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- Fire, storm and water
- Burglary damage
- Outbuildings and swimming pool
Insuring a holiday home in Monaco
In Monaco you are almost never dealing with a building but with an apartment in a co-ownership, so you do not insure the structure but your owner's interest, your contents and your recourse risk towards the neighbours.
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Work out for yourself what it would cost.
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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.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
In reality Monaco consists of apartments in high-rise blocks. The structure, the roof, the facade, the lifts and the communal pipework fall under the policy of the co-ownership, taken out by the managing agent. What you insure yourself is the finishes and the improvements you have made, your contents, and your liability towards the other owners.
That last point is the one Dutch owners underestimate. The Monegasque and French policy systems have separate cover for recourse by neighbours and third parties: if a fire starts or a pipe leaks at your property, the apartments below and beside you are damaged and their insurers recover that loss from you. In a high-rise block that can involve several homes at once.
The third theme is the value of the interior. Art, jewellery, watches and bespoke interiors call for a valuation and for safe and alarm requirements. See also France, where the same legal concepts apply to detached houses, and the general holiday home insurance.
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Holiday home in Monaco: what is covered?
The structure of the cover in three parts, with an overview per situation below.
Home contents
Furniture and equipment you leave there permanently.
- Separate sum insured
- Theft while the property is unoccupied
- Lower sub-limit
Liability
Your liability for the building and towards tenants.
- A part of the facade coming loose
- Injury at the swimming pool
- Particularly relevant when letting
What is covered
| Situation | Covered |
|---|---|
| Fire or storm damage to the home | Yes |
| Water damage while the property is occupied | Yes |
| Water damage during a long period of vacancy | No |
| Damage caused by a tenant | Sometimes |
| Theft of your home contents while the property is let | Sometimes |
| Deferred maintenance and frost damage | 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.
What does your premium depend on?
- Value of the owner's interest. The finishes and improvements you have made yourself determine this part of the sum insured.
- Limit for recourse by neighbours and third parties. In a high-rise block with expensive apartments a higher limit is needed than the standard one.
- Valued valuables. Art, jewellery and watches are declared separately and insured on the basis of a valuation.
- Security: safe, alarm and concierge service. Certification and the presence of permanent supervision are taken into account.
- Floor and position in the building. An apartment higher up carries a greater recourse risk towards those below.
- Own use, letting or shared use. Letting brings changing occupants into a property with an expensive interior.
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.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
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.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
The boundary between the co-ownership policy and your own policy
The co-ownership policy covers the structure and the communal parts. Everything you have installed yourself, from floors and bathroom to fitted kitchen and wall finishes, falls outside it. That is called owner's interest and you insure it yourself. Ask the managing agent for the policy and the deed of division and have the exact dividing line established. It differs from one set of building rules to another and is the first point of dispute when a claim arises.
Recourse by neighbours and third parties
A leak or fire in your apartment affects the homes below and beside it. Their insurers recover that loss from you. The cover for this is called recours des voisins et des tiers and must appear in your policy with a limit that matches the value of the surrounding apartments. In a high-rise block with expensive finishes a standard limit is almost always too low.
Valuable contents, valuation and security requirements
Separate provisions apply to art, jewellery, watches and collections. Without a valuation report you fall back on a sub-limit far below the real value. Insurers also impose requirements: a certified safe, a monitored alarm and the use of both when you are away. If the alarm is not set, the theft is not covered, however good the security may be on paper.
What is not paid out
Outside the cover are: slowly seeping water that has caused damage gradually rather than suddenly, damage to communal parts that the association should have maintained, and valuable items that have not been declared or valued. If you let the property without reporting it, that engages the duty of disclosure; on a Dutch policy those are Articles 7:928 and 7:930 of the Dutch Civil Code.
Letting is commercial use
If you let through a platform, say so. Without notification, damage during the letting period falls outside the cover.
A Dutch policy or a local policy
For most destinations you can choose. A Dutch policy means Dutch conditions, Dutch law and claims handling in Dutch: worth a great deal in the event of a large claim in a country whose language you do not speak. A local policy sometimes fits regional natural hazards better.
Frequently asked questions
This is what people ask us most.
Do I have to insure the building myself?
In Monaco, almost never. The structure, facade, roof and communal installations fall under the co-ownership policy. You insure your owner's interest, that is the finishes and improvements you have made yourself, plus your contents and liability. Ask the managing agent for the building policy so that you have the dividing line in black and white.
What is cover for recourse by neighbours?
Separate cover for the loss others suffer because a fire or leak starts at your property. Their insurers hold you liable and recover the costs. In an apartment block that can involve several homes. Do not just check whether the cover is there, but above all whether the limit matches the value of the surrounding apartments.
How do I insure art and jewellery in the property?
Item by item or by category, with a recent valuation report. Without a valuation a sub-limit applies that comes nowhere near the real value. Insurers also impose requirements for the safe and the alarm, and for actually using them when you are away. Keep the valuations and purchase receipts outside the property, digitally or with your adviser.
Is a leak from the flat above my loss or the neighbour's?
You report the damage to your own finishes and contents to your own insurer. It settles the claim and then seeks recovery from the liable party or that party's insurer. If the water comes from a communal pipe, the association comes into the picture. Always report the loss at once and photograph the situation before anything is dried out or stripped.
Every situation is different. For these situations we have a separate page.
- Compare home contents insurance (inboedelverzekering)The main page
- Home contents insurance (inboedelverzekering) for an apartmentVvE, owner's improvements, storeroom
- Home contents insurance (inboedelverzekering) for your second homeUnoccupied, letting, frost and water pipes
- Insuring a holiday home in SpainSecond home, Spain, vacancy and letting
- Insuring a holiday home in PortugalSecond home, Portugal, vacancy and letting
- Insuring a holiday home in ItalySecond home, Italy, vacancy and letting
- Insuring a holiday home in LuxembourgSecond home, Luxembourg, vacancy and letting
- Insuring a holiday home in BelgiumSecond home, Belgium, vacancy and letting
- Insuring a holiday home in FranceSecond home, France, vacancy and letting
Read more
Within Inboedelverzekering
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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 compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.