Fire insurance prices have moved twice as fast as inflation over the past decade. A difference justified in part by the sector, but also a reflection of a lack of competition on this product, maintained in particular by consumer inertia.
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Deputy Head of the Economy Department
By Amandine ClootPublished on 10/21/2024 at 06:00
Reading time: 1 min
Summary of the article
– Home insurance prices have increased by 62% in ten years, outpacing inflation. – The rise in construction prices and the intensification of climatic losses are forcing insurers to increase premiums. – Lack of competition and consumer inertia aggravate price increases. – New rules encouraging the mobility of the latter could positively influence prices.
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Summary of the article
Summary of the article
LThe unprecedented floods of the summer of 2021, like the various storms observed in Belgium in recent years, have caused enough damage to demonstrate this. It is not always obligatory – the rules differ at this level depending on the Region and whether the insured is an owner or tenant – but the fire policy, also called “home insurance”, is always essential. Currently, nearly nine out of ten households pay to guarantee the repair of their walls and/or what they contain in the event of a disaster.
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