Do I need home insurance

What kind of insurance do I need?

On average, German citizens spend more than 2,000 euros a year on insurance. However, many people are by no means well armed against damage or loss. It is crucial that your own insurance coverage is regularly checked, adapted to your own life situation and that risks that threaten your existence are properly insured.

Policies that everyone needs

The insurance cover should always insure a "GAU". This means that the "greatest assumed accident" must be covered in any case. In any case, this includes the conclusion of a private liability insurance in sufficient amount: Anyone who causes damage to others must expect claims for damages. And that can be expensive and, in extreme cases, even threaten your existence. It also makes sense to insure your own household effects, since many private households cannot manage a new purchase, for example after a fire, major water damage or a devastated inventory after a break-in.

Individual protection

Anyone expecting children, for example, should think about additional protection for the family. Term life insurance, for example, provides financial security for relatives in the event of their own death. With occupational disability insurance, insured persons can protect themselves against permanent loss of earnings due to illness or accident. Anyone who owns a home cannot do without residential building insurance. As an addition to residential building insurance, it is also advisable to take out insurance against natural hazards.

Superfluous insurance

You can dispense with policies that only cover minor damage, as is the case, for example, with luggage insurance. The loss of a suitcase can usually be easily replaced. Glass, death benefit and private unemployment insurance are also dispensable. Extra equipment insurance for bicycles, cell phones, laptops or glasses is only worthwhile for extremely expensive purchases.

Always several offers

If an insurance is to be taken out or re-evaluated, an insurance broker does not necessarily have to be found. Because insurance products are often taken out that are unnecessary or more expensive compared to other providers. If you find out for yourself which insurance is available and which one you need, you save costs and hassle. Therefore, before concluding or expanding a contract, offers from several companies should be obtained. Important here: Do not just compare the costs, but also pay attention to an annual cancellation option and payment method as well as the scope of insurance and possible exclusions.

Additional insurance: who needs what?

The choice of additional insurance protection depends heavily on the individual life situation. The following insurances are very important for the named groups of people:

Tips for taking out insurance

  • Any insurance coverage should cover the worst possible accident. These include death, disability and causing damage.
  • Before concluding the contract, it is essential to have all the insurance documents, including the insurance conditions, handed over and read carefully.
  • Every policyholder has a right to consumer information. This also includes the instruction about the right of withdrawal.
  • A so-called product information sheet is to be made available to each policyholder. This must contain the essential contractual points on the insured risk, premium amount, exclusions, obligations, duration and termination options and offers a good overview in the jumble of documents.
  • Never sign insurance applications immediately after speaking with an insurance broker. It is better to request comparison offers before signing. Help is available from the consumer advice center for insurance.