Valuation in advance
- Basis in Article 7:960 of the Dutch Civil Code
- No discussion about market value
- Revaluation once the period expires
- Keep photographs and proofs of purchase separately
Valuation · territory · security
How do you choose cover for unique valuables?
With unique items there is no policy that is the best for everyone. The choice turns on three arrangements: how the value is fixed, where the cover applies and what security the insurer requires.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
Deze pagina in het Nederlands: Hoe kiest u de dekking voor unieke kostbaarheden?.
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- We compare the offerings of several insurers
- An adviser checks whether the cover suits your situation
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
A standard home contents insurance policy covers jewellery, watches, art, musical instruments and collections only up to a a maximum amount per event. Above that limit you receive no more than the amount stated, however large the loss. If the value of your items is above it, separate valuables insurance is needed. That also often covers you worldwide and away from the home, where the home contents policy usually stops at the front door.
The most important arrangement is the determination of value. With unique items there are no comparable transactions, which makes a dispute about market value virtually unavoidable. A a valuation report from a recognised expert prevents that: under Article 7:960 of the Dutch Civil Code the valued amount counts as a fixed value for the period named in the policy. Once that period expires, you fall back on dispute and a new valuation is needed.
We do not name a best policy. Which insurer fits depends on the type of item, the value and your living situation: a single watch calls for a different market from an art collection or an instrument that travels with you. What you can assess is the valuation, the territory, the security requirements and the exclusions.
What to select on with unique items
Three elements determine what you actually receive when a loss occurs.
Area of cover
Valuables leave the house; the cover has to follow.
- Worldwide or within Europe only
- Outside the home, often more limited
- The length of a trip is sometimes capped
- Lending and exhibiting arranged separately
Security and safekeeping
Insurers impose requirements on the safe, the alarm and the way items are kept.
- A safe of a prescribed grade
- A certified alarm installation
- Requirements during long absences
- Failure to comply means the cover lapses
What is covered
| Situation | Home contents policy | Valuables policy |
|---|---|---|
| Damage at home up to the policy amount for valuables | Yes | Yes |
| Damage above that policy amount | No | Yes |
| Loss or theft away from the home | No | Provided that |
| Payment at a value agreed in advance | No | Provided that |
| Theft where the safe or alarm requirement has not been met | No | No |
| Wear and tear, inherent defect, moths and damp | No | No |
What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) that you receive before you take out cover.
Four points that determine the outcome
With unique items the difference lies not in the premium but in these arrangements.
The limit on the home contents policy is the first trap
Almost every home contents policy has a maximum for jewellery and valuables and sometimes a separate maximum for audiovisual equipment, musical instruments or art. That maximum applies per event, not per item: in a burglary in which several pieces disappear, the limit counts for the whole. Check that amount before you consider a separate policy, and add up the value of your items.
A valuation puts an end to the argument
Without a valuation the insurer only assesses the value after the loss, at a time when the item is no longer there. With unique pieces that almost always leads to disagreement. A valuation by a recognised expert fixes the value; under Article 7:960 of the Dutch Civil Code it counts as a fixed value for the period named in the policy. Watch the period of validity and have a new valuation carried out in good time, certainly where market values are rising.
What even the widest policy does not cover
Outside the cover are wear, ageing and inherent defect, such as a clasp broken through metal fatigue or craquelure in a painting. Also excluded is damage from moths, vermin, mould, light and damp, damage during cleaning, restoration or treatment, and going missing with no identifiable event. Damage caused by intent or recklessness falls away under Article 7:952 of the Dutch Civil Code.
Security requirements are conditions, not advice
If the policy states that jewellery not in use must be kept in a safe of a given grade or that the property must have a certified alarm installation, that is a warranty clause. If it is not complied with, the cover lapses in the event of theft. Report changes in storage, home address or the composition of the collection: the duty of disclosure in Article 7:928 of the Dutch Civil Code applies when the policy is taken out, and a breach can reduce the payout or cause it to lapse (Article 7:930 of the Dutch Civil Code). You report a claim as soon as reasonably possible (Article 7:941 of the Dutch Civil Code).
What does your premium depend on?
- Agreed value — the basis of calculation for the policy
- Type of item — jewellery, art or an instrument
- Area of cover — at home, in Europe or worldwide
- Security and safekeeping — safe grade and alarm
- Use and transport — worn daily or kept locked away
- Excess — higher amount, lower premium
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, risk and 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.
9.5New policy
9.8Claims handling
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.
Why do you not name a best valuables insurance?
Because the market differs from item to item. A single watch is subject to different conditions and acceptance requirements from an art collection or an instrument that travels with you. Valuation requirements, territory and security requirements are also weighted differently by each insurer. So we compare on your items and on conditions, not on a general league table.
When is my home contents insurance enough?
As long as the combined value of your valuables stays below the policy limit and you keep them almost entirely at home. If you wear jewellery daily, an instrument goes out with you or the value is above the limit, that cover falls short. The limit applies per event, so in a burglary the value of all the stolen pieces counts together.
Is a valuation compulsory?
Above a certain amount most insurers make it a condition; below that it is optional but still wise. A valuation report from a recognised expert fixes the value for the period named in the policy. Without a report the insurer only assesses the value after the loss, with proofs of purchase and photographs as the only support.
Am I insured while travelling as well?
Only if the territory allows it. Valuables policies often have worldwide or European cover, sometimes with a maximum unbroken length of trip. Also watch the conditions about baggage: valuables in hold luggage or in an unattended vehicle are regularly excluded. Check this before you take anything valuable with you.
What if an item is damaged during restoration?
Damage arising during cleaning, restoration or treatment is usually excluded on the policy; that damage belongs with the restorer's liability. So ask in advance about his professional indemnity insurance (BAV) and set out who bears the risk during transport to and from the workshop. Tell your insurer if the item will be away for a long period.
Read more
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Also relevant
Would you like cover tailored to your valuables?
Request a quote without obligation; we arrange the valuation, the territory and the security requirements in a single process.
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About our service
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.
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.