You buy a house. Which insurances do you need?

Insurances are meant to protect you from financial risks. You'll want an insurance to cover the costs you can't pay for yourself. 

The most common insurances when buying (or owning) a house are:

Home insurance.
The home insurance covers the damage to your house due to fire and other calamities.

This kind of damages often involve huge amounts of money. You may not be able or willing to pay these by yourself.

Therefore the home insurance is a must.

Very often the home insurance is a clause in the mortgage contract. The banks will make this insurance mandatory. 

Pay attention! The home insurance in the Netherlands doesn't cover the contents of the home. For those you'll need a seperate insurance. 

Contents insurance.
This one covers damage to your things.

When there's a leakage in the bathroom, the water may ruin the parquet on the first floor as well as the kitchen below.

This event isn't covered by the home insurance, so you'll probably need a contents insurance as well.

Liability insurance.
The liability insurance covers the third party liability.

When a violent storm deposits some of your roof tiles on the car of the neighbour, or your old chimney falls upon the dog of someone passing by your house.

These events have to do with your house and a third party. The liability insurance covers just that.

Legal expenses insurance.
This will cover the cost of lawsuits regarding your home. These can be expensive. 

This insurance you'll have to have in advance. There's usually a three to six month period applicable. During this period the insurance doesn't cover legal issues. 

This is done to prevent people who see a dispute arising, to quickly get an insurance to cover the lawsuit.   

Life insurance.
If you buy a house together with a partner, this insurance is advisable.

When one of you dies (you'd rather not think of it, but better be prepared for it), the one who's left behind can afford to keep living in the house.

This insurance isn't necessary when each of you earns enough to afford the house without a partner.

Other insurances 
There are many other insurances. In the Netherlands there even are insurances to enable you to keep living in your home when misfortune strikes.

It's possible to insure the housing costs in case of unforeseen disability or involuntary unemployment. When such an event occurs, the insurance pays for the housing costs. 

Do you want to arrange your own insurance?

In that case you may find an insurance contract here.


Recommendation
When you know you're going to buy a house, my advice would be to get the legal insurance. 

Buying a house involves huge amounts of money. Now and again things go wrong and problems may arise, even when it's not your fault. This may mean lots of extra unforeseen expenses.

In such a case it's in your best interest to have some legal help available. 

An example
You've bought a house with the intention to live in a quiet surrounding.

The moment you move in, you find to have very noisy neighbours. Nobody told you and you didn't hear them during the visits before. Now you've got a problem. 

Imagine loud music every moment of the day. Parties at night. How will you be able to live a normal life?

You'll probably want to sell the house as quickly as possible. But chances are, no one wants to buy it. Who would want to live next to noisy neighbours?

You may end up selling the place with a huge loss. If you're able to sell it at all. 

Now, if you're able to prove that the seller knew of your intentions, and that he kept the noisy neighbours a secret to mislead you into buying the house, the sale can be undone. This will save you years of stress and problems. And a lot of money too. 

The only thing is, you may need some legal advice to achieve this... 

Final note
On all insurances: be sure to have them when you need them.

Some you need in advance (legal insurance), some the day you sign the provisional contract (life insurance), others the day you become the owner of the house (home insurance, etc.)

When you want you can calculate and apply for your legal insurance online

After reading this page, check your specialist / advisor to get the right insurance for you. 

He'll know the answers to all your questions. And he'll be able to get you the insurance you need.


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