Is your property protected with buildings insurance?
The housing market is at an all time high. Home prices are only going up, and in the process the demand for homes is increasing. You see this as a great opportunity. Indeed, it is likely that house prices will continue to rise for some time to come. You decide to take the plunge and invest in a house. This way you can rent it out or perhaps resell it at a profit in the future.
But what if your property burns down? Will you then lose your entire investment? You will if you do not have buildings insurance. But what should you pay attention to when taking out building insurance? And how do you get the best premium? Alpina explains it for you.
Property insurance coverage.
Of course, you want to protect your investment as much as possible. That is why you would do well to take out buildings insurance for your property. Your property will then be insured against various types of damage. We list the coverages for you.
Fire coverage
This covers your premises against damage caused by fire. It also covers additional smoke damage. Flames must have been involved. Otherwise you will not receive compensation for the smoke damage.
Extended variety coverage (plus)
With the comprehensive hazard coverage (plus), you get a multitude of other coverages beyond fire. Including explosions, damage from burglary, water damage and vandalism.
All-risk coverage
With all-risk coverage, you will be reimbursed for all types of damages. Unless the terms and conditions explicitly state that a certain damage is not covered. Therefore, always consult the terms and conditions of your insurance policy to find out what you are and are not insured against.
Building insurance? Calculate your premium!
New construction value
The amount of your premium is always calculated based on the new construction value of your property. Often this is also equated with the sales value. If you have just bought a property, you can report the purchase value to your insurer. Then your property will be insured for that amount.
Do have your property appraised every few years. After all, your property may have increased in value. Don't have it revalued? Then you may be underinsured. Then you will have to pay for any damage above the insured amount yourself. For a house, this can easily run into thousands or tens of thousands of euros.
The opposite is true when your property becomes worth less. You will have insured your property for too high an amount. You will pay too much premium for a coverage you will never receive in full. The insurer may not pay out an amount higher than the value of your property. Check the current value of your property regularly.
Take out your property insurance through Alpina: simple and affordable
Are you considering purchasing buildings insurance for your property? Then take it out now through Alpina! We have the right coverages for every investor in the real estate industry. Always at the most competitive premiums. Do you have any doubts or questions about our property insurance? Then feel free to contact our customer service team. They are only too happy to answer all your questions.
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