December 5, 2022

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Insurance is also getting more expensive: How can you protect yourself from this?  |  MyGuide

Insurance is also getting more expensive: How can you protect yourself from this? | MyGuide

independentThe energy crisis has had an impact on the prices of all products in our country. So insurance is also part of this, and unfortunately it doesn’t get away with higher prices. How can you do something about rising premiums? independer.be puts you on your way.

You notice that life is getting more expensive. And also at the price of your fire insurance premium, which is also increasing. This is mainly due to the sharp increase in the prices of building materials.

How does the installment account work?

Insurance companies calculate a lot of risk in their annual fire insurance premium. Risks of spring storms, for example, or floods due to climate change. But this year, the unprecedented rise in the prices of building materials has had an effect on prices in particular. In January 2022, the price of building materials was 25% higher than in November 2021. The war in Ukraine has accelerated this increase in recent months, as many raw materials and materials have become more expensive. You note this in your fire insurance premium.

What factors affect the price of your personal fire insurance? Read an overview of the settings here.

linked to the ABEX index

After all, your fire insurance premium is linked to the ABEX index, the index of the Association of Belgian Experts, which reflects the evolution 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. The amount insured on real estate follows the index. If building prices go up, your fire insurance premium will go up, too. The ABEX index is calculated twice a year (in May and November). Then the new index number determines the percentage by which your premium may increase. You can check the index at www.abex.be. In May 2022 the index was 954. This means that premiums can be adjusted from July 1. In one year, the ABEX Index is up just over 11%: a record! A new calculation of the ABEX Index will follow in November 2022, which will result in an adjusted premium from January 2023. A new increase is expected again this time, because prices are not dropping in the least.

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Do you want to change the lock before modifying the next indicator?

What if the next premium isn’t usually adjusted until January 2023? This means that if you change your insurance carrier before November of this year, you will still have a premium based on the ABEX Index in May 2022. This premium will remain in place for a year. So changing an insurance company can be a smart move.

Is there anything else you can do?

Nobody survives the price hike. However, you can determine the premium increase in part by carefully comparing different insurance companies. You can easily compare Tenant Liability for Fire Insurance via Independer. With the comparison overview that Independer gives you based on just a few questions online, you will get a clear view in no time of the largest offer from different insurance companies. You can also easily compare prices for additional collateral such as theft and burglary.

Compare insurance? Calculate at Independer.be whether you can save on your fire insurance.

Read also on Independer.be:

Renter Insurance: 4 Surprising Things You Get Compensated

Are your household possessions (adequately) insured? You are running this risk

Do I need to take out additional insurance for my solar panels?

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.