Home contents insurance

Are You Sufficiently Insured as an Apartment Owner?

Do you live in an apartment or co-own an apartment building? In that case, you are usually automatically insured through the building’s block policy. But does that mean you are as well protected as with a traditional home insurance policy?

Not always.

Many owners assume that the block policy covers everything, while personal belongings, luxury finishes, or renovations are often insufficiently insured or not insured at all. That is why it is important to know exactly what a block policy does and does not cover.

A block policy generally covers:

• The common areas of the building
• The private sections of the apartments
• Damage caused by fire, storm, and water
• Third-party liability

Although a block policy provides important basic protection, it is not always tailored to your personal situation.

1. Luxury finishes are often insufficiently insured

A block policy is usually based on an average value per apartment calculated according to surface area.

However, you may have invested in:

A luxury kitchen
Custom-built cabinets
Parquet flooring
A designer bathroom
High-end interior doors

This added value is not always correctly included in the insured value of the building. In the event of damage, you may therefore receive insufficient compensation.

2. Your contents are usually not insured

A block policy generally only covers items permanently attached to the building.

Your personal belongings such as:

• Furniture
• Television and electronics
• Clothing
• Kitchenware
• Decoration
• Household contents

are usually excluded from coverage.

In the event of fire, water damage, or burglary, you may have to bear these costs yourself without separate insurance.

3. Theft and vandalism are usually excluded

If your apartment is burglarized, the block policy will generally not compensate stolen or damaged personal belongings.

For this, you need separate contents insurance.

Why Additional Home or Contents Insurance Is Important

An individual home or contents insurance policy offers additional protection on top of the block policy.

This can insure:

• Your personal belongings
• Damage caused by theft or vandalism
• Luxury finishes and renovations
• The added value of your apartment

It is often beneficial to take out this policy with the same insurer as the block policy. Some insurers only charge one deductible when the same claim affects both policies.

Insuring the Added Value of Your Apartment

Have you renovated or upgraded your apartment with luxury finishes? If so, you can insure this added value separately.

What Should You Check as an Owner?

Make sure to verify:

• Whether your contents are insured
• Whether renovations and luxury finishes are included
• Which deductible applies
• Whether third-party damage is sufficiently covered
• Whether the block policy uses up-to-date
• property values

Conclusion

A block policy is an essential basic insurance policy for apartment buildings, but it is not always sufficient for individual owners.

If you want full protection, it is best to combine the block policy with a personal home or contents insurance policy tailored to your apartment and lifestyle.

This helps you avoid unpleasant surprises in the event of damage and ensures that both your property and personal belongings are properly insured.