Insurers take into account the maximum claim when insuring. This is the maximum amount you will be paid in the event of damage. In case of fire, for example, your house can burn down completely in no time. The contents will be completely lost in that case. It is therefore crucial for an insurer whether you are insured for €20,000 or for €50,000. If you are insured for too low an amount, you will only get part of the damage paid out.
How do I know if I am insured for the right amount?
When you purchase contents insurance,you are insured for a certain amount. It is important that you are insured for the right amount. When you have damage, you obviously don't want to have to pay out only part of it.
What is meant by underinsurance?
Anything in your home that you can move is covered by contents. These include your closet, dining room chairs, your bed, television, and so on. Properly estimating the value of your contents is a very difficult task. After all, you have to count everything and there is a good chance that you will overlook something. When damage eventually shows that your household contents have a higher value than what you are insured for, you are underinsured. You will then only be compensated for part of the damage.
Is the contents insured for €10,000, but the actual value is €20,000? Then in case of damage you will be paid:
10,000 / 20,000 × the damage amount
So you will be paid half of your damage.
Estimating the value of household contents is actually an impossible task. You have to count everything, from clothing to electronics and kitchen accessories. If damage to your household contents proves to be more valuable than it is insured for, you will only receive a partial payment. The payment is then proportional.
Is the household contents insured for €25,000, but the actual value is €50,000? Then in case of damage you will be paid:
25,000 / 50,000 × the damage amount
How can you estimate the value of your household contents?
When you want to estimate the value of your household contents, you can, of course, calculate everything yourself. However, this is a time-consuming task and you can easily overlook items. Therefore, it is better to leave the estimation to your insurer. They can make an estimate based on your zip code and family composition.
Also, you can easily make an estimate yourself with the contents value meter. This is a tool that calculates how high your insured amount will be. The advantage of this is that you can be sure you are not underinsured.
Taking out contents insurance
On our website you can easily purchase contents insurance. You are also guaranteed to be insured for the right amount. We have developed a handy tool that can easily calculate your premium. For this we only need a few details from you:
- What is your family composition?
- What is your zip code and house number?
- Does your home have a thatched roof?
With this basic information, your premium will be calculated. In a further step, you can also choose to take out out-of-home co-insurance coverage. This way you know that laptops and tablets are also covered. In addition, a number of questions are asked to check whether you are entitled to an extra discount.
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