Is your property protected with building insurance?
The housing market is at an all-time high. House prices are only rising and the demand for houses is increasing. You see this as a great opportunity. It is likely that house prices will continue to rise for some time. You decide to take the plunge and invest in a house. This way, you can rent it out or perhaps sell it on at a profit in the future.
But what if your property burns down? Will you then lose your entire investment? You will if you do not have buildings insurance. But what should you pay attention to when taking out building insurance? And how do you get the best premium? Alpina explains it for you.
The coverage of a building insurance
You want to protect your investment as best as possible. That is why it is a good idea to take out buildings insurance for your property. Your property will then be insured against various types of damage. We list the coverages for you.
Fire cover
This covers your premises against damage caused by fire. The additional smoke damage is also covered. Flames must have been involved. Otherwise you will not receive compensation for the smoke damage.
Comprehensive risk coverage (plus)
With comprehensive cover (plus), you get a multitude of other coverages beyond fire. These include explosions, damage due to burglary, water damage and vandalism.
All-risk coverage
With an all-risk cover, you will receive compensation for all types of damage. Unless the conditions explicitly state that a particular damage is not covered. Always consult the terms and conditions of your insurance policy to find out what you are and are not insured for.
Take out buildings insurance? Calculate your premium!
New building value
The amount of your premium is always calculated on the basis of the new construction value of your property. Often this is also equated with the sales value. If you have just bought a building, you can report the purchase value to your insurer. Then your property will be insured for that amount.
Do have your premises appraised every few years. It is possible that the value of your property has risen. Do you not have the premises revalued? Then you may be underinsured. In that case, you will have to pay for any damage above the insured amount yourself. With a house, this can quickly run into thousands or tens of thousands of euros.
The opposite is true if the value of your property decreases. You have insured your property for too high an amount. This means you pay too much in premiums for cover that is never paid out in full. The insurer may not pay out a higher amount than the value of your property. Therefore, regularly check the current value of your property.
Take out your property insurance through Alpina: simple and affordable
Are you considering purchasing buildings insurance for your property? Then take it out now through Alpina! We have the right coverages for every investor in the real estate industry. Always at the most competitive premiums. Do you have any doubts or questions about our property insurance? Then feel free to contact our customer service team. They are only too happy to answer all your questions.
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