Maybe you have an apartment, studio, penthouse or house that you want to rent (permanently) to an expat? Do you want to know what to look out for and what to take into account? This blog series gives you insight into everything you need to take into account when renting out a house in Amsterdam. We continue this series with the different insurances you need to take out when renting out a house.
There are different insurances for your home and belongings. Especially when you let someone rent your house and live in it, it is wise to take out insurances for this. After all, you never know for sure how the tenant deals with your property and in case of damage, accidents or theft, you would rather not be left empty-handed.
It is becoming easier and easier to take out home insurance. However, you should pay close attention to which insurances are suitable for your situation. Also, be alert for underinsurance. This means that the value of your household contents is worth more than the value for which you are insured. Often this underinsurance only comes to light when it is already too late. You can prevent this by determining in advance what your house or belongings are worth.
With a valuation report, for example, you can prevent this underinsurance of the building. In case of partial and total damage, the full amount will be paid out. This value is determined on the basis of the valuation report. Even a reinstatement value is very difficult to determine. Without this report you have no guarantee and in case of damage you will only get a part paid out.
If the property is purchased within a company or if the property is used for own studying children, students or room rental, this is business insurance. This also applies if you rent out the property for more than 300 days a year or if the property is a combination of a residential property with a shop, office or catering facility. The first insurance you always have to take out is the basic insurance, or building insurance. With this insurance you are insured for fire, burglary and water damage.
In addition to a basic insurance, it is often advisable to take out liability insurance. With this you insure the damage caused by the building to others or other people’s belongings. With a furnished house, a household contents insurance is highly recommended, especially when you rent this house out. If you use the furnished house yourself, it is better to take out a private contents insurance.
Which insurances suit me?
In order to choose a suitable and suitable basic insurance with all additional insurances, it is best to orientate yourself on the best options. You can do this by asking your estate agent for advice. She knows the house, the surroundings and has a broad network with several experts. The estate agent can advise you easily and without obligation about which insurances are useful and will protect you against double insurance and underinsurance.