Owner's interest in contents insurance
Are you buying an apartment within an Owners' Association? Then the owner's interest is a convenient additional coverage to your contents insurance. It insures the improvements you make to your home.
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Home and building insurance
Have you just bought an apartment? Then you'll start looking for associated insurance: contents insurance and building insurance. Are you buying an apartment or flat? Then you probably only need to arrange contents insurance. Often theowner's association has already taken out building insurance for all apartments.
Meaning owner interest
The owner's interest is an additional coverage that allows you to insure renovations to your home that your building insurance does not cover. The building insurance only covers the value of the house upon completion. Any improvements you make after that are not covered.
Necessary or not necessary
Are you not making major changes to your apartment? Then owner interest is unnecessary. Are you renovating your apartment? Then without owners' interest, you run the risk that damage to your personal adjustments will not be compensated. Add owner's interest to your contents insurance if, for example:
Remodeled the bathroom.
Installed an expensive floor.
Enlarged the kitchen considerably.
Owner interest versus tenant interest
Are you not buying the apartment, but renting it? Then you don't choose owner interest, but tenant interest. It's basically the same thing. Both policies are supplements to contents insurance and ensure that your investments in your home are well protected.
If the owner's interest is insured anyway
In an apartment complex or condominium, chances are slim that you are the only one making modifications to the home. Sometimes the owner's association insures the owner's interest anyway. In that case, all residents must contribute and the premium goes up.
- One disadvantage of this is that you will be co-paying for the upstairs neighbors' fancy kitchen, while you will have simple furnishings.
- The advantage, however, is that you and your neighbors can report all damages to one insurer.
Differences by insurer
Whether and how you can co-insure the owner's interest varies by household insurance policy.
- Not every insurance policy allows you to co-insure the owner's interest.
- With some insurers, the owner's interest is included as standard insurance; with others, you choose additional coverage for it.
- Some insurers have no maximum value, while others limit the value to €10,000.
Owner's interest coverage: view terms and conditions
Insurers do not reimburse all types of damage. Does a fire occur through your own fault or leakage due to overdue maintenance? Then this is usually not covered. So check the terms and conditions carefully and compare them with other insurers.
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Want to include owner's interest in your contents insurance? View and compare contents insurance policies for your apartment.
Frequently asked questions about owner's interest in contents insurance
When do you need owner interest?
Owner's interest is required if you, as the owner of an apartment, have made adjustments or renovations that are not covered by the building insurance of the CoE. Think of a new bathroom, luxurious floor or extended kitchen. Without owner's interest, these adjustments may not be compensated in the event of damage.
What exactly does owner interest cover?
The owner's interest coverage insures the improvements and renovations that you yourself have made to your apartment. These are parts that were not standard in the house upon completion and therefore do not fall under the collective building insurance of the owner's association. Examples are a new kitchen, luxury floor or moved piping.
How do you know if your CoE already insures the owners' interest?
This is stated in the policy terms of the building insurance of the CoE. Check with the board or ask for a copy of the insurance policy. In some cases, owner's interest is collectively co-insured, which means that all residents collectively pay for this coverage.
Can owner's interest be included by default in a household insurance policy?
Yes, with some insurers, owner's interest is covered as standard within the contents insurance. With others, you must explicitly choose this as additional coverage. So it pays to compare different contents insurance policies carefully.
What happens if you do not co-insure an owner's interest?
If you do not take out owner's interest, you run the risk that damage to your personal renovations will not be compensated. For example in case of fire or water damage to a kitchen or floor you have installed. In that case, you will have to bear the cost of repair or replacement yourself.
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