11 February 2021
Tips to protect your home and family
Your home and family are important to you and you want to protect them as best as possible. But what’s the best way to do that and what types of insurance should you choose? Read on for an overview of the basics below.
Rather not think about a fire, flood, or even natural disaster destroying the home of your dreams? With home insurance - better known as fire insurance – you’re insured against virtually any possible damage to your home.
You can also extend your fire insurance by adding theft cover for even better protection.
Prefer to spread your payments? You can choose to pay your premium on a monthly basis, to avoid having to pay too much all at once. For new buildings and recent constructions, you often benefit from a reduction on the construction premium during the first few years.
Imagine: your child accidentally breaks your neighbor's window, or your dog escapes, causing an incident with a cyclist... These are just a few examples of silly accidents that can nevertheless have serious financial consequences.
Family insurance – better known as personal liability insurance – protects you against the financial consequences of damage that you, someone from your household or your pet can cause to others. Even if you don’t have a family, family insurance is still indispensable. For example, if you hit a car in the car park with your supermarket trolley and in many other situations as well.
Family insurance often also includes legal assistance. This means that you can count on assistance from a lawyer in the event of a dispute about your liability.
Outstanding balance insurance
When you apply for a mortgage or other loan for a large purchase, lenders may require you to take out outstanding balance insurance as well.
This provides financial security not only for your as a lender but also for your loved ones.
What if the unthinkable happens and you pass away before the loan is repaid? Outstanding balance insurance prevents your surviving relatives from having to continue to pay off the loan. The remaining amount of the loan is completely canceled, or at least in part, depending on the chosen distribution. So your next of kin no longer have to worry about paying it back.
To ensure full protection, go for 100% coverage for each borrower. You can also opt to divide the coverage between both borrowers (e.g. 50% each or any other ratio).
Guaranteed housing insurance
The Flemish and Walloon Regions offer free “guaranteed income” insurance to anyone who has taken out a mortgage to buy, build or renovate a home. In practical terms, this means that these regions will help you pay off your mortgage for a period of time if you become involuntarily unemployed or injured resulting in a disability.
Always read the insurance product information document and terms and conditions to know the most important conditions, limitations and exclusions, before taking out insurance. You will find such documents for all insurance products on ing.be or at your nearest ING branch. If you have any further questions, or if anything is unclear, please do not hesitate to contact us.