Shoplifting increases the price of items
Household contents insurance: It depends on the value of the facility
Household contents insurance is also possible Follow-up costs after the events described. These include cleaning costs, movement and protection costs, hotel costs, transport and storage costs, costs for changing locks, guarding costs, repair costs for damage to buildings, repair costs for floor coverings, interior paintwork and wallpaper in the event of tap water damage in rented rooms. If you can no longer use the apartment (e.g. after a fire), the hotel costs will be covered without incidental costs (e.g. breakfast, telephone). The compensation is usually paid for up to 100 days and is limited to one thousandth of the sum insured.
Additional insurance coverage is often provided for that Glass- or that Risk of bicycle theft offered. In doing so, however, you are not protecting against risks that threaten your economic existence. You can do without such additives. You can find out more about bike insurance here.
What does household effects fall under?
All household items are insured against destruction, damage and loss. Household items include all items that serve to furnish, use or consume in the household. This also includes valuables:
- Cash and amounts loaded onto cash cards
- Documents, including savings accounts and other securities
- Jewelry, gemstones, pearls, postage stamps, phone card collections, coins and medals, and anything made of gold or platinum
- Furs, hand-knotted carpets and tapestries, works of art and silver items not mentioned in 3
- other items that are more than 100 years old (antiques), but with the exception of furniture
Compensation is usually limited to a total of 20 percent of the sum insured for each insured event. In addition, the valuables 1. to 3. from the list above must have been kept specially secured, for example in a safe.
Where is the contents insured?
If you take out household contents insurance, this only applies to the apartment specified in the insurance policy. The apartment also includes rooms in outbuildings - including garages. Study rooms that are used exclusively for professional or commercial purposes do not belong to the apartment, unless they can only be entered via the apartment.
Household contents that are temporarily - usually no longer than three months - outside the home are insured worldwide with compensation limits as part of the external insurance. This can be, for example, the clothes that you gave to the dry cleaner. Or a camera that you took on a trip and that was stolen when your hotel room was broken into.
The contents of the old and the new apartment are insured during a move. The insurance cover in the previous apartment ends no later than two months after the start of the move. You should report your move to the insurance company in good time.
What does new value insurance mean?
In the event of an insured event, you will receive the replacement value for such a policy. That is the amount that similar items cost when they are new. However, you must have selected the sum insured so that it also covers the value as new of the entire household contents. Only then will the damage be fully compensated.
If, on the other hand, you have chosen an insurance policy that is too low, you will not be paid the full amount of the damage.
How is the sum insured determined?
Choose a sum insured that corresponds to the real value of your household effects. Otherwise you run the risk of either paying excessive premiums or not being reimbursed for everything in the event of a claim.
You can estimate the amount yourself or you can follow a recommendation from the insurance industry and choose a certain sum insured per square meter of living space. This minimum sum insured is usually 650 euros per square meter of living space.
What does underinsurance mean?
If the sum insured agreed with your insurance company is lower than the actual value of the contents, there is underinsurance. If damage occurs in such a case, the insurance only reimburses part of it. The rest of it is up to you.
An example: You have agreed to an insurance sum of 50,000 euros. However, the actual value of your entire household effects is twice as high, namely 100,000 euros. You are underinsured: the insurance is not responsible for the full amount in the event of damage.
If, for example, there is damage of 10,000 euros in a room after a fire, the insurance company will only pay 5000 euros because half of you were underinsured.
How is the contribution calculated?
The contribution depends on the living space or the value of the facility.
Because damage occurs more frequently in large cities than in rural areas, insurance usually costs more there. The contribution also depends on the type of construction of the house.
To reduce contributions, you can agree on a deductible.
What to do in the event of an insurance claim
In the event of an insured event, you must report the damage to the insurer and the police immediately. Insurance and police will also ask you what things have been lost.
If you violate this code of conduct, you endanger your insurance cover.
Tips on this: You can document the entire household at regular intervals with a video camera or a camera. You should also keep receipts of new purchases. This makes it easier to provide evidence of damage in the event of an insurance claim.
How can the contract be terminated?
Insurance contracts can be terminated with a notice period of (usually) three months to the end of the term. Without termination, the contract is automatically extended for another year. Thereafter, the contract can be terminated annually - again with a three-month notice period.
You can also cancel in the event of a claim or an increase in premiums.
If there is no longer any reason for household insurance (e.g. because you are dissolving the apartment), the contract ends. Then let the insurance company know.
Find a suitable provider and tariff
The differences in contributions and benefits between home insurance providers are enormous. If in doubt, let us advise you independently!
You can find orientation for household insurance
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