Home Insurance
Do you own a home? There are various types of insurance you can purchase to protect everything in and around your home. Some are required by law, such as home insurance. Other types of insurance are useful to have, such as contents insurance, legal expense insurance, or liability insurance.
Mandatory Insurance for Your Home
If you own a home, you must always have home insurance. You can purchase this insurance along with other home insurance policies. Sometimes you must also have life insurance.
Building insurance
When you take out a mortgage, the lender requires you to have homeowners insurance. This insurance covers damage to your home, including everything that is permanently attached to the house, such as plumbing, the central heating system, the bathroom, and the toilet.
With home insurance, you're covered for a wide range of potential causes of damage, such as:
fire damage and/or damage caused by fire extinguishing
smoke and soot damage
damage caused by an explosion
flooding (no levee breach)
lightning strike
storm (wind force 7 or higher)
precipitation and frost
burglary and theft
Do you own an apartment? If so, the homeowners’ association (VvE) usually has building insurance that covers the entire building. Do you want to insure an expensive kitchen or a new bathroom? You can do this through the “owner’s interest” coverage in your home contents insurance policy.
Life Insurance
With life insurance, you ensure that your loved ones receive a predetermined amount of money if you pass away. This gives your family greater financial security and helps them cope with the loss of your income. They can use the money to pay their housing costs so they can continue living in their home.
If you have a mortgage without a mortgage guarantee, the lender may require you to take out life insurance. You don’t always have to insure the full amount of the mortgage. Sometimes it’s enough if 80% of your home’s market value is covered by life insurance. This varies by lender.
Even if the lender doesn't require it, it's a good idea to consider taking out life insurance—especially if you live with your partner or family. That way, you can ensure they won't be left with a large debt if you pass away.
Recommended Insurance Policies for Your Home
There are also a number of insurance policies that aren't required but are a good idea to purchase if you own a home.
Home Contents Insurance
Home contents insurance covers damage to the personal belongings in your home, such as furniture, electronics, clothing, and jewelry—basically, everything you’d take with you if you moved. This is helpful because your belongings are protected against damage caused by fire, storms, water leaks, or burglary.
Without insurance, you’ll have to cover these costs yourself, which can add up significantly. Home contents insurance also often provides compensation in the event of theft—for example, if your laptop or television is stolen. For a relatively low monthly premium, you can avoid major financial setbacks.
In addition, you can purchase additional coverage for items such as expensive jewelry or a high-end bicycle to ensure you're even better protected.
Liability Insurance
Personal liability insurance (AVP) covers damage you cause to other people or their property. For example, if you drop a television while helping a family member move. Or if your child kicks a ball through the neighbor’s window.
Liability insurance is not required, but it can be a good addition. The costs of damages can be high, while the premium for liability insurance is only a few euros per month.
Legal expenses insurance
Legal expense insurance is not required when you own a home, but it can be a wise addition. Legal expense insurance provides legal assistance and advice in the event of conflicts and disputes. Even as a homeowner, you may find yourself in a conflict.
For example, with a contractor who doesn't honor his agreements or with neighbors who aren't too particular about property lines. There may also be problems with your new home. In those cases, it's good to know you have legal assistance.
Housing Cost Insurance
If, God forbid, you become unable to work or lose your job, housing cost insurance ensures that you can continue to make your mortgage payments. This prevents you from having to sell your home.
Checklist: The Insurance Policies You Need as a Homeowner
Building insurance
(required for a mortgage)
Home Contents Insurance
(recommended)
Liability Insurance
(recommended)
Legal expenses insurance
(optional; useful in case of disputes with neighbors or contractors)
Housing Cost Insurance
(optional; useful in the event of unemployment or disability)
Life Insurance
(sometimes required for a mortgage without NHG)
Single or family
Do you live together?
In that case, life insurance is especially important.
Do you have children?
Check to see if your liability insurance also covers damage caused by family members.
Frequently Asked Questions About Home Insurance
What types of insurance are required for homeowners?
For homeowners, home insurance is required if there is a mortgage on the property. Home insurance covers damage to the home itself, such as damage caused by fire, storms, or water damage.
In addition, liability insurance is not required, but it is strongly recommended to cover damage to third parties. Home contents insurance is optional but provides protection for the personal belongings in your home.
What is the difference between building insurance and contents insurance?
Homeowners insurance covers damage to the permanent structures of the house, such as the walls, roof, and plumbing. This is important for protecting your home against damage caused by, for example, fire or a storm.
Home contents insurance, on the other hand, protects the individual items in your home, such as furniture, electronics, and jewelry. Both types of insurance complement each other and, together, provide comprehensive coverage for your home and belongings.
How much does home insurance cost?
The costs vary by insurance policy. The cost of home insurance depends on various factors, such as:
- Your family composition
- Type of Coverage
- Your place of residence
- The type of home
- The architectural style of your home
- The Selected Deductible
The cost of life insurance also depends on a number of factors, such as:
- Your age
- The term of the insurance policy
- The amount of coverage
- Your Health
- Whether or not you smoke
- The Type of Insurance
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