When providing insurance coverage, insurers take the maximum claim amount into account. This is the maximum amount you’ll receive in the event of a loss. In the case of a fire, for example, your home could burn down completely in the blink of an eye. In that case, your household contents would be completely lost. It is therefore crucial for an insurer whether you are insured for €20,000 or €50,000. If you are underinsured, you will only receive a partial payout for the damage.
How do I know if I'm insured for the right amount?
When you take out home contents insurance,you’re insured for a specific amount. It’s important that you’re insured for the right amount. If you suffer damage, you naturally want to avoid receiving only a partial payout.
What is meant by “underinsurance”?
Everything in your home that you can move is considered household contents. These include, for example, your closet, dining room chairs, your bed, television, and so on. Accurately estimating the value of your household contents is a very difficult task. You have to count everything, and there’s a good chance you’ll overlook something. If, in the event of damage, it turns out that your household contents are worth more than the amount you’re insured for, you’ll be underinsured. In that case, you’ll only be reimbursed for a portion of the damage.
Is your household contents insured for €10,000, but is the actual value €20,000? In that case, if you file a claim, you’ll receive:
10,000 / 20,000 × the amount of the loss
So you’ll receive half of the amount of your loss.
Accurately estimating the value of your household contents is actually an impossible task. That’s because you have to count absolutely everything, from clothing to electronics and kitchen accessories. If, in the event of a loss, it turns out that your household contents are worth more than the amount for which they are insured, you’ll only receive a partial payout. The payout will then be prorated.
Is your household contents insured for €25,000, but is the actual value €50,000? In that case, if you file a claim, you will receive:
25,000 / 50,000 × the amount of the loss
How can you estimate the value of your household goods?
If 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 it’s easy to overlook some items. That’s why it’s better to leave the estimate to your insurer. They can provide an estimate based on your ZIP code and household composition.
You can also easily estimate the value yourself using the household contents value calculator. This tool calculates your insured amount. The advantage of this is that you can be sure you’re not underinsured.
Taking Out Home Contents Insurance
You can easily purchase home contents insurance on our website. You’re also guaranteed to be insured for the right amount. We’ve developed a handy tool that makes it easy to calculate your premium. To do this, we just need a few details from you:
- What is your family structure?
- What is your ZIP code and house number?
- Does your house have a thatched roof?
Your premium is calculated based on this basic information. In the next step, you can also choose to add out-of-home coverage to your policy. That way, you’ll know that your laptops and tablets are also covered. You’ll also be asked a few more questions to determine whether you’re eligible for an additional discount.
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