What is an owner's interest?
Suppose you’ve just become the owner of a new home or have just signed a lease. One of the first things you’ll do is insure yourself and your home. For example, you might choose a new contents insurance policy and a new building insurance policy. For people who rent a home, you don’t need to take out building insurance yourself. Usually, this responsibility falls to the Homeowners’ Association (VvE) or the landlord. If you want additional coverage, you can insure your owner’s interest. We’ll explain exactly what this entails.
What is an owner's interest?
A homeowner’s policy covers you for additional items. For example, if you’ve installed a new bathroom in your rental home, you can ensure that it’s covered under your homeowner’s policy. It’s advisable to include the following improvements you make to your home in your homeowner’s policy:
- The bathroom was recently renovated
- You've installed a new floor
- The kitchen was recently remodeled
- You recently had an expensive sliding door installed leading to the balcony
What value do you insure with an owner's interest?
Owner's interest is often included in home contents insurance. It depends on the type of policy you purchase and the amount of your premium. Please note that not all home contents insurance policies allow you to include owner's interest in the coverage.
It's always a good idea to carefully review the terms of your insurance policy. That way, you'll know exactly what you're covered for and won't run into any unpleasant surprises.
Want to get home contents insurance? Calculate your premium!
What are the requirements for insuring the owner's interest?
Not all home contents insurance policies cover the owner’s interest. Therefore, always read the terms and conditions carefully to find out if you can include this coverage. In addition, the terms and conditions vary greatly from one insurer to another. So you really need to compare the different policies to find out what types of damage are covered.
There are also a number of cases in which the damage is never covered. These are the following cases:
So keep this in mind when you're taking out home contents insurance.
The Homeowners' Association does cover the owner's interest after all
If you live in a condominium or apartment complex, there’s a good chance that you and your neighbors will make renovations to your unit. Because everyone in the complex can do this, the homeowners’ association almost always includes the owner’s interest in the insurance coverage. Every resident of the complex must contribute to the premium, which causes it to go up.
Do you have any questions about this insurance?
Are you interested in taking out an owner’s insurance policy? Then check out the options on our website. If you’re having trouble figuring it out on your own, you can always reach us by phone. We’re available every weekday from 8:30 a.m. to 5:30 p.m. at 085 – 013 1108.
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