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.
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
You can finance a refurbishment through your mortgage. The amount borrowed then goes into a building deposit: it is set aside and you have invoices from the builder and suppliers paid out of that deposit. You receive interest on the part not drawn, and the deposit has to be spent within a set period. What is left over is repaid or released.
In insurance terms the building deposit is not the point. The point is that a home being refurbished is a a different risk: there is scaffolding, materials are lying about, doors and roof surfaces are temporarily open and there are people about who are not normally there. Report the refurbishment to your insurer; Article 7:928 of the Dutch Civil Code requires you to state the risk correctly.
We do not act as an intermediary for mortgages or building deposits. The buildings insurance and the construction cover around it we do arrange, and afterwards we check your sum insured again.
Please note: borrowing money costs money. Finass Advies B.V. holds a licence for non-life insurance and does not act as an intermediary for credit or mortgages. This page is informative. For an application we refer you to a provider with a licence for consumer credit or mortgage credit. Every licensed provider consults the BKR (the Dutch credit register) for credit of € 250 or more with a term of longer than one month.
The structure of the cover in three parts, with an overview per situation below.
In advance
What you need
What a lender asks for.
Income details
Value of the collateral
Overview of obligations
In addition to the interest
What it costs
What is often forgotten.
Advice and arrangement fees
Valuation and notary
Property transfer tax
Conditions
What goes with it
What the lender requires.
Buildings insurance compulsory
Sometimes term life cover
Interested party on the policy
What is covered
Subject
Explanation
Advice is independent
Yes
We compare several providers
Yes
We arrange credit ourselves
No
Referral to a specialist party
Yes
A first conversation without obligation
Yes
Costs clear in advance
Yes
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.
Report the refurbishment to your insurer
Insurers set limits on what is covered without notification. If the home stands empty for a time, or windows, doors or the roof are open for a longer period, the cover is limited or lapses for burglary and water damage. Building materials on the site normally fall under neither policy. Ask in advance and in writing what does and does not remain covered.
What a construction insurance does and does not do
A CAR insurance covers damage to the works in progress and, under a separate section, to your existing home. Outside the cover remain design faults, putting right the defective work itself, theft without signs of forced entry, rain damage through an uncovered roof, and loss from delay or penalties. Check who takes out the policy: the builder or you as the client.
Damage to the neighbours and to third parties
Excavating, piling or removing a load-bearing wall can cause cracks in the adjoining property. A burst pipe runs through to the neighbours below. The builder is liable for that under Article 6:162 of the Dutch Civil Code and should have liability insurance. If you do the work yourself, it is down to you. In a flat you also need the consent of the VvE (Dutch owners' association).
After the refurbishment your sum insured no longer fits
An extension, dormer window or loft conversion raises the rebuild value of your home. If that is not reported, you are underinsured and the guarantee against underinsurance, which rests on correct information, lapses. Fill in the rebuild value calculator again and adjust the contents value as well; a new kitchen and appliances count towards it.
What does your premium depend on?
Contract sum and nature of the work. The size of the works in progress is the basis for the construction cover.
Length of the building period. A longer period of works means a longer period of risk and a higher premium.
Occupied or not during the refurbishment. An unoccupied home carries a higher risk of burglary and water damage.
Existing property included in the cover. The section covering your current home during the works is a separate choice.
Structural works. Foundations, load-bearing walls and excavation weigh more heavily than fitting out and finishing.
Excess per event. On construction cover there is often a separate excess for storm damage.
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.
Is damage during a refurbishment covered on my buildings insurance?
Only in part. The buildings policy covers the perils it names, such as fire and storm, but not damage arising to or through the works while they are going on. A construction insurance is intended for that. The buildings cover can also be limited if the home is unoccupied or stands open for a longer period. So report the refurbishment in advance.
Who pays for damage to the neighbours' house?
Whoever causes the damage. If a builder carries out the work, that builder is liable under Article 6:162 of the Dutch Civil Code and reports it to its liability insurer. Ask for evidence of that insurance in advance. If you do the work yourself, the claim ends up with your own liability insurance, provided it does not exclude the work as commercial.
What is a CAR insurance?
A construction all risks insurance covers damage to the works during construction, to materials and tools and, under a separate section, to existing property such as your current home. Design faults and putting right defective work itself remain excluded. The builder often takes it out; check whether you as the client really are co-insured.
Do I have to report anything after the refurbishment?
Yes. An extension or dormer window raises the rebuild value, and a sum insured that is not adjusted leads to underinsurance in the event of a large claim. Fill in the rebuild value calculator again and update your contents value as well. We carry out that check for you. The building deposit and the mortgage itself run through an adviser with a mortgage licence.
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.
