What is owner interest in contents insurance?
You have just become the owner of your new home or you have just started renting. Then you will also start looking for the associated insurances: contents insurance and building insurance. Are you buying or renting an apartment or flat? Then you probably do not need building insurance. Often that responsibility lies with the Owners' Association(VvE) (or of course the landlord). It may happen that these insurances are not sufficient for you, in which case you can co-insure the owner's interest. But what is the owner's interest? And what do you insure? That is discussed later in this article.
What is owner interest?
The owner's interest is an additional coverage that insures additional amenities that other policies do not cover. You often find this in apartments and flats. This is because building insurance covers the value of the house upon completion, but not the amenities that you add to the house. It is useful to take out this insurance if, for example:
- Remodeled the bathroom;
- Installed an expensive floor;
- Enlarged the kitchen considerably;
- Built in an expensive sliding door to the balcony.
What is the value you are co-insuring
That depends entirely on the insurance you take out for the owner's interest. This part is often included in the contents insurance. However, it depends on each household insurance policy whether you can include the owner's interest in the insurance. Some contents insurance policies have no maximum value while other insurers cap the maximum value at €10,000.
Wisely, consider the coverage offered by the insurer. Always review the terms and conditions that the insurer uses before you purchase the insurance. This way, you will not face any nasty surprises when filing a claim.
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Ownership interest co-insurance terms and conditions
Not every insurance policy allows you to co-insure the owner's interest. If the insurer does offer this it is wise to compare the premiums carefully. These can vary greatly. The conditions set by the insurers also differ. Always look carefully at the premiums and conditions given by the insurer when taking out household contents insurance with owner's interest.
There are also causes of damage that some insurance policies do not cover. For example, fire due to your own fault or leakage due to overdue maintenance. The conditions the insurance has are crucial for you if you want to be properly insured.
Co-insuring the owner's interest anyway
In an apartment complex or condominium, chances are slim that you are the only one living there and making modifications to the home. It may therefore be that the owner's association co-insures the owner's interest. In that case, all residents must help pay for this. This will increase the premium.
A disadvantage of this is that you help pay for the upstairs neighbor's fancy kitchen while you have simple furnishings. The advantage is that you and your neighbors can report all damages to one insurer. There is no need to point to each other where the damage should be claimed.
More information about insurance? Check out the options at Alpina!
Do you want to co-insure the owner's interest in your home contents insurance? Then you have come to the right place at Alpina. At Alpina you always get the most complete insurance at the right price. Do you have any questions about insurance? Please contact us or request a no-obligation quote.
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