Home contents insurance excess: what you need to know
When taking out home contents insurance, you often have to deal with an excess. This is the amount you have to pay yourself in the event of damage before the insurer pays out. But how does that work exactly and what should you pay attention to?
What does the deductible entail?
The deductible is the portion of the damage that your insurer will not reimburse you for, even if the damage is insured. This amount usually applies per claim. The purpose of this is to discourage people from claiming minor damages, so that administrative costs remain limited and premiums can remain low.
Example 1:
You have €5,000 worth of damage to your household contents, for example to loose items such as furniture. Your policy has an excess of €250. You will then receive a maximum of €4,750 from the insurer.
Example 2:
You live in Amsterdam and have suffered €1,000 worth of damage due to a burglary. Your home contents insurance covers burglary damage, but in addition to the standard deductible of €250, there is an additional deductible of €100 for large cities. In this case, the insurer will reimburse €650.
Insurers and deductibles
Many insurers allow you to choose whether you want to pay an excess. If you opt for a higher excess, you will receive a discount on your premium. Some providers include an excess as a standard part of the policy. The amount varies depending on the insurer and situation.
In addition, the deductible may vary depending on the type of damage. For example, many insurers apply a higher deductible for storm damage or burglary in large cities.
When is a higher deductible beneficial?
A higher deductible leads to a lower premium, but also means that you pay more yourself in the event of damage. This is particularly interesting if you expect to have little or no damage and can afford the amount. Think carefully about whether you can bear this risk financially, even if you have damage several times a year.
Comparison: low vs. high deductible
| Characteristic | Low deductible (€100) | High deductible (€500) |
|---|---|---|
| Monthly premium | Higher | Lower |
| Personal contribution in case of damage | Lower | Higher |
| Financial risk | Small | Bigger |
| Suitable for | People who want certainty | People who dare to take risks |
Contents insurance with no deductible
Some insurers offer home contents insurance without an excess. Bear in mind that the premium is usually higher in this case. The choice depends on your personal preference: certainty at a higher cost or a lower premium with the risk of having to pay an excess.
Information on your policy
The exact amount of the deductible is always stated on the policy schedule and in the policy conditions. When applying for home contents insurance, you will receive clear information about this.
Costs of comprehensive home contents insurance
Would you like to insure your home and find out how much contents insurance with or without excess will cost you? You can insure your contents by calculating the premium and comparing several providers. This allows you to choose coverage that suits your situation and budget.
Frequently asked questions about deductibles in home contents insurance
What is the standard deductible for home contents insurance?
This varies depending on the insurer, but is usually between €100 and €250 per claim.
Can you choose your own deductible?
Many insurers do. A higher deductible usually means a lower premium.
Is there an additional deductible in large cities?
Yes, in the event of theft or burglary in large cities, an additional deductible may apply.
Is contents insurance without an excess more expensive?
Yes, the premium is usually higher if you choose not to have an excess. On the other hand, when you report damage, you do not have to pay any part of the damage amount yourself.
Where can I find the deductible for my insurance?
You can find it on your policy schedule and in your insurer's policy terms and conditions.
Is an excess compulsory for home contents insurance?
No, an excess is not mandatory. Some insurers offer policies without an excess, often at a higher premium.
What are additional coverages for home contents insurance?
Additional coverages are extra insurance policies that you can take out on top of your basic coverage, such as for outdoor coverage or valuables. They may affect your deductible and premium.
Is there a higher deductible for insuring valuable items?
Not standard. For valuable or precious items such as jewelry, art, or collectibles, there is usually no higher deductible, but there is a maximum reimbursement within the standard coverage.
If you want to insure higher amounts, additional coverage is often required to ensure that damage to these items is also fully compensated. Consider taking out valuables insurance.
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