What is valuables insurance?
With home contents insurance, you can be sure that your belongings are covered against damage from fire or theft. However, if you have a lot of valuable items, standard home contents insurance isn’t enough. In that case, you’ll only be reimbursed for a portion of the value of your belongings. So if you have a lot of antiques, jewelry, art objects, or musical instruments, it’s a good idea to take out valuables insurance.
What do we mean by "valuables"?
By "valuables," we mean various types of items. Valuables include, among other things, antiques, art, high-value collections, expensive jewelry, musical instruments, and expensive computers and electronics.
What coverage does valuables insurance provide?
You have two options if you want to insure your valuables:
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You can take out home contents insurance and include your valuables as additional coverage.
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You take out a valuables insurance policy.
Valuables insurance covers more types of damage than home contents insurance. You can think of valuables insurance as supplemental coverage to your home contents insurance. With valuables insurance, you’re also covered against damage and theft when you’re away from home. However, this coverage often requires that the loss not be your own fault and is subject to a maximum payout amount.
Generally, a valuables insurance policy covers you against:
- Loss
- Theft
- Damage
- Destruction
What is not covered by valuables insurance?
Not all damage is covered by valuables insurance. Most insurers have a number of exclusions, such as:
- Damage Caused by One's Own Fault
- Intentional damage
- Damage During the Rental Period
- Damage During Quality Deterioration
- Damage caused by cleaning, processing, or repair
- Damage caused by, for example, a flood, acts of war, an earthquake, or a nuclear reaction
- Theft from an unlocked room with no signs of forced entry
Please note that the coverage provided by valuables insurance may vary by insurer. Therefore, always carefully review the terms and conditions of your policy.
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What should I keep in mind when purchasing valuables insurance?
If you want to take out valuables insurance, there are a few things you need to keep in mind. For one, you need to know the value of your belongings. Of course, you don’t want to be underinsured. That’s why it’s a good idea to have an appraisal report prepared. Many insurers determine the value of your belongings based on purchase receipts and statements from jewelers. If you find a certified appraiser too expensive, you can also calculate the value of your belongings yourself. You can do this using a handy tool called the household contents value calculator. This tool ensures that you are not underinsured.
Please note: You can only purchase valuables insurance in combination with home contents insurance.
What about the concurrence of insurance policies under value-of-the-item insurance?
Home contents insurance and valuables insurance may overlap in some cases. For example, valuables are also partially covered by home contents insurance. If your valuables are damaged by fire, that damage is therefore covered by both types of insurance. Insurers have therefore agreed that, in these situations, the specific insurance takes precedence over the general insurance. Damage to your valuables caused by fire is therefore covered by your valuables insurance.
How do I compare different home contents insurance policies?
Through Inboedelverzekering.nl, you can easily compare different home contents insurance policies. Just make sure you have your information handy. You’ll need to answer a few questions about your personal situation. The calculation tool will take care of the rest for you. You can compare the premiums offered by the various insurers.
If you'd like, you can apply for your household contents insurance right away. If there are any special circumstances, please be sure to mention them so we can submit the application to the correct insurer.
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