difference is very wide, discuss whether rebuilding after a total loss is realistic and which basis the policy then applies.
How often should I set the values again?
A rebuild value calculator and a valuation both have a limited period of validity; once that expires, the guarantee against underinsurance expires with it. Set the value again after every conversion, extension or major energy-efficiency upgrade. You do not need to keep market value and WOZ value up to date for your policy; those only matter for financing and taxes.
Which value applies to a property that stands empty or is to be demolished?
The insurer will usually apply the sale value instead of the rebuild value, because rebuilding is no longer in prospect. Always report vacancy or a demolition designation: it changes both the basis and the cover. You can read more about that on buildings insurance for an empty property. Excluded in any event are wear and tear, deferred maintenance, inherent defect, foundation damage and groundwater coming up through the floor.
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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.