How do I know if I am insured for the right amount?
When you take out household contents insurance, you are insured for a certain amount. It is important that you are insured for the right amount. In the event of damage, you do not want to be reimbursed for only part of the sum.
Insurance companies take into account the maximum claim. This is the maximum amount you will receive in case of damage. In the event of a fire, for example, your house may be completely burnt down in no time at all. In that case, the contents are completely lost. It is therefore crucial for an insurer whether you are insured for €20,000 or for €50,000. If you are insured for an amount that is too low, you will only receive a partial payment for the damage.
What is meant by underinsurance?
Everything in your home that you can move is called furniture. This includes, for example, your cupboard, dining room chairs, bed and television. It is very difficult to estimate the value of your furniture. You have to count everything and there is a big chance that you overlook something. When it turns out that the value of your possessions is higher than it is insured for, you are underinsured. You will then only be reimbursed for part of the damage. If your household contents are insured for €10,000, but the actual value is €20,000, you will receive the following compensation: 10,000 / 20,000 x the amount of the damage. In other words, you will be compensated for half of the damage.
Estimating the value of household goods is actually an impossible task. You have to include everything from clothing to electronics and the accessories in the kitchen. If it turns out that the value of your possessions is higher than insured, you will only be paid part of the damage. The payment is pro rata. If the contents are insured for €25,000, but the actual value is €50,000, you will be paid the following in the event of damage: 25,000 / 50,000 x the amount of the damage.
How can you estimate the value of your possessions?
If you want to estimate the value of your furniture, you can of course calculate everything yourself. However, this is a time-consuming task and you may overlook items. Therefore, it is better to leave the estimation to your insurer. They can make an estimate based on your postcode and family composition. You can also make an estimate yourself using the contents value meter. This is a tool that calculates how high your insured amount will be. The advantage is that you know for sure that 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 to easily calculate your premium. To do this, we only need a few details from you:
- What is your family composition?
- What is your postcode and house number?
- Does your house have a thatched roof?
With these basic data, your premium will be calculated. In a further step, you can also choose to include coverage for outside the home. This way you know that laptops and tablets are also insured. In addition, a number of questions are asked to check whether you are entitled to an extra discount.
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