{"type":"document","data":{"id":"bbb46cc2-12ce-42cf-995a-12f2cfe4af40","localeString":"en-GB","publishDate":"2024-03-26T15:10:04.999+01:00","contentType":"onecms:editorialPage","hasMacro":false,"flexPageMetadata":{"afmBanner":false,"robotInstruction":{"noIndex":false,"noFollow":false},"description":"What exactly does a home insurance policy cost you? And how is its actually calculated? Well, it’s always customized and depends on a lot of factors."},"mainHeaderZone":{"componentType":"editorialHeader","coreHeader":{"title":"What does home insurance cost? What determines its price?","subtitle":"Home insurance is not an unnecessary luxury. After some hesitation, you’ve finally signed a lease or bought your dream home. Congratulations! Naturally, you’ll want to protect your humble abode as well.","body":"And that’s precisely where a good home insurance policy comes in handy. But what exactly does such a policy cost you? And how is the price of home insurance actually calculated? Well, it’s always customized and depends on a lot of factors:"},"backLink":{"textLink":{"url":"/en/individuals/my-life/housing","text":"What does home insurance cost? What determines its price?"}},"date":"2023-05-11","readingTime":0},"flexZone":{"flexComponents":[{"componentType":"sectionTitle","title":"1. The characteristics of your house or apartment"},{"componentType":"paragraph","richBody":{"value":"<p><span><span><span>The type of property that you’re buying or renting is a first important parameter that determines the cost of your home insurance:</span></span></span></p><ul><li><span><span><span>Someone taking out home insurance for an apartment will pay less than someone looking to insure a townhouse. </span></span></span></li><li><span><span><span>For the owner of an open construction, the average home insurance cost will again be a little higher.</span></span></span></li></ul><p><span><span><strong><span>Other aspects are taken into consideration too, such as the number of rooms and the year of construction of your home.</span></strong><span> When calculating your home insurance policy, the level of finishing and safety also have an impact. In addition, any use for professional purposes will cause the price to be higher as well.</span></span></span></p>"}},{"componentType":"sectionTitle","title":"2. Your profile and the contents"},{"componentType":"paragraph","richBody":{"value":"<p><span><span><span>There are also some </span><strong><span>personal parameters </span></strong><span>that determine how much your home insurance will cost. </span></span></span></p><ul><li><span><span><span>Owners, for example, are not always occupants themselves, but can also be landlords.</span></span></span></li><li><span><span><span>Would you also like to have your valuable collection or expensieve sports equipment covered? Then the prive of your policy will increase as well.</span></span></span></li></ul><p><span><span><span>At ING, you can choose the value for which you want to insure your household contents yourself, and you also immedialty see its impact on the overall price of your home insurance.</span></span></span></p>"}},{"componentType":"highlight","title":"Did you know?","richBody":{"value":"<p><span><span><span>Home insurance has recently become a <strong>legal requirement for tenants in Flanders and Wallonia.</strong> However, the ‘waiver of recourse’ clause can sometimes exempt the tenant from this obligation under Belgian law. Still, the landlord needs to include this in the contract. So as as a tenant, you better make sure to check this carefully.</span></span></span></p>"},"textLinks":[{"url":"/en/individuals/my-life/housing/home-insurance-mandatory","text":"Read more about the obligation of home insurance for tenants here."}]},{"componentType":"sectionTitle","title":"3. The chosen home insurance plan"},{"componentType":"paragraph","richBody":{"value":"<p><span><span><span>How much does home insurance cost? To answer this question, you also need to know exactly what it should cover for you. We mentioned the contents already earlier on in this article<strong>. In addition, you can choose whether you’d like to pay your home insurance annually or monthly</strong>. </span></span></span></p><p>Note that not every insurer offers the same coverage or terms. You can also add additional options to your fire insurance policy. Some examples:</p><ul><li><span><span><span>Your garden</span></span></span></li><li><span><span><span>Theft</span></span></span></li><li><span><span><span>Legal aid</span></span></span></li><li><span><span><span>Family insurance</span></span></span></li></ul>"},"textLinks":[{"url":"/en/individuals/my-life/housing/home-insurance-what-does-it-cover","text":"In this separate article we explain the coverage options in detail."}]},{"componentType":"sectionTitle","title":"4. The exemption or deductable"},{"componentType":"paragraph","richBody":{"value":"<p><span><span><span>Of course you want to have a clear overall picture of what your home insurance costs. But to obtain this, you need to look at more than just the amount you have to pay every month or year.</span></span></span></p><p><span><span><strong><span>Be sure to also compare the exemption or deductible with each insurer</span></strong><span>. This is the amount they will not cover in case of damage, but you will have to pay yourself. And it’s far from the same everywhere.</span></span></span></p><p><span><span><span>Insurers calculate the deductible of your home insurance in three ways:</span></span></span></p><ol><li><span><span><strong><span>An agreed percentage that is included in your home insurance policy</span></strong><span>. This makes the deductible depend on the total amount of compensation you are entitled to.  </span></span></span></li><li><span><span><strong><span>A fixed amount</span></strong><span>. This way the exemption always remains the same, regardless of the size of the claim.  </span></span></span></li><li><span><span><strong><span>A so-called English exemption</span></strong><span>. This reimburses the full sum, as soon as the damage exceeds an amount that was agreed on in advance.</span></span></span></li></ol><p><span><span><span>To make things as easy as possible for you, ING applies the second option. Did you cause material damage worth less than 10,000 euros? Then the deductible or exemption is always 250 euros. If your damage equals to more than 10,000, then you don’t have to pay anything.</span></span></span></p>"}},{"componentType":"highlight","title":"The cost of your home insurance: an example","richBody":{"value":"<p><span><span><span>Sofie (32) recently became the owner of a newly built apartment in Antwerp. The following factors play a role in how the cost of her home insurance is calculated: </span></span></span></p><ul><li><span><span><span>Sofie is owner-occupier of her apartment in its original state, which she bought for €350,000. </span></span></span></li><li><span><span><span>It comprises a living room, kitchen, storage room, two bedrooms and one bathroom. The garage box which she rents is included in the common parts. </span></span></span></li><li><span><span><span>The apartment is energy efficient and is heated with a heat pump. </span></span></span></li><li><span><span><span>As a photographer, Sofie also wants to have her valuable equipment insured as contents. The exact value of this she chooses herself. </span></span></span></li><li><span><span><span>She also chooses to add the optional coverages of contents, legal aid, and theft.</span></span></span></li></ul>"}},{"componentType":"sectionTitle","title":"Whether you buy or rent a property"},{"componentType":"paragraph","richBody":{"value":"<p>It is best to take out home insurance. Discover ING&apos;s home insurance policies: </p>"},"textLinks":[{"url":"/en/individuals/insurance/insure-my-home/home-insurance-owners","text":"For owners"},{"url":"/en/individuals/insurance/insure-my-home/home-insurance-tenants","text":"For tenants"}]}]},"complementaryZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Also interesting!"},{"componentType":"cards","cards":[{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Home insurance, what does it cover?","body":"We explain it all in detail.","image":{"transformBaseUrl":"https://assets.ing.com/transform/fd4d2626-06cb-457b-a211-965b3f20c52f/homeinsuranceyouth","type":"image","width":814,"original":"https://assets.ing.com/m/558eaf28e68611c8/original/homeinsuranceyouth.jpg","extension":"jpg"},"date":"2023-05-11","link":{"url":"/en/individuals/my-life/housing/home-insurance-what-does-it-cover"}},{"componentType":"articleCard","cardType":"article","cardSize":"medium","title":"Is home insurance mandatory for tenants and owners?","body":"We tell you all about the differences in obligation of home insurance for tenants and owners.","link":{"url":"/en/individuals/my-life/housing/home-insurance-mandatory"}}]}]}}}