Fire Insurance Is More Expensive Again: How To Get The Cheapest Rates? | MyGuide

Your fire insurance premium is based on the ABEX index number. This is calculated every six months, in May and November. The ABEX or “Association of Belgian Experts Index” reflects the development of construction prices. These prices are determined on the basis of the prices of building materials (raw materials) on the one hand, and the wages of construction workers on the other hand. The amount for which the property is insured against damage naturally follows this indicator. The new numbers for May have just been announced. The ABEX index rose 28 points from 1004 to 1032. It rose less than last year’s record, but still three times the normal average.

Compared to the ABEX index from a year ago, we’re talking about an increase of about 8 percent. The main reason for this is twofold. There is still a rise in the prices of some raw materials, including insulation materials. Moreover, the wages of construction workers also increased, because they were automatically indexed in January, just like the wages of other employees. Naturally, this has an impact on the indicator.

How much do you pay today for your home insurance? Compare fire insurance here and find the formula that works best for you.

From July 2023, insurance companies may pass the new index amount into your fire insurance premium. Logical: the more expensive it is to build a house, the more money they will have to pay in the event of a claim. About 98 percent of insurance companies use the ABEX index to adjust their premium amounts. As a consumer you can therefore expect an increase in the premium.

However, not every insurance company follows the index closely. This means that by properly comparing insurance companies, you can keep your premium increases somewhat limited. But there are some other smart tricks to getting the best fire insurance for you.

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Many clients stay blindly with the same insurance company where they have been customers for twenty years. Every year they obediently pay their premiums, without checking if there are better alternatives on the market. But this isn’t always the smartest move. Comparison is always useful. For example, your family situation may have changed so that your current fire insurance is no longer the best fit for you. So take the time to regularly check whether your fire insurance can still best meet your needs.

Not every insurance company applies the same rates or tracks the indexation in the same way. This is why it is still helpful to compare insurance companies’ offers regularly. This is possible, for example independent. Our web platform provides a clear view of the best offer from various insurance companies for your ‘tenant liability’ policy (home insurance or fire insurance). You can also easily compare prices for collateral such as home contents, theft or family insurance.

The deductible or waiver is the portion of the damage that you pay yourself if you have a claim covered by your fire insurance. Consider how much you can save on your premium annually by choosing a slightly higher discount: 500 euros instead of 250 euros, for example. The insurance company will then typically charge a lower annual premium, because it will have to pay less in the event of a potential claim. Here you will find detailed information on the (four) franchise(s).

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