independentWhen calculating your fire insurance annual premium, not only the size of your (rental) home or the value of your household items plays a role. Where you live also affects your premium. Independent.be Explains the cause of this condition and provides a concrete simulation.
In association with Independent
Last updated:
03-03-23, 08:07
source:
Independent.be
insurance premium calculation factors
The fire insurance premium (or home insurance) is made up of various components. The most important is the number of rooms in your home, the rent, and the value of the contents. But another important factor is the location, exactly where you live.
Not just a fire, but much more than that: What risks does fire insurance cover? And what is not included?
Location, location, location
One municipality is not the other. Although they are close to each other, each location is unique. Numbers of crowds, crime, vandalism, number of thefts per year, risk of flooding: each municipality scores differently on these criteria. All of these components play a role in calculating your premium.
simulation
We compare the insurance premiums for two rental properties in the municipalities of Wijnegem and Schilde. They are located barely 300 meters from each other.
However, they offer different premiums, based on lower crime figures in Wijnegem and higher crime figures in Schilde:
• Wijnegem house annual premium: €224.98 (= business insurance and home contents insurance).
• Annual premium for Schilde home: €236.75 (= home contents insurance and home contents insurance).
a resultPremium: A premium difference of 5 percent per annum, due solely to differences in crime rates.
Larger cities versus smaller municipalities
Watch the latest annual crime figures in Flanders, and you’ll immediately see the difference. The crime rate is highest in large cities and their suburbs, in central cities and coastal cities. The lowest crime rates are recorded in the smaller municipalities.
Of the three Belgian regions, the crime rate in 2021 was the highest in the Brussels-Capital Region (12.5 crimes per 100 inhabitants). This is followed by the Walloon Region (7.6 crimes per 100 inhabitants) and the Flemish Region (6.5 crimes per 100 inhabitants). Exactly where you live in our country also has an impact on the price of your fire insurance.
How do you find the cheapest premium?
Although there are a number of factors that determine the price of your fire insurance, there are still differences between insurance companies. After all, they can assign more or less weight to certain factors in calculating the insurance premium. Moreover, competition also plays an important role. So a good and regular comparison is the message.
advice: Via Independer.be you can compare renters’ fire insurance from different insurance companies. Additional insurance policies, such as legal aid, family and theft insurance, are also discussed.
Also read on Independer.be:
This article was brought to you by our partner, Independer.be.
Independer.be is an independent insurance broker that helps you compare and get insurance.
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