Moving new value factor

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The sliding new value factor (previously also called the premium factor ) is only used to calculate the insurance premium. The sum insured, on the other hand, is calculated using the construction price index (see below). The construction price index is always more than three points lower than the sliding new value factor. However, it is important to use the correct parameter (construction price index) to calculate the sum insured, as otherwise there is a risk of underinsurance .

Building insurance value in 1914 and new building value

The value 1914 or building insurance value 1914 , also called 1914 value for short, is a fictitious arithmetic value. With the help of this value, a uniform basis for calculating the new value of the building and thus also the insurance premiums is created for residential building insurance. From this fictitious building insurance value in 1914, one finally arrives at the current new building value of the insured building via the construction price index. This factor is intended to ensure that the property's increase in value over time does not result in underinsurance of the building; It is therefore an adjustment due to an increase in value.

The building insurance value in 1914 is calculated as follows:

The year 1914 is used as the basis, since this was the last year in which the construction prices were "stable" (meaningful) and the currency in Germany was backed by gold and there were no special (construction) price increases , such as B. by the First World War (from 1914 ), were subject.

According to VGB 2000, the sum insured is automatically adjusted every year to the increase in construction prices. In this way, underinsurance of the property is avoided.

Use of the sliding new value factor

The sliding new value factor is used in the insurance industry to calculate the premium amount for building insurance . As part of these contracts, the property is assessed on the basis of the (fictitious) building values ​​from 1914, measured in gold marks (1914) . The premium can then be calculated using the applicable sliding new value factor.

calculation

The sliding new value factor is calculated by the GDV , but only disclosed to the member companies, which in turn do not have to adhere to the GDV's recommendation. There may well be deviations, so there is no sliding new value factor that is openly accessible to the general public. Instead of the term “sliding new value factor”, the terms “adjustment factor” or “premium factor” are also used. The basis are the two indices published by the Federal Statistical Office:

  • The construction price index for residential buildings and
  • with 20% of the collective wage index for the construction industry in the calculation.

The sliding new value factor increases or decreases on January 1st of each year for the insurance period beginning this year according to the percentage by which the construction price index for residential buildings published by the Federal Statistical Office for the month of May of the previous year and for the month of April of Previously published collective wage index for the construction industry have changed. After all, if the insured building were to be completely rebuilt, in the event of a total loss due to fire etc., not only would the building materials have to be bought at today's prices, but the construction workers would also have to be employed at today's wages. The current construction price index already includes the deviations in wages, but since most damage is not total damage, but rather partial damage (repair damage), the higher proportion of wage costs for partial damage is taken into account with the additional consideration of the collective wage index.

In this way, the sliding new value factor should reflect the increase in costs with regard to the development of the pure construction cost index as well as the development of the wage index in the construction industry. Because rising costs must of course also be absorbed by the insurance companies by means of premium adjustments (calculation with a sliding new value factor).

development

Moving new value factor

  • 2020: 19.60
  • 2019: 18.55
  • 2018: 17.87
  • 2017: 17.39
  • 2016: 17.03
  • 2015: 16.74
  • 2014: 16.45
  • 2013: 16.08
  • 2012: 15.78
  • 2011: 15.40
  • 2010: 15.20
  • 2009: 14.91
  • 2008: 14.43
  • 2007: 13.57
  • 2006: 13.50
  • 2005: 13.40
  • 2004: 13.20
  • 2003: 13.10 (from here: calculation basis in euros )
  • 2002: 13.1402 → 25.7 (up to here: calculation basis in D-Mark )
  • 2001: 13.0891 → 25.6
  • 2000: 12.9868 → 25.4
  • 1999: 12.9868 → 25.4
  • 1998: 12.9357 → 25.3
  • 1997: 12.9868 → 25.4
  • 1996: 12.9357 → 25.3
  • 1995: 12.5778 → 24.6
  • 1994: 12.3221 → 24.1
  • 1993: 11.7597 → 23.0
  • 1992: 11.1462 → 21.8
  • 1991: 10.4304 → 20.4
  • 1990: 9.7657 → 19.1
  • 1989: 9.2544 → 18.1

(These are guide values ​​that can vary from insurer to insurer)

Source: Contribution invoices for residential building insurance

Contribution factor

For older contracts (SGlN 79a), a contribution factor is used instead of the sliding new value factor. Both factors can differ.

Important NOTE

The real estate values ​​of the building insurance do not indicate the market value of an existing building, but rather reflect the value that is required for the reconstruction of this building. They are based on the information provided by the policyholder and are updated using the construction price index. This procedure does not replace an appropriate property valuation, for example in the case of sale or loan .

Example: A house is sold in a bad location for 100,000 euros, but the insurance contracts contain an insured sum of the equivalent of 250,000 euros. Then it would cost the latter value (if correctly determined when the contract was concluded) to rebuild it in the same way and quality if the building had burned down completely. The market value, however, was only 100,000 euros. It would be wrong to now reduce the sum insured to 100,000 euros, since the reconstruction costs in this example are significantly above the market value (also known as the market value).