Many people are shocked when they see the rebuilding value of their home, because it is usually much lower than the purchase price. The rebuilding value is the amount needed to rebuild the same house in the same location with the same purpose. This value forms the basis of a building insurance.
This therefore concerns the pure construction costs, without taking into account the location of the house or the size of the plot. After all, the location and the plot are not lost in a fire; therefore, you do not need to insure them.
"},"textLinks":[{"url":"/en/personal/insurances/home-insurance/reconstruction-value","text":"Read more about the reconstruction value"}]},{"componentType":"paragraph","title":"WOZ value","richBody":{"value":"In addition to the reconstruction value, there is the WOZ value. WOZ stands for the Valuation of Immovable Property Act. This act regulates the valuation of homes and other immovable property in the Netherlands. The WOZ value is determined by the municipality and forms the basis for various taxes. The WOZ value is the estimated market value of your home, with January 1st of the previous year as the reference date. The location and size of the plot are taken into account when determining the WOZ value. Therefore, the WOZ value is usually higher than the reconstruction value.
"}},{"componentType":"paragraph","title":"Sales value","richBody":{"value":"And finally, there is also the sales value. Because the WOZ value has a reference date of January 1st of the previous year, the sales value can be much higher, especially with rising house prices. Moreover, other circumstances play a role here as well, such as scarcity, the condition of the property, and the popularity of the neighborhood. The sales value is usually determined based on an appraisal. An appraisal tells you what your home is worth, and you determine the selling price based on this. After all, the market determines the price.
"}},{"componentType":"paragraph","title":"What are the maximum insured amounts and deductibles of the ING Buildings Insurance?","richBody":{"value":"The ING Buildings Insurance has no maximum insured amount. Once your home is insured through ING, the rebuilding value is always reimbursed (rebuilding value is the amount needed to rebuild the same house in the same location with the same purpose). The major advantage of this is that you do not have to adjust the insurance time and again if the value of your home increases, for example due to a renovation.
You can choose a deductible of €0, €100, or €500. In the event of extreme weather (storm, downpour, or heavy local precipitation), a deductible of €250 always applies. This amount is deducted from the compensation or must be paid by you when the damage is repaired. If you have chosen a deductible of €500 and the damage is caused by extreme weather, you only pay the highest deductible of €500 and not the extreme weather deductible of €250. Do you have damage to both your contents and the building? Then you only pay the deductible once.
"}},{"componentType":"cta","textLink":{"url":"/en/personal/insurances/home-insurance","text":"More about the ING Home Insurance"}},{"componentType":"linkList","iconTitle":{"title":"Meer over"},"textLinks":[{"url":"/en/personal/insurances/home-insurance/home-blogs","text":"To the home blogs"}]},{"componentType":"linkList","iconTitle":{"title":"Insurance"},"textLinks":[{"url":"/en/personal/insurances/annual-travel-insurance","text":"Travel insurance"},{"url":"/en/personal/insurances/car-insurance","text":"Car insurance"},{"url":"/en/personal/insurances/home-insurance","text":"Home insurance"},{"url":"/en/personal/insurances/liability-insurance","text":"Liability insurance"},{"url":"/en/personal/insurances/legal-expenses-insurance","text":"Legal expenses insurance"},{"url":"/en/personal/insurances/student-insurance","text":"Student insurance"},{"url":"/en/personal/insurances/czdirect-health-insurance","text":"Health insurance"},{"url":"/en/personal/insurances","text":"All insurance"}]}]}}}