The basics of buildings insurance (opstalverzekering)

The insurance pays for rebuilding, not for buying

Buildings insurance restores your home to its condition before the loss. That is why the insurer works with the rebuild value and not with the market value. For a 1930s home with unusual detailing, the rebuild value can be higher than the WOZ value. For a flat in an expensive region, far below it. The land is never included: after a fire it is simply still there.

Too low a sum insured costs you money on every claim

With underinsurance the insurer pays proportionately. A shortfall of twenty per cent means twenty per cent less paid out, even on a claim of a few thousand euros. If you complete the rebuild value calculator correctly, you usually receive a guarantee against underinsurance. For listed buildings and thatched roofs, a valuation under Article 7:960 of the Dutch Civil Code the value for a fixed period.

Article 7:960 of the Dutch Civil Code

There is a fixed list of exclusions

With every insurer, the same risks remain outside cover: subsidence, foundation damage and pile rot, deferred maintenance, wear, rust, wood rot and construction or material defects, and damage caused by vermin, woodworm, mould and slowly penetrating damp. Groundwater and flooding caused by the failure of a primary flood defence also fall outside the cover. Intent and recklessness are excluded under Article 7:952 of the Dutch Civil Code.

The policy follows what you declare

On taking out the policy, the duty of disclosure applies under Article 7:928 of the Dutch Civil Code: you must correctly declare the type of construction, the roof covering, the use and previous claims. If the declaration is wrong, the payment can be reduced or refused (Article 7:930 of the Dutch Civil Code). If anything about the home or its use changes, report it. If damage occurs, the duty to notify under Article 7:941 of the Dutch Civil Codeapplies: as soon as reasonably possible.