Does the contents insurance pay out the daily value or the new-for-old value?
If your belongings are damaged, you are entitled to compensation for the new-for-old value from contents insurance, but there are exceptions. When will you be paid the new-for-old value and when the current value?
In the event of damage to your belongings, you want a payment from the contents insurance with which you can buy back the damaged or stolen items. For the payment, it makes a big difference whether the insurer assumes the current value or the new value. The current value is the value of an object just before the damage occurred. For example, you have a television that is six months old. New, the television cost €1,000, but when sold now, the television will only fetch €700. This is the daily value, but in practice it remains to be seen whether you can buy a replacement television for this amount. The new-for-old value is €1,000, at least if the television now also costs €1,000 as new.
Insurers assume repair costs
If there is a burn in the carpet, you will not immediately get everything completely renewed from the contents insurance. If repairing the damage is cheaper, the insurer will pay the repair costs. Only if the repair costs exceed the value will insurers pay out the value. In the event the insurer assumes the current market value in the event of damage, the repair costs will be reimbursed unless they exceed the current market value.
Taking out household contents insurance? Calculate your premium!
When does the insurer pay out the daily value?
Insurers have different provisions about this. In the policy conditions of contents insurance, there are provisions about the new value and the current value. Often the current value is paid out if the current value is less than 40% of the new value. So if a sofa is only worth €200 and the new value is €1,000, the contents insurance will usually pay out the current value of €200. The current value the insurer determines from depreciation lists. For example, a couch depreciates over 10 years, so every year the value drops 10% according to the insurer. Once the sofa is older than 6 years, the value drops below 40% and a maximum of the current value is paid out. The insurer may also adjust the payout to the daily value in the following cases:
- When items are no longer used for their intended purpose. For example, a chair stored in the attic
- Damage to vessels and trailers (e.g. stored in the garage)
- Damage to awnings and antennas.
- Stuff you borrowed
How much do you depreciate your contents according to the contents insurance policy?
More and more insurers are publishing the depreciation lists they use. In these lists you can read what the current value of certain parts of your household contents is. A cabinet, for example, depreciates over ten years. So a four-year-old cupboard still has a value of 60% of its new value. If the cupboard is lost in a fire, you will still receive the new-for-old value. This may be different if the cupboard is unused in the attic.
Never underinsured
Put together your own package
A wide range
We compare all insurers for you, saves time again
Help from our experts
Can't figure it out? Our experts are always ready to help you
We can be reached via chat, WhatsApp, phone or email
Questions? Contact us if you want to know more.
We are here today until 6 p.m.