Home and landowners’ liability, residential building insurance, legal protection insurance for owners: there are many offers – but not everyone makes sense. Which insurances every homeowner should take out?
Residential building insurance: A residential building insurance covers many damages by forces of nature, for instance if it burns, storms or hails. In case of heavy rainfall, earthquakes or floods, however, only the natural hazard insurance, which is offered as an additional insurance, pays. If you are unsure whether your insurance also covers natural hazards, check the policy.
Household contents insurance:
The household contents insurance covers the facility. Most household insurance policies work in a similar way to homeowners insurance policies. If the household contents are destroyed by flooding, the insurance only pays if additional elementary protection has been agreed. Otherwise the insurance covers burglary, fire, hail or damage caused by tap water.
Whether or not household insurance makes sense depends on the value of your own household.
What does “underinsurance” mean?
In the course of the years, some values usually accumulate in the apartment or house – more expensive furniture or carpets, televisions, laptops. Accordingly, you should adjust the amount of your insurance policy at regular intervals so that you do not have to bear part of the costs in the event of damage – be it water damage or burglary. If you have underestimated your sum insured, you are “underinsured” in the insurance policy – and the insurance company can reduce the benefit accordingly.
Playing it safe with a waiver of underinsurance
If you agree with your insurance company to waive your “underinsurance”, you will be reimbursed for the loss without prior examination. However, only up to the sum insured stated by you. And this should be high enough.
If you want it easier: Many insurance companies offer a flat-rate model that includes the waiver of underinsurance and in which every square meter of living space is insured at a flat rate of 650 euros. For a 100-square-metre apartment, the sum insured is 65,000 euros, which is sufficient for an average household and saves you trouble with the insurance in the event of damage.
Elemental damage insurance: Elemental protection is not your own insurance, but an addition to household contents and residential building insurance. It covers damage caused by natural forces. In addition to flooding, this can also include heavy rain or, for example, heavy snow loads.
And the floods in Lower Bavaria have again shown that storm damage is unfortunately becoming more frequent. If it catches one, the damage is often: Conclusion of the insurance expert: Absolutely additionally lock.
Checklist: You need these insurances
If, for example, a tile falls from the roof onto a pedestrian, the house owner may be partly to blame. Who does not let, with that the private liability insurance intervenes, with renting is usually excluded however by the insurer.
Legal expenses insurance for owners: Legal expenses insurance makes sense in principle, but is not a must.
Term life insurance:
- Building liability: Recommended not only for house construction, but also for larger extensions.
- Construction performance and construction site insurance: Construction performance insurance helps if, for example, a company is bankrupt and can no longer provide the service. Construction site insurance in the event that construction material is stolen from the construction site. “They are only taken out for the period of the house construction and can possibly be extended in the event of delays. Sensible for building owners!