When you own or rent a home in Flanders, it is very important to be properly insured. Home insurance protects you against various risks, including fire and water damage. In this article, we give an overview of the cost of such insurance and what damage it covers.
What damages does home insurance cover?
Home insurance is an essential part of owning or renting a home. It provides peace of mind and protection against unexpected events that can cause significant financial loss.
Home insurance, also known as fire insurance, typically covers the following damages:
- Fire and smoke damage.: Damage caused by fire, smoke and explosions.
- Water damage: Damage from leaks, flooding (depending on the policy) and broken pipes.
- Storm and hail damage: Damage caused by extreme weather such as storms, lightning and hail.
- Burglary and Theft: Compensation for theft and damage caused by burglary.
- Vandalism: Damage caused by vandalism to the home.
- Glass damage: Breakage of windows and other glassware.
- Liability: Damage caused by the home to third parties.
The above coverages form the core of most home insurance policies. However, depending on the insurer and the package chosen, additional coverages may also be included.
How much does home insurance cost?
The cost of home insurance varies widely based on several factors, such as the size and value of the home, location, type of home (apartment, townhouse, detached house), and the coverage desired. Below, we discuss costs in different scenarios:
Basic coverage
Basic insurance provides the minimum coverage that usually only covers core risks such as fire, water damage, and storm damage. For an apartment in an average Belgian town, basic insurance costs about 200 to 300 euros per year. For a larger, detached home, this can reach 400 euros per year.
Comprehensive insurance
In addition to basic coverage, comprehensive insurance includes extras such as burglary and theft, glass damage and damage to the building after a break-in, vandalism or an accident. The cost of comprehensive insurance for an apartment ranges between 300 and 500 euros per year. For a detached house, it can be between 500 and 700 euros per year.
All-risk insurance
All-risk insurance provides the most complete coverage, including unexpected and unforeseen events not included as standard in basic or comprehensive coverage. For an apartment, all-risk insurance costs between 500 and 800 euros per year. For a detached home, the cost can reach 1,000 euros or more per year.
Factors affecting the premium
The premium of a home insurance policy is influenced by several factors:
- Housing type: Detached houses tend to be more expensive to insure than apartments.
- Location: Housing in high-risk areas (such as flood prone zones) may have higher premiums.
- Security measures: Homes with good security systems may receive lower premiums.
- Year of construction and condition of the home: Older homes or homes in poor condition can be more expensive to insure.
- Excess: A higher deductible can lower the premium.
Home insurance is a necessary protection against many risks that have significant financial impact. It is important to choose the right coverage that fits your specific situation and needs. Whether you choose basic insurance or comprehensive all-risk coverage, comparing different providers and policies will help you find the best protection at the most favorable premium.
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Luyckx, S. (2024, Aug. 14). Home insurance: what damage does it cover? Apartment.com. Consulted on (date XX/XX/202X), from https://www.appartement.be/de-woningverzekering-welke-schade-dekt-het/
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