Misunderstandings often arise regarding these different values. And that is understandable; in the event of damage, you quickly expect to have the same product at your disposal again. A well-known example is eyeglasses. You may not be able to do without them, because life becomes difficult without them. But what is the value of a 10-year-old pair of glasses? You once bought them for €500 including lenses? Emotionally, the glasses naturally retain their value, but economically, this value depreciates rapidly. After all, you have been using them for 10 years. Moreover, the same model has long since been out of production.
For non-life insurance, the compensation may not exceed the actual damage suffered. After all, the intention is not for you to 'benefit from the damage' in the event of a claim. This so-called principle of indemnity is enshrined in law. Insurers may only deviate from this if clear agreements have been made in advance. This is why different concepts of value are used in insurance policies.
"}},{"componentType":"paragraph","title":"An example:","richBody":{"value":"n 2017, you bought a mobile phone for €500. But mobile phones evolve rapidly; the same device has dropped sharply in price and now costs only €250. The purchase value is therefore €500 and the replacement value is €250. However, many insurers ultimately reimburse the current market value.
The current market value is the amount required to replace an insured object with a comparable object of the same make, model, type, version, quality, condition, and age. This is also known as the 'replacement value'.
The current market value is therefore the (current) replacement value minus depreciation. To determine the current market value, you can use the depreciation list.
use. It states over how many years a specific object is depreciated. The number of years varies per object; a mobile phone, for example, is depreciated much faster than a robust coffee table. Simply because the turnover rate is much higher. Suppose the above mobile phone is fully depreciated over 5 years. Then the current market value after 3 years would be € 250 minus € 150 = € 100.
"},"textLinks":[{"url":"https://www.ing.nl/pdf/particulier/verzekeren/afschrijvingslijst-ing-inboedelverzekering","text":"Read more about the depreciation list here. "}]},{"componentType":"paragraph","title":"What are the insured amounts, deductibles, and depreciation schemes of the ING Contents Insurance?","richBody":{"value":"
Your household contents are insured up to €150,000 as standard. The major advantage of this is that you do not have to adjust the insurance repeatedly if the value of your contents increases, for example due to a new interior after a renovation. Furthermore, with ING Home Contents Insurance, all items in your home are insured for ten years at replacement value (the amount required to obtain new items of the same type and quality). You can choose between basic coverage and all-risk coverage. With basic coverage, a number of clearly defined events are insured, such as fire, lightning strike, and theft. When you take out all-risk coverage, the insurance even covers all damage-causing events, including damage you accidentally cause yourself. The standard deductible is €100 per event, for both damage and theft. Of course, a number of standard exclusions do apply, such as intent, wear and tear, and dropping or bumping laptops, tablets, and smartphones.
"}},{"componentType":"paragraph","title":"Tip","richBody":{"value":"Ten years of replacement value coverage is unique; it is not without reason that the Consumentenbond has rated ING Home Contents Insurance as 'best in test' several times!
"}},{"componentType":"cta","textLink":{"url":"/en/personal/insurances/home-insurance","text":"More about ING Home Insurance"}},{"componentType":"linkList","iconTitle":{"title":"More information"},"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"}]}]}}}