We bought a house 2 years ago, and naturally we overtook the kantonal building and fire insurance policy with the GVZ. The thing is, the insured value is around 40% of the market value (so price we paid). This seems rather low, and in the event of a fire would barely cover 60% of the cost of replacing the house.
Is this normal? Or does the value only include the house and not the land? Has anyone had experience with the effort / cost of having the insurance value updated?
Alternatively, is it possible to get additional insurance from a third party insurer?
Why would you need to insure the land? I guess you just need to make sure that the amount is higher than the cost to re-build. Or if not, that you are willing to self-insure part of it.
That insurance covers the cost to rebuild if the house is destroyed or badly damaged.
It covers all the structural elements such as walls, roof, plumbing, electrics etc but not interior things.
As it was explained to us anything that is removable is not covered, that is covered by your own buildings insurance which is not obligatory or by your contents insurance which is also not obligatory.
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