Is building insurance mandatory?
Homeowners can't live without homeowners insurance, but are you required to purchase this insurance? There is no legal obligation, but if you need a mortgage to finance a purchase home, the lender does require this insurance.
Building insurance is also known as home insurance. This insurance pays out if your home is damaged by fire, storm or burglary, for example. Coverage against fire is especially important.
Why is buildings insurance so important?
Fire can completely destroy your home. This can put you in a lot of trouble. In the worst case, you will no longer have a place to live, but will still have a mortgage debt of possibly hundreds of thousands of euros. How should you then pay off the debt, taking into account the monthly costs for replacement housing? To avoid problems, the bank providing the mortgage imposes the obligation to take out buildings insurance.
What are the consequences if you do not take out buildings insurance?
Basically, you can't get the mortgage in that case. The transfer of a house goes through the notary. Before you sign the mortgage deed, the notary asks if you have taken out building insurance. if you do not have this, you cannot get the mortgage. If, for example, it only becomes apparent during a fire that you have not insured the house, you will have to bear the damage yourself. In a fire, the damage can easily run into tens of thousands of euros. So it is definitely important to take out buildings insurance before the house is registered in your name.
When does the building insurance pay out?
Insurers today offer insurance policies with extra comprehensive terms. That is, the coverage is much broader than just fire coverage. For example, you also get paid for damage caused by storm, lightning strikes, hail damage and damage caused by precipitation and frost. For the things in your home, you can take out additional contents insurance. This is not required by the bank where the mortgage is held, but is certainly advisable.
How to choose the right insurance?
We have already made a preselection for you. We can insure your home against risks that threaten your property at an attractive premium. Want to know what it will cost you per month? Calculate it on Alpina.nl. You can also immediately calculate the premium for other home insurance policies. By combining several insurances, you can benefit from a lower premium. In addition, it offers the advantage that you never have to choose which insurance policy to file a claim with.
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