Your Home Protect policy gives you the flexibility to decide how much you want to insure your household contents for. There’s no fixed minimum, but the amount you choose will directly impact how compensation is calculated if you need to make a claim.
How should I value my household contents?
In general, your household contents should be insured at their value as new — that is, the cost of replacing them with new items of the same type and quality on the day of the incident. That said, the way you value an item may depend on its type:
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For everyday items, use the value as new.
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For linen, clothing, and non-motorised vehicles, use the actual value, taking wear and tear into account.
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For antiques, artworks, collections, valuables, jewellery, high-value watches, and pets, use the replacement value — the cost of buying a similar item in the same condition. Note that added value due to contests for pets isn't covered.
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For merchandise related to your profession, use the purchase price.
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For motor vehicles and electric bicycles, use the sale value.
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For documents, plans, and models, use the material cost, not the cost of data recovery.
Always refer to your Special Conditions, as they may set out specific valuation methods for your insured contents.
What is insurance on a first loss basis?
If you insure your household contents for at least €42,963.77 (an amount adjusted annually based on the ABEX index), your cover may be considered on a first loss basis. This means that if the value of your claim is less than your insured amount, you’ll receive the full claim amount (minus any applicable deductions), without a reduction for under-insurance. If the claim exceeds the insured amount, you’ll be paid no more than the insured amount, subject to any deductions.
You can also qualify for first loss basis cover if your household contents are insured for at least one-quarter of your insured building’s value and both are insured under the same policy for a home or home with a professional space.
What happens if my contents are worth more than the insured amount?
If your household contents are worth more than the amount you’ve insured them for, you may be under-insured. In that case, the proportionality rule could apply, meaning your compensation would be reduced in proportion to the under-insurance.
For instance, if your contents are worth €100,000 but you’ve only insured them for €75,000, any claim may be reduced by 25%. A €10,000 claim in this scenario could result in a €7,500 payout.
When the proportionality rule may not apply
There are situations where the proportionality rule is not used:
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If your insurance is on a first loss basis, as described above.
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If the total claim amount is under €4,400 excluding VAT (this threshold is updated annually).
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If you’ve taken out the Surround Package, the threshold is increased — the proportionality rule won’t apply to claims under €7,500 excluding VAT.
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If the insured amount was determined by an assessor and accepted by the insurer.
Are there payout limits for specific items or events?
Yes. Even if you’ve insured your contents for a high amount, certain categories of items or types of claims are subject to capped payouts:
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Valuables such as cash, cheques, and precious metals are covered up to €4,400.
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Computers are covered up to €4,400 under the basic All Risks Computer cover.
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Tablets and laptops with detachable screens are also covered up to €4,400 if you have the Surround Package.
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Outdoor objects that are not permanently secured, such as garden furniture or lighting, are capped at €4,400 collectively.
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Break-ins to shared spaces like garages or cellars are covered up to €12,500.
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All outbuildings combined are covered up to €12,500.
Optional "theft and vandalism" cover
If you’ve selected the optional Theft and Vandalism cover, the following limits apply:
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Compensation for any incident is capped at 50% of your insured contents amount.
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A single item or collection is covered up to €18,600.
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The decrease in value of a collection following theft or damage is covered up to €4,400.
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Jewellery is covered collectively up to 15% of the insured amount for household contents, with a maximum of €18,600.
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Contents in a shared garage or similar are capped at €12,500.
Enhanced cover under the Surround Package
If you’ve opted for the Surround Package, certain limits are increased:
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Jewellery is covered up to €30,000 in total.
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A broader range of outdoor items, including tools and garden robots stored in unsecured areas, is covered up to €7,500 in total.
Will deductions still apply?
Yes. Even when the proportionality rule doesn’t apply, standard policy terms still include deductions for wear and tear, and you’ll need to consider any applicable excess or deductible.
Keep in mind
If anything happens, please call the 24/7 emergency assistance service for help. Then, always fill out the online claim form to submit a claim—even if you’re not sure whether it’s covered. That way, we can keep a clear record and take a closer look at your situation. Just remember to keep any relevant receipts or official documents, like a police report in case of theft, to help support your claim.