Services Rik 9 februari 2023

What all should you insure when buying a house?

Congratulations! You have bought a house! Buying a property involves a lot and a long road ahead of you. Once you've succeeded, you want everything to be well organised. This includes a good insurance package that includes, for example, buildings and burial insurance. Some of these insurances are even mandatory. But which insurances are important to take out? We shed some more light on this matter for you so that you can live in your new home with peace of mind!"

Building insurance

First and foremost comes building insurance. It is usually required by your mortgage lender. It is the insurance that covers your house and everything that comes with it in terms of real estate. It does not cover the household effects, but it does cover the kitchen and the bathroom, for example, as these are attached to the house and therefore fall under immovable property. Damage to these items by storm, fire or burglary, for example, is usually covered by buildings insurance.

Burial insurance

Burial insurance is important because it ensures that your loved ones are well taken care of. An average funeral soon costs close to €10,000, which is an amount we don't usually have in our accounts. There are different types of insurance, where, for example, the amount to be paid out is paid, or where the insurance pays the bills for the funeral directly. Of course, you can also choose to save for your funeral, but there is a big disadvantage to this. This is because when you die, your money is not immediately available to your next of kin. That means they will have to pay for the funeral in advance. With good insurance, you will have everything perfectly covered and you will not leave your loved ones with problems.

Death risk insurance

Your mortgage lender may also require you to have death risk insurance. This is different insurance from funeral insurance. Term life insurance is important for your partner and for the bank. Should you pass away, your partner will be paid an amount during the stipulated time of the insurance, so they can continue to pay the mortgage and thus live in the house. Note that this is an insurance policy with a fixed term. If you die after that time, nothing is paid out.

Living Expenses Insurance

A living expenses insurance is similar insurance, but for life. Should you lose your job or become unfit for work, for example, and no longer be able to repay the mortgage, the insurance will ensure that you can continue to pay the monthly mortgage payments. With this insurance, you can avoid having to sell your house in that case. You take out the insurance with your mortgage.

Basement insurance

Basement insurance is not compulsory, but it is highly recommended. It is the counterpart of buildings insurance, as it covers all loose items in the home. Think of your appliances, your clothes and your beautiful interior. Important here is that you make a good estimate of the value of your goodies. If you estimate it too low, you may have problems with the payment in case of damage.

Legal expenses insurance

A legal expenses insurance is not mandatory either, but we strongly recommend it. Legal proceedings run into numbers very quickly and if you cannot get proper assistance because you cannot afford it, your position is very weak. Actually, this is important for everyone, but it becomes really essential if you are buying a house. After all, this involves large sums of money. Should conflicts arise where you need legal help, this is covered by legal assistance insurance. It is nice to know you can seek legal help if necessary. Make sure your insurance also covers legal help with the purchase of a home, as sometimes this is covered by an additional module.

Liability insurance

Liability insurance is compulsory for car owners. It covers any damage you cause to others in a collision, for example. However, this type of insurance is also very nice for your daily life as a homeowner. Think, for example, of damage your pet or children might cause. These kinds of costs will then be covered by your insurance.

With the above insurance policies, you have a fantastic safety net for any kind of problem that may arise during your life as a homeowner. Of course, we hope we don't face damages and problems, but should it happen, you know you won't get into further trouble due to financial shortages. That way, you can build your life with peace of mind in your new home!

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