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    Staff, branches & agencies Sickness Cost Insurance Good to know

Property Insurance

Our property insurance combines several types of insurance for homeowners to protect them from all the most common damages that occur to residential property. Since your home is generally your family’s largest investment, it is important to insure the property, because it can be very costly to repair damages if they occur.

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Summary of this insurance

Our property insurance combines several types of insurance for homeowners to protect them from all the most common damages that occur to residential property. However, it does not include fire insurance, which all homeowners are required to purchase.

Property insurance is necessary for all homeowners, because it insures damage to anything that is part of the property itself, such as flooring, piping and wiring, windows and fixtures.

Insurances included in property insurance

  • Water damage insurance
  • Downpour and meltwater insurance
  • Frost crack insurance
  • Heavy snowfall insurance
  • Wind and storm insurance
  • Rental insurance
  • Burglary insurance
  • Glass insurance
  • Breakage and collapse insurance
  • Soot damage insurance
  • Liability insurance
  • Legal assistance
The insurance covers
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  • Water damage due to leaks from indoor water pipes, for example, if a radiator leaks and damages the hardwood floor.
  • Damage to property due to storms, for example, if roofing panels are blown off the property.
  • Damage to your property from a break-in, for example, if the outside door is forced.
  • Damage if glass breaks, as the insurance covers, for example, both broken window panes and glass handrails in stairways.
  • Damage for which the homeowner is liable by law, for example if a guest is injured due to inadequate finishing or completion of construction.
  • Legal costs if you bring a law suit as a homeowner, for example due to a defect in the property you have purchased.

The list is not exhaustive, please review the terms of Property Insurance.
The deductible varies in different instances depending upon the circumstances; the amount is stated on your policy.

 

The insurance does not cover
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  • Damage to property by fire, which is compensated by the mandatory insurance on the property.
  • Water damage which does not result from water pipes, for example, from water entering through cracks in a wall, from a balcony that damages flooring.
  • Scratches on glass or mist between panes.
  • Damage to snow-melting systems.

The list is not exhaustive, please review the terms of Property Insurance.
The deductible varies in different instances depending upon the circumstances; the amount is stated on your policy.

What affects the premium you pay?
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  • Property insurance premiums depend on the fire insurance value of your property, the age and location of the property and whether you choose water insurance coverage with or without a deductible.
  • The reason that the fire insurance value of your home is used as the basis is that the insurance coverage reflects the cost of rebuilding the home.
  • Customers in Sjóvá's Stofn loyalty programme receive a discount on their premium and customers who have not submitted claims and make their payments on time also receive a Stofn Rebate on their premium.�

Other information

How do I buy property insurance?
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  • If you are thinking of buying property insurance, you can contact us at +354 440 2200 or at the nearest branch . All properties need to be inspected before the property insurance takes effect and we will send a specialist to check the property before insuring, free of charge.
  • Property insurance is sold for completed residential buildings and covers the property itself, but to insure your home and family, you need to purchase  Family Insurance.
  • Owners of single-family homes insure their property themselves, and most often owners of duplexes and semi-detached homes insure their own part of the property.
  • In multi-family housing, the residents' association generally purchases joint property insurance for the entire building. If a residents’ meeting decides, in accordance with the law on multi-family housing, to purchase joint insurance, all homeowners must be included in this insurance. If there is no such joint insurance, it is up to each apartment owner to ensure their home.
  • If you need to insure a summer home we offer special summer home insurance for them.
  • If you own a commercial property that you need to insure, we offer commercial property insurance for commercial real estate.
Transfer of ownership
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  • When you sell your property, you need to notify us when takeover of the property will take place. Your property insurance will then be cancelled as of the takeover date.
  • The residents’ association's joint property insurance, on the other hand, is transferred to the new owner.
  • Remember to reinstate your insurance if you buy a new property.

 

Can I have the fire insurance value increased?
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  • You can request a revaluation from Registers Iceland at any time. The outcome of the re-evaluation will determine whether the fire insurance assessment value changes. Registers Iceland must be paid for revaluation.

 

 

 

Is it better to have insurance with or without a deductible for water damage?
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It can make a considerable difference to the premium whether the insurance has a deductible for water damage or not, but each policy holder can decide which to choose.

Our consultants will provide you with all the information on premiums and the amount of the deductible.

Insurance Product Information Documents

Fasteignatrygging - Property Insurance.pdf

Other insurance

Property insurance for homeowners protects them from all the most common damages that occur to residential property. To insure your household contents, you need to look at Family Insurance that includes household contents insurance. We would also like to point out that fire insurance on your property is mandatory insurance.

Family Protection 2

Family Protection 2 is our most popular household and family insurance. It includes accident insurance for leisure time activities, insurance that covers the most common household contents losses plus additional insurances.

  • Sjá nánar

Fire Insurance

Fire insurance is a mandatory insurance that compensates for damage to a property due to fire, lightning, explosion, soot from house-warming equipment or fireplaces, and damage due to fire-rescue operations.

  • Sjá nánar

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Sjóvá
  • Sjóvá-Almennar tryggingar hf. Kt. 650909-1270
  • Sjóvá-Almennar líftryggingar hf. Kt. 680568-2789
  • Kringlan 5, 103 Reykjavik,
Contact us
Main number
440 2000
Emergencies
440 2424
E-mail
sjova@sjova.is
Roadside assistance
440 2222
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Opening hours
Mon - Thu 9:00 - 16:00
Fri 9:00 – 15:00
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440 2000
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Contact information

Kringlan 5, 103 Reykjavik
Opening hours Mon - Thu 9:00 - 16:00

Customer service: 440 2000

Emergencies: 440 2424

Roadside assistance: 440 2222

E-mail: sjova@sjova.is
Fax: 440 2020

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