Family Protection 3

Family Insurance 3 is our most comprehensive household and family insurance. It includes accident insurance for leisure time activities, insurance that covers the most common household contents losses plus additional insurances.

Our household possessions are often of more value that we realise. Most people need some insurance if they suffer losses due to fire or a burglary. It also makes sense to be insured against accidents in your leisure time and, for people who travel, the possibility of adding travel insurance is a good option.

The policy holder, his or her spouse or cohabiting partner and their unmarried children are all insured, as long as they have the same legal domicile in Iceland, live at that address and are all members of the same household.

Family Insurance 3 is a good insurance package, covering most of what families need to insure their household contents against. It also insures them against accidents in their leisure time and other events.

Included in our Family Protection 3 policy

Family Protection 3 is an insurance package made up of a number of insurances. Together, they form comprehensive financial protection for your home’s possessions and its residents.

Home Contents Insurance

Pays compensation for damage to household moveable goods. To put it simply, household contents include those items in your home that you take with you when you change your residence, such as furniture and clothing, but not things you would leave behind, such as floor coverings or built-in cabinets.

The insurance covers

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Damage to household items due to a fire, as when furniture is damaged in a house fire.
Damage to property that is stolen in a break-in, such as stolen jewelry, computers or television.
Theft of a locked bicycle.
Water damage to household items, such as furniture sustaining damage from a pipe that breaks and leaks.
Damage due to inclement weather, such as part of a roof torn off by wind or furniture damage by water that gets into the home during a storm.

What is not covered

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Damage to that which is part of the property itself, such as flooring, kitchen cabinets or doors damaged in a fire.
Items stolen from an apartment that has been left unlocked.
Items stolen from bars and nightclubs, such as mobile phones left on a table.
Items stolen from unlocked cars, such as a laptop computer.
Damage to items resulting from a leak from outside the property such as a cracked wall or water that seeps in along a window.

Comprehensive Household Contents Insurance

Provides more extensive coverage of household contents than general household contents insurance. The coverage includes those items covered by household contents insurance, such as phones, computers or furniture.

What is covered?

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The most common claims are those for mobile phones and laptops that break.

What is not covered?

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Faults in production
Cash
Surface flaws

Liability insurance

Liability insurance pays for damages to other parties for which the insured are considered responsible under Icelandic law.

Pet Death Benefits

The insurance covers pets living in the home which can legally be kept in Iceland, such as dogs, cats and parrots.

Leisure-time accident insurance

Leisure time accident insurance pays compensation for accidents during leisure time, while doing domestic work, during studies or general sports activities.

What is covered?

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Death benefits following an accident during leisure time.
Disability benefits following an accident during leisure time
Daily stipends following an accident during leisure time
Dental fractures following an accident during leisure time

What is not covered?

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Injury sustained in an accident that occurs during practice or competing in sports, except for children under the age of 16.
Illness from a disease
Injury sustained during mountain-climbing or diving
Accidents that happen on the way to or from work (these are covered in worker's accident insurance).

Hospitalisation insurance

The insurance pays compensation if the insured need to stay in hospital.

The insurance covers

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Costs incurred if the insured needs to stay in a hospital for more than 5 days because of an illness or an accident.

What is not covered?

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Costs incurred for those who stay in a hospital due to pre-existing illness.
Costs incurred during a hospital stay due to mental illness.

Credit Card Insurance

The insurance pays damages incurred if credit cards are lost.

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Damage due to the loss of a credit that is then used fraudulently by someone unknown to the card holder.

What is not covered

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Costs incurred if the rules of the credit ard company are not followed, for example if the PIN-number is stored with the card.

Legal assistance insurance

The insurance pays legal costs for civil disputes.

What is covered?

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Costs incurred during a medical malpractice suit.
Costs incurred during an inheritance case in the courts.

What is not covered?

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Costs in a divorce case, a separation trial or in child custody cases.
Costs incurred in that involve the insured as a homeowner (these are covered in the homeowner's insurance)

You can add supplementary coverage to Family Insurance 2

You can purchase the following additions to Family Insurance 2:

Travel insurance

The insurance pays compensation for damages arising from travel abroad, is similar to the insurance provided by credit cards.

The insurance covers

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Hospital fees overseas due to accident or illness.
Damage to luggage
Costs incurred if the insured is unable to travel, for example due to an illness.

What is not covered?

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Costs incurred due to a hospital stay because of illness or accidents that the insured had seen a doctor for prior to travel.
Inability to travel due to an illness or a condition that was known prior to booking and paying for the trip.

What affects the premium you pay?

The premium for Family Insurance depends on how high the coverage is you choose, and whether you decide to add travel insurance. Our consultants will provide you with all the information on the premium and the amount of the deductible. Whether there is a deductible amount and, if so, how high this is, varies depending upon the insurance, but is stated on your policy.

Customers in the Stofn loyalty programme receive a discount on their premium and customers who have not submitted claims and make their payments on time receive a Stofn Rebate on their premium.

Family Insurance applies to your household contents, but if you need to insure the premises, you need to look at the Mandatory Fire Insurance and Property Insurance .

Insurance Product Information Documents

Fjölskylduvernd 3 - Family Protection 3.pdf

Other suggested insurance policies.

Family protection is for your household possessions, but if you need to insure your property itself, we have the Mandatory fire insurance and the Real estate insurance

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.

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