Real estate expertise for insurance in Brussels

Real estate expertise for insurance in Brussels

Are you certain that your Brussels property is adequately covered by your fire insurance? Underinsurance is one of the most common pitfalls for property owners: in the event of a claim (fire, water damage, storm, explosion), the indemnity paid by the insurer will be reduced proportionally if the insured value is lower than the actual reconstruction cost of the building.

Our real estate appraisal firm establishes the reconstruction value (or reinstatement value) of your building in the Brussels-Capital Region. This certified report serves as the basis for correctly calculating the premium and guarantees full indemnification in the event of a claim.

The problem of underinsurance in Belgium

The proportionality rule

Article 98 of the Act of 4 April 2014 on insurance enshrines the principle of the proportionality rule: if the insured value represents, for example, 70% of the actual reconstruction cost, any claim indemnity will be limited to 70% of the assessed loss, even for a partial claim.

In practice, many Brussels property owners find themselves underinsured without realising it, due to:

• Rising construction costs: Construction prices have increased significantly in recent years, well beyond the ABEX indexation.
• Undeclared works: Extensions, renovations, interior fittings that increase the reconstruction value without the policy being updated.
• Atypical properties: Town houses, listed buildings, older buildings whose reconstruction cost far exceeds their market value.

The ABEX index and its limitations

Belgian insurance policies are indexed according to the ABEX index (Association Belge des Experts), revised every six months. This index reflects the average change in construction costs but does not account for the specificities of each property. For a standard building, ABEX indexation may suffice. For an atypical, older or significantly renovated property, it is insufficient.

Situations requiring an insurance expertise

• Taking out a new policy: When purchasing a property, an expertise enables the correct insured capital to be established from the outset.
• After renovation or extension works: The addition of a conservatory, a high-end kitchen renovation or a loft conversion alters the reconstruction value.
• Listed or atypical property: Noble materials (ashlar stone, oak roof frame, stained glass) and the restoration requirements imposed by the Brussels-Capital Region for listed buildings entail reconstruction costs significantly above average.
• Disputed claim: In the event of disagreement with the insurer over the indemnity amount, an independent valuation report constitutes a decisive piece of evidence.
• Periodic review: Every 5 to 10 years, an update is recommended to verify the adequacy between the insured capital and the actual value.

Content of the insurance valuation report

Our report includes:

• Architectural and technical description: Construction materials (structure, roof, joinery, finishes), technical installations (heating, electricity, sanitary facilities, ventilation), interior fittings.
• Gross floor area: Calculation of the gross floor area in accordance with NBN standards, distinguishing between habitable, ancillary and technical areas.
• Reinstatement value (new-for-old): Estimated cost of fully rebuilding the structure, taking into account identical or equivalent materials, labour and ancillary costs (architect, permits, VAT).
• Depreciated reconstruction value: For certain policies, depreciation is taken into account. The expert calculates a depreciation coefficient based on the age and state of maintenance of the building.
• Contents (if required): Estimate of furniture and removable fittings.
• Appendices: Detailed photographic survey, construction plans, technical data sheets.

How the mission works

1. Initial contact: You describe your property and the nature of the request (new policy, review, post-works, claim).
2. Technical inspection: In-depth inspection of the entire building, including inaccessible parts (basement, roof where possible). Survey of materials and finishes.
3. Calculation and drafting: Application of updated unit quantities and prices, drafting of the structured report.
4. Delivery of the report: Delivered within 7 to 12 working days. The report can be sent directly to your insurer or broker.

Consult the full range of our real estate expertise missions in Brussels, including inheritance and partition expertise or mortgage expertise. If you are simply looking for a property appraisal, consult our dedicated service. Find our fees or contact us for a personalised quote.