For a villa, country house or listed building, a rebuild value calculator no longer works. The value depends on materials, craftsmanship and regulations that no calculation module knows about.
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A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Above a certain value, the insurer's rebuild value calculator is no longer usable and a valuation report is needed. Pay attention to the form: only a valuation with the additional provision on rebuild value, as referred to in Article 7:960 of the Dutch Civil Code, gives you the certainty that the insurer cannot invoke underinsurance during the term.
With a listed building the permit requirement is added to this. Rebuilding must be in the original state and with the original techniques, and that costs several times as much as modern construction. An insurer that does not specialise in this works with standard prices per cubic metre — and then the amount is wrong.
With a a thatched roof the first hurdle is not the value but acceptance. Part of the market does not accept thatch, or only with requirements for chimney height, lightning protection, spark arresters and periodic inspection.
The structure of the cover in three parts, with an overview per situation below.
The standard in this segment
Comprehensive
All sudden and unforeseen damage, unless excluded.
Unnamed causes included
Less discussion when you claim
Generous indemnity periods
The basis of value
Valuation
A valuer records the rebuild value, with the provision from Article 7:960 DCC.
Six years of protection
Special materials
Including outbuildings
What goes with it
Unusual objects
Everything on the grounds that does not fit a standard policy.
Pool house and garden house
Swimming pool and tennis court
Garden landscaping and planting
What is covered
Situation
Covered
Fire or storm damage to the main building
Yes
Damage to outbuildings and the pool house
Sometimes
Rebuilding a listed building in its original state
Sometimes
Garden landscaping and planting after a storm
Sometimes
Subsidence, pile rot and deferred maintenance
No
Damage during a refurbishment that was not reported
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.
A valuation is only a valuation with the right basis of value
A standard valuation report from an estate agent often does not meet the insurer's requirements. What does meet them is a report with the additional provision on rebuild value as referred to in Article 7:960 of the Dutch Civil Code. During the term, usually six years, the amount is then fixed and discussion about underinsurance is ruled out.
Rebuilding a listed building costs several times as much
For a nationally or locally listed building, rebuilding must be in the original state, with historic techniques and materials, and under supervision. Hand-formed bricks, craft plasterwork and stained glass cannot be captured in a price per cubic metre. Have the valuer set out those assumptions explicitly; otherwise you get an amount based on modern construction.
With thatch it is about acceptance, not premium
Insurers that accept thatch set requirements: a minimum chimney height, a spark arrester, lightning protection to the standard, and periodic inspection of the roof. These appear as a clause on the policy. If you do not meet them at the time of a fire, the payment can be reduced. Ask for the requirements before you have a chimney installed or the roof replaced.
In this segment there is almost always work going on, and it is precisely during a refurbishment that the risk changes: naked flames, scaffolding, security temporarily switched off. Report it in advance. Some insurers ask for temporary construction all risks (CAR) insurance or adjust the conditions for the duration of the work.
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.
Above a certain value the rebuild value calculator is no longer usable. A valuation with the provision from Article 7:960 of the Dutch Civil Code fixes the value, usually for six years, and rules out discussion about underinsurance.
What is different with a listed building?
Rebuilding must be in the original state with historic materials and techniques, under supervision and with a permit. That costs considerably more than modern construction and must be stated explicitly in the valuation.
Does every insurer accept a thatched roof?
No. Part of the market does not, and those that do set requirements for chimney height, spark arresters, lightning protection and inspection. These appear as a clause on the policy.
Are the garden and outbuildings included?
Often yes, up to a percentage of the sum insured or up to a fixed amount. With large grounds including a pool house, swimming pool or tennis court, it pays to have these listed separately.
What if I am going to refurbish?
Report it in advance. During a refurbishment the risk changes and the insurer may set temporary conditions or require construction all risks (CAR) insurance.
Is foundation damage covered?
Usually not. Subsidence, drought and pile rot count as gradual processes. Only where the cause is a covered event, such as a burst pipe, can there be cover.
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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