The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
An owner-occupier who suffers damage loses a building. An investor loses a building and a cash flow, while the interest, the repayments, the VvE contribution and the property tax continue. That is why loss of rent is the section that makes the difference on an investment policy, rather than the buildings cover everyone looks at. Your return stands or falls on how long that payment continues.
The second question is the basis of valuation. You buy an investment property at a price derived from the yield, but buildings insurance pays out on the basis of rebuild value: what it costs to build the same property again, excluding the land. Those two amounts differ widely, and in both directions. If you insure on the purchase price, you are structurally wrong and risk underinsurance.
We build the policy from the sections that belong to investment property: buildings at rebuild value with indexation, loss of rent with a realistic period, glass, and liability as possessor under Article 6:174 of the Dutch Civil Code. The lender appears on the policy schedule as an interested party. For the differences between types of property, see types of property and their risks.
The structure of the cover in three parts, with an overview per situation below.
The basics
Liability
AVB for property damage and injury, BAV for professional errors.
Damage to third parties
Employers' liability
Care, custody and control as an extension
Your business
Assets and continuity
Business contents, goods and lost turnover during downtime.
Business contents at replacement value as new
Goods at cost price
Business interruption or additional costs
If you employ people
Staff
Sickness absence, accidents and the traffic risk.
Continued pay for 104 weeks
Group personal accident
WEGAS for traffic risks
What is covered
Situation
AVB
BAV
Cyber
Injury to a visitor or customer
Yes
No
No
Damage to a client's property
Sometimes
No
No
Financial loss caused by an advisory or calculation error
No
Yes
No
Downtime after a ransomware attack
No
No
Yes
Data breach involving personal data
No
Sometimes
Yes
Damage to property in your care
No
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.
Base the repair period on this property, not on the standard
Loss of rent runs for as long as the property cannot be let, but no longer than the period chosen on the policy. With a property of any size, time goes into the loss adjustment, demolition, permits, tendering and delivery times before the first brick is laid. With a listed building or a property in a conservation area it demonstrably takes longer. Choose the period on the basis of that process, not on the shortest option in the quotation.
Rebuild value is not the purchase price
Payment is based on what rebuilding costs. If the sum insured is too low, even a partial loss is reduced proportionally: at half the correct sum insured you receive half of every claim, not only in the event of a total loss. A rebuild value calculator or valuation gives a guarantee against underinsurance, but it applies for a limited period and lapses if you carry out building work without reporting it.
Your lender on the policy schedule
With a financed property, the lender is named as an interested party and payment for a large claim is made to them as well. That means you are not free to collect the payment after a fire and sell the site. The money is intended for repair or repayment. Agree this when arranging the financing; see also the buy-to-let mortgage.
What the policy is not for
Vacancy for longer than the period stated in the policy reduces cover to a bare fire and storm cover. Deferred maintenance, wood rot and slowly penetrating damp are excluded. Foundation repairs after subsidence or rotting piles are not included. A fall in the value of the property after it has been repaired is not paid: the policy pays the building costs, not the difference in market value or the reduced yield.
What does your premium depend on?
Rebuild value and indexation. The sum insured follows building costs. Without indexation, cover falls behind the real cost of rebuilding.
Chosen payment period for loss of rent. The longer the period over which lost rent is paid, the higher the premium for that section.
Permitted use and the tenant's activity. Housing, offices, retail or production put the same building in a different risk class.
Occupancy rate. Structural vacancy or a high turnover of tenants makes acceptance harder and affects the vacancy clause.
Construction type and compartmentation. The separations between units determine whether a fire stays with one tenant or takes the whole building.
Excess and glass cover. In shops with a large frontage, glass is a frequent claim. The excess on it strongly drives the premium.
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.
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.
The rent you miss because the property cannot be let in whole or in part after a covered claim, for the period chosen on the policy. It concerns the contractual rent, not service charges or expected rent increases. If the property is empty at the time of the loss, there is no rent to fall away and this section pays nothing.
Can I insure on the purchase price?
No, the basis is rebuild value. The purchase price includes the land and, for investment property, is derived from the yield, which has nothing to do with what building costs. Insuring on the purchase price leads to overinsurance for a property on expensive land, for which you pay premium without any right to a larger payment, and to underinsurance in a cheap location.
Who pays for the damage if my tenant causes a fire?
Your buildings insurer pays for the building and then seeks recourse against the tenant or their liability insurer. Many tenancy agreements contain a clause in which the parties mutually waive recourse. Your insurer must be aware of such a provision. Submit the tenancy agreement if it contains such a waiver.
Do I need separate liability insurance as owner?
Yes. Buildings insurance pays for damage to your own building, not for the damage the building causes to others. Article 6:174 DCC places liability for a defective building on the possessor, even without fault and even where the property is let. Property owners' liability insurance covers injury and damage to property suffered by tenants, visitors and passers-by.
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.
