What is owner interest?
Suppose you have just become an owner of a new home or you have just signed a lease. One of the first things you are going to do is insure yourself and your home. For example, you choose a new contents insurance policy and a new buildings insurance policy. For persons who rent a home, they do not have to purchase their own building insurance. Usually this responsibility lies with the Owners' Association(VvE) or the landlord. If you want to get even more insurance, you can insure an owner's interest. We explain exactly what this entails.
What is owner interest?
An owner's interest insures you against additional issues. For example, if you installed a new bathroom in your rental property, you can make sure it is co-insured with the owner's interest. For the following amenities that you install in your home, it is advisable to co-insure an owner's interest:
- The bathroom was recently remodeled
- You have installed a new floor
- The kitchen was recently remodeled
- Recently installed expensive sliding doors to balcony
What value do you insure with an owner's interest?
Owner's interest is often part of household insurance. It depends on which insurance policy you take out and how high your premium is. Note that not all contents insurance policies allow you to include an owner's interest in the insurance.
It is always advisable to carefully read the terms and conditions of your insurance. That way you will know exactly what you are insured for and will not be faced with any nasty surprises.
Taking out household contents insurance? Calculate your premium!
What are the conditions for co-insuring the owner's interest?
You cannot include owner's interest in every household insurance policy. Therefore, always read the terms and conditions to find out whether you can include this in the insurance. In addition, the conditions differ greatly from one insurer to another. You really should compare the different insurance policies to find out what damage is covered.
There are also some cases where damages are never covered. These are the following cases:
So keep this in mind when you go to purchase contents insurance.
Co-insuring the owner's interest anyway
If you live in a condo or apartment complex, chances are that you neighbors and yourself will make modifications to the home. Because anyone in the complex can do this, the CoE almost always co-insures the owner interest. Every resident in the complex must help pay for the premium, which raises it.
Do you have any questions about this insurance?
Are you interested in taking out owner interest? Then check out the options on our website. If you can't figure it out yourself, you can always reach us by phone. We can be reached every working day from 08:00 - 18:00 on 085 - 013 1108.
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