What insurance do tenants require?

“In the Flemish and Walloon Regions, the tenant must take out rental liability insurance, this is better known as ‘fire insurance for tenants’,” explains Benoît Mievis, an expert in insurance products at BNP Paribas Fortis. “This type of insurance is used to compensate the landlord or neighbours in the event of damage caused by fire or water, for example.”

In the Brussels-Capital Region, this type of legal obligation does not exist as yet. Nevertheless, the rental contract almost always stipulates that the tenant must take out fire insurance, sometimes also called home insurance.

What does this fire insurance cover?

The landlord can request proof that the tenant has taken out fire insurance. This insurance also covers damage to furniture. Any damage that is not the responsibility of the tenant (such as lightning and storm damage or natural disasters) is covered by the policy of the owner or lessor of the dwelling.

What about the premium?

The premium for rental liability insurance is lower than for home insurance. This is because a tenant only has to insure the actual value of the building, whereas landlords have to insure the cost of a new construction. Like the landlord, the tenant can also take out optional cover, such as theft and legal protection.

About Ask Your Bank

At BNP Paribas Fortis, we want to help you gain a greater understanding of money matters, which is why we asked more than 1,000 Belgians what their main money-related questions and concerns are. With the Ask Your Bank series, we aim to make your life easier by addressing those matters in a fully transparent way: another example of Positive Banking.