Rebuilding after a total loss
- Calculates with rebuild value, not with WOZ
- Walls, roof, foundations, kitchen and bathroom
- Shed, garage and boundary fence usually included
- A guarantee against underinsurance is decisive
Rebuild value · mortgage requirement · liability
Why property insurance is essential for homeowners
In the Netherlands, property insurance means buildings insurance (opstalverzekering): the policy that insures the building itself. Below are the reasons why almost no homeowner can do without it, and the limits that go with it.
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Deze pagina in het Nederlands: Waarom een eigendomsverzekering onmisbaar is voor huiseigenaren.
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 your own premium with the calculator.
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 situation
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
'Property insurance' is a translation of the English property insurance; in Dutch policies the same insurance is called buildings insurance or woonhuisverzekering. It insures the building on rebuild value: what it costs to build a similar property again to the standards now in force, without the land. With older and unusual properties that figure is often higher than the WOZ value or the sale price.
The first reason is simple: your home is normally your largest asset and the loss can be total. After a home has burned down, the mortgage debt remains. That is also why almost every mortgage lender requires buildings insurance to be in force for as long as the loan runs. The insurance is not compulsory by law, but almost always compulsory by contract.
The second reason lies outside your own walls. As the owner of a defective building you are liable for damage your property causes to others, even without doing anything wrong (Article 6:174 of the Dutch Civil Code). That damage falls not on the buildings policy but on your liability insurance; together they fit alongside each other. See also why liability arises with a second home.
What property insurance covers for you
Three categories in which the cover makes the difference.
Clearance and temporary accommodation
Alongside rebuilding, the policy often pays the costs around it.
- Clearance and demolition costs
- Emergency repairs and security
- Temporary accommodation elsewhere, up to a maximum
- Garden landscaping often insured to a limited extent
Extended or comprehensive
All-risks also covers unnamed, sudden causes.
- Extended: fire, storm, water, burglary
- Comprehensive: including your own mishaps while doing DIY
- The exclusions remain the same in both forms
- Glass and solar panels sometimes arranged separately
What is covered
| Situation | Extended | Comprehensive |
|---|---|---|
| A total loss through fire or lightning | Yes | Yes |
| Clearance costs after a major loss | Yes | Yes |
| Temporary accommodation elsewhere during repairs | Provided that | Provided that |
| Your own mishap while doing DIY | No | Yes |
| Damage to furniture and equipment | No | No |
| Subsidence, pile rot and deferred maintenance | No | No |
What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) that you receive before you take out cover.
The four reasons that really matter
Four points explaining why almost no homeowner is without this policy.
The mortgage debt does not disappear with the house
If your home burns down, the loan remains. The mortgage lender therefore has an interest in cover being in force and almost always requires it by contract. Often the bank is also endorsed on the policy as an interested party , so that on a total loss a payment is made to it as well. So never cancel a policy without a new one starting immediately.
The rebuild value determines whether you really get there
The sum insured must rebuild value should be followed, not the market value. If you fill in the value calculator correctly, the insurer usually gives guarantee against underinsurance: when you claim there is no reduction on the ground that the sum is too low. With listed and unusual properties a valuation under Article 7:960 of the Dutch Civil Code the value for a fixed period.
Being an owner brings liability with it
A loose roof tile, a fence blowing over or a facade partly collapsing can cause damage to others. As the owner of the building you are liable for that under Article 6:174 of the Dutch Civil Code, even without fault of your own. That damage falls on your liability insurance, not on the buildings policy. With a let or second home this weighs more heavily, because more people come onto the land.
What the policy expressly does not solve
Property insurance is not a maintenance fund. Not covered are subsidence, foundation damage and pile rot, damage caused by deferred maintenance, wear, design and material faults, and damage caused by vermin, mould and slowly penetrating damp. Flooding caused by the failure of a primary flood defence also falls outside the cover, and intent or recklessness is excluded under Article 7:952 of the Dutch Civil Code.
What does your premium depend on?
- Rebuild value — the main basis for calculation
- Construction type and roof covering — brick, timber or thatch
- Year of construction and state of maintenance — older premises, higher risk
- Postcode area — burglary, storm and water risk
- Use of the home — own occupation, letting or vacancy
- Type of cover and excess — extended or comprehensive
Insurers weigh these details differently. That is why comparing pays off.
How we arrange it
- You request a quoteWe take stock of your situation, risk and 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.
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.
Frequently asked questions
The questions we are asked most often about this.
Is property insurance compulsory by law?
No. There is no statutory duty to insure your home. In practice almost every mortgage lender does require buildings insurance to be in force for as long as the loan runs, because otherwise the security is unprotected. With a flat the deed of division also requires the VvE (Dutch owners' association) to insure the whole building.
What is the difference from home contents insurance?
Property or buildings insurance covers the building, home contents insurance your belongings. The rule of thumb: what you take with you when you move is contents, what stays put is buildings. So the fitted kitchen, a glued floor and the boiler are buildings; furniture, clothing, curtains and loose appliances fall under the contents policy.
Why not simply insure the WOZ value?
Because the WOZ value approaches the market value including the land, while buildings insurance works with the rebuild value without the land. Those two amounts differ widely and not always in the same direction. With an old, listed or unusual property the rebuild value is often higher, because requirements on materials and permits make repairs more expensive.
What happens if I am insured for too little?
Then underinsurance applies: the insurer pays in proportion to the sum insured against the actual rebuild value. With a large loss that immediately means a lot of money. With a guarantee against underinsurance this does not arise, provided you have filled in the value calculator correctly and reported refurbishments.
Do I need to report a renovation?
Yes. An extension, a dormer window, solar panels or a change of use changes the risk and the rebuild value. When the insurance is entered into, the duty of disclosure in Article 7:928 of the Dutch Civil Code applies; breaching it can reduce the payment or cause it to lapse (Article 7:930 DCC). Reporting costs a phone call; not reporting can cost you the claim.
Read more
Within Opstalverzekering
Similar pages
- Buildings insurance (opstalverzekering) in English
- Why buildings insurance (opstalverzekering) protects your biggest asset
- These mistakes cost you money when taking out buildings insurance (opstalverzekering)
- What does buildings insurance (opstalverzekering) cover and what does it not?
- What determines the cost of your buildings insurance (opstalverzekering)?
- Which factors determine the premium for your property insurance?
Want to know whether your sum insured is still right?
Request a quote without obligation; we check the rebuild value and compare premiums and conditions.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
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 written and checked by an adviser at Finass Verzekert. Last updated on .
The information on this page is general in nature and is not personal advice.