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 situation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
For the mortgage itself we refer you on. We act as an intermediary in non-life insurance and not in loans. See our mortgage page. This page is about what changes on the insurance side once the money is in your account. Equity is rarely released to sit still: it goes to an extension, a dormer window, a kitchen, sustainability measures or a second property. All those purposes affect the cover on your home.
The key point is the rebuild value. Buildings insurance pays for rebuilding your home, not its market value. If you build on or increase the floor area, that rebuild value rises. If the sum insured stays unchanged, you are underinsured and, in the event of a large claim, the insurer pays proportionately less: including for damage to the old part of the house. A rebuild value calculator or a valuation prevents that.
A refurbishment is also in itself a change of risk. Scaffolding, open roofs, stored materials and workmen in the house change the chance of burglary, water damage and fire. Report the refurbishment to your insurer in advance; that follows from the duty of disclosure in Article 7:928 of the Dutch Civil Code and from the provisions on change of risk in your conditions. If the equity goes into a home you are going to let, that calls for buildings insurance (opstalverzekering) for a let home added.
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.
What does releasing equity from your mortgage cover?
The structure of the cover in three parts, with an overview per situation below.
Our starting point
Comparing independently
We compare Mortgage with several insurers.
No ties to a single insurer
Advice tailored to your situation
We arrange the switch
What we do
What we do
At Finass
Direct with Hypotheek
Comparison across several insurers
Yes
No
Advice based on your own situation
Yes
Sometimes
One point of contact for claims
Yes
Sometimes
Cancellation with your current insurer arranged
Yes
No
We decide whether Mortgage is the best choice
Yes
No
Advice fees for you as a customer
No
No
This overview concerns our service, not the cover. What is actually covered is set out in the policy conditions and on the insurer's insurance card (verzekeringskaart); you receive both before you take out cover.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
After the refurbishment the sum insured no longer fits
An extension or a roof addition raises the rebuild value of your home. If you leave the sum insured as it is, the proportionality rule applies when you claim: the insurer pays in proportion to the shortfall, even if the fire started in the old part. So update the rebuild value as soon as the refurbishment is finished. If you use the insurer's rebuild value calculator, there is usually a guarantee against underinsurance as long as the details given are correct.
The refurbishment period is a separate risk
While the work is going on your house is open. Materials lie outside, a roof is temporarily covered over and there are people about who are not normally there. Insurers therefore impose requirements on unoccupied or partly unoccupied properties and on how long they stand empty. If you do not report the refurbishment, you risk a burglary or water damage claim being refused. For larger works there is a separate construction insurance that covers the works themselves.
Who is liable if something goes wrong at the neighbours'
If the foundations of the neighbouring house subside or scaffolding blows away, you can be held liable as the owner under Article 6:174 of the Dutch Civil Code for a defective building. If a builder carries out the work for your business, Article 6:171 of the Dutch Civil Code also comes into play. Your personal liability insurance covers damage you cause yourself as a builder only to a limited extent. Check what the builder has insured and have it confirmed in writing.
Equity released for a second property calls for a different policy
If you use the money released to buy a home to let, a holiday home or business premises, an ordinary private buildings insurance does not fit. Letting, letting by the room and voids have their own acceptance conditions and often more limited cover. If you nevertheless take out cover under the wrong heading, that amounts to an incorrect statement. Report the actual use, even if the letting only starts later or is meant to be temporary.
What does your premium depend on?
Rebuild value after the refurbishment. The updated sum insured for the building is the main basis of calculation for the premium.
Construction type and roof covering. A thatched roof, timber-frame construction or a new timber extension is assessed differently from brick with a hard roof covering.
Use of the premises. Owner occupation, letting, letting by the room or a workspace at home each lead to their own acceptance and premium.
Duration and nature of the works. Structural works and long periods standing empty during the refurbishment increase the risk of burglary and water damage.
Installed technology. Solar panels, a heat pump or a home battery from the sustainability work raise the value to be insured.
Loss prevention and excess. Burglary-resistant locks and fittings and the excess chosen count as well, certainly for a property being refurbished.
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.
Does Finass Verzekert arrange the mortgage itself?
No. We advise and act as an intermediary in non-life insurance. For releasing equity we refer you to a mortgage adviser. What we do is put in order the insurance that changes as a result: the buildings cover after the refurbishment, the contents cover at a higher value and a suitable policy if the money goes into a second property.
Do I have to report building work to my insurer?
Yes. A refurbishment changes the risk and most conditions require you to report it in advance. It concerns the nature of the work, its duration and whether the home is temporarily unoccupied. If you report nothing and damage arises connected with the works, the insurer can reduce or refuse the payment on the basis of the duties of disclosure and notification.
What exactly is underinsurance?
Underinsurance means that the sum insured is lower than the actual rebuild value. The insurer then pays proportionately: if part of the value is not insured, every claim is reduced by that same proportion. That affects small claims too, not just a complete rebuild. After an extension or a roof addition, adjusting the amount is therefore not a formality.
Is the builder insured for damage to my house?
You have to check that for each assignment. A builder normally has public and employers' liability insurance, but cover for damage to the object being worked on is often limited or excluded. Ask for evidence of insurance and record in writing who carries out which part of the work. For larger works, a separate construction insurance is the safer route.
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.
