There are several types of insurance you should consider when living in the Netherlands. You will hear about many of them at your appointment to open a bank account. While there are many providers of insurances, some people find it to convenient to buy insurance via the bank as you already have a relationship with them.
Settle Service will provide extensive information and advice on the insurances best suited for your situation. In case we also provide the service of assisting with opening a bank account, we combine these services in order to maximize time-efficiency.
Health Insurance (Ziektekostenverzekering)
If you live, work and pay income tax in the Netherlands, you will become a Dutch resident and you will be subject to the Dutch social security legislation. Amongst other things this means you will have to take out (compulsory) health insurance. A health insurance policy is a Dutch insurance policy that provides coverage for healthcare costs and meets the requirements of the Dutch Health Insurance Act (Zorgverzekeringswet). Only if you are registered as a non-resident may you be exempted from this obligation. This needs to be determined on a case by case basis.
Third Party/Liability insurance (WA verzekering)
If you are to blame for a non-vehicle related accident that injures someone or damages another person’s property, you are responsible for paying all the damages. You might, for example, break a colleague’s iPhone at the office, or your parked bike falls and scrapes someone’s car.
The resulting claim for damages can be quite high. Therefore, we strongly advise you to take out a quality liability insurance. You can get this type of insurance either in your own country or through your bank or insurance company in the Netherlands.
In addition, you can be held responsible for damage that occurs on the job while you are engaged in professional activities. In the Netherlands, damage that a person causes on the job is generally covered by the liability insurance of the employer. To be certain, however, we advise you to check with the company or organisation where you will be working to make sure that their liability insurance covers you as an employee.
Household insurance (Inboedelverzekering)
A household insurance covers all your personal belongings (apart from the house itself and your car) against fire, theft and other kind of damages. Even if you rent a furnished apartment, it is still recommended to get household insurance to cover your personal belongings.
There are several different kinds of household insurance; extensive, very extensive and all-risk. Some events are considered ‘Acts of God’ beause they’re so rare and unpredictable it’s not possible to insure against them e.g. earthquakes and floods. Reimbursement of stolen cash is limited.
The monthly premium for a household insurance depends on where you live, the type of house, and your household. For instance, household insurance is more expensive if you live in Amsterdam than if you live in a more remote area. The conditions of the policy vary significantly per insurance company.
Property and glass insurance (Opstal- en glasverzekering)
The property insurance (opstalverzekering) covers all kinds of damages that may occur to the property you live in resulting from fire, wind, burglary, storms, etc. If you rent a property you will not need this insurance since it will be the responsibility of the landlord. Please note glass windows need to be insured separately (glasverzekering), so double check this with the owner!
Car Insurance (Autoverzekering)
When you own a car in the Netherlands, a car insurance is mandatory. There are three types of car insurance in the Netherlands: WA, WA plus (also called WA beperkt casco) and WA Casco (also called All-Risk):
- WA: This type of car insurance is the most basic car insurance. It only covers damages to the other party if these damages are your fault;
- WA plus: This is an extension of the WA type of insurance. WA plus covers extra damages such as theft, fire etc. in addition to the WA;
- WA Casco : This is the most comprehensive type of car insurance. It covers almost all damages. This type of car insurance is often used for brand new cars. It is usually not economically feasible to purchase WA-Casco if your car is older than seven years.
Insurance fees depend on the weight and catalogue price of the car, the area where you live, and the number of “damage-free” years. For very expensive cars, the insurance company may require your car have a certified alarm system.
Travel insurance (Reisverzekering)
This insurance covers your belongings and required medical assistance during holidays/travel. You can also consider adding a cancellation clause to this insurance. We advise you to read the conditions carefully, as this varies greatly among insurance providers.
Repatriation insurance (Repatrieringsverzekering)
We strongly recommend you take out a repatriation insurance. In the event you become seriously ill or pass away, this insurance covers the cost for a family member to fly to the Netherlands to bring you home.
Legal advice (Rechtsbijstandverzekering)
This insurance covers the cost of legal advice on certain issues. It is important to check on which kind of issues the legal advice of your insurance covers..
Accident insurance (Ongevallenverzekering)
Accident insurance offers compensation for death or permanent disability due to an accident.
Many insurance companies and banks can provide you an insurance package which includes most or all of the above mentioned insurances. Combining several insurances usually means you receive a slight discount on monthly premiums.
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