How is home contents insurance premium calculated?

Home contents insurance is essential to safeguard your possessions. Think about your furniture, electronics, clothes and home accessories. All of your contents combined will quickly get a high price tag. How valuable your contents are affects your contents insurance premium. Several factors can affect the amount of the premium. We explain how the premium of your household contents insurance is calculated.

How is contents insurance premium calculated?

Every household has a different premium for contents insurance. The different between premiums can vary greatly. This is due to a number of aspects:

• The price tag of your contents. Themore valuable your possessions are, the higher your premium will be. Calculate your own contents.
• Type of coverage. The more risks that need to be covered, the higher the premium.
• Material of the home. The material of the home affects the premium. For example, a thatched roof is much more likely to catch fire than a home with tiles.
• Location of home. In fact, the risk of burglary in Amsterdam is much higher than in rural Friesland. The higher the risk of burglary, the higher the premium.
• Excess level. You almost always have to pay a deductible when you have damage. So the damage is only covered once it exceeds the deductible. The higher the deductible, the lower the premium and vice versa.
• BORG certificate. If you can prove that your home has a BORG certificate or the police mark 'safe living', you can often get a discount on your premium. This shows that your home is properly secured against burglary.

Contents value

The contents value is the new value of all your belongings in your home. It is important to calculate it properly. If you specify a lower amount, your risk may not fully cover all damages. You will then pay part of the costs yourself. To calculate your household contents value correctly you can use the household contents value meter. This often provides a guarantee against underinsurance for a certain period (often 5 years). You can avoid having to notify your insurer with every purchase.