Home Insurance

TM Home Insurance covers home contents, leisure-time accidents, sickness, childcare at hospital, overseas medical cost, overseas luggage and more. TM Home Insurance is divided into four categories and each of these includes different insurance protection. The amount of insurance and own risk excess differ according to whether TM1, TM2, TM3 or TM4 is chosen.

TM Home Insurance table

Home Contents Insurance (Innbústrygging)

  • Insures your contents for damage caused by: fire, water, break-ins, electrical equipment short circuits, traffic accidents, theft, robbery, vandalism, storm-damage, spoiled refrigerated and frozen goods due to breakage, laundry overheating, breakage and collapse, sudden downpours and melt-water.

Third-Party Liability Insurance (Ábyrgðartrygging)

  • According to Icelandic law people are liable for damage they inflict on others due to mistakes or negligence.
  • If your child causes damage to others, which is not subject to compensation according to the law, the insurance compensates for damage if the child is less than 10 years old.

Crisis Counselling (Áfallahjálp)

  • Crisis counselling is psychological support for individuals or groups who, as a result of an incident, experience intense anxiety or fear which is so daunting or overwhelming that it could prove difficult to overcome without assistance. You may need crisis counselling if, for example, you are in a serious accident, your home sustains major damage or is burgled.

Leisure-time Accident Insurance (Slysatrygging í frítíma)

  • Leisure-time Accident Insurance pays compensation for leisure-time accidents, e.g. accidents in the general pursuit of sport. The insurance pays, inter alia, death benefits, disability pension, travel allowances, domestic medical costs due to accident, dental fracture and expenses for medical certificates and disability rating.

Credit Card Insurance (Greiðslukortatrygging)

  • Compensates for loss which arises when your credit card is lost and is then fraudulently used by another person.

Legal Costs Insurance (Málskostnaðartrygging)

  • Reimburses legal costs incurred due to private proceedings.

Childcare Insurance (Umönnunartrygging)

  • Pays compensation if a child of the insured, aged 15 years or younger, needs to stay in hospital for longer than 10 days in TM3 and no longer than 5 days in TM4. Hospital Insurance (Sjúkrahúslegutrygging)

Hospital Insurance (Sjúkrahúslegutrygging)

  • Pays compensation if the insured, aged 16-60 years old, needs to stay in hospital for 5 consecutive days or longer. Trip Cancellation Insurance (Forfallatrygging)

Trip Cancellation Insurance (Forfallatrygging)

  • Includes reimbursement of prepaid, non-refundable travel costs due to death or injury of the insured.

Luggage Insurance (Farangurstrygging)

  • Insures luggage on personal trips up to 92 days after departing Iceland.

Luggage Delay Insurance (Farangurstafatrygging)

  • Pays compensation for the insured, 16 years or older, due to delays in the delivery of luggage.

Overseas Medical cost and Disruption of Travel Insurance (Sjúkrakostnaðar- og ferðarofstrygging erlendis)

  • Insures family members on personal trips up to 92 days after departing Iceland. The insurance reimburses overseas medical costs,e.g. medicine, doctors and sickness expenses. It also reimburses return journey costs, ambulance flights, the travel costs of a retainer as well as reimbursing travel costs incurred due to serious illness/accident for the remainder of the travel period.

Comprehensive Home Contents Insurance (Innbúskaskó)

  • Is very extensive and compensates for damage due to sudden and unforeseeable external events. Comprehensive Contents Insurance compensates for damage that occurs, for example, if you drop your camera on the floor.


To apply for Home Insurance or receive more information, please contact a TM service representative at +354 515 2000 or send an email to tm@tm.is. The TM office is located at Síðumúli 24, Reykjavík, and is open Monday-Thursday 9.00am-4.00pm and Fridays 9.00am-3.00pm