Many people wonder if they really need a home insurance and the clear answer is yes. Even though crime is on a constant decline in the country as a whole, several aspects will surely convince you. A home insurance in Germany is especially useful in cities and will help put your mind to rest and focus on more important things. So why exactly do you need to insure your household contents?
The best liability insurance provider in Germany is COYA. With its great English app the company makes it very easy for foreigners to sign up for a liability insurance in Germany. In combination the pricing which starts at 4.29€ per month.
Among expats in Germany, COYA has established itself as the best and easiest way to sign up for a full-scale liability insurance coverage.
Easy termination. No fixed contract duration.
Highest Coverage. Up to 30 Mio. €.
Expat-Friendly. English-speaking customer support.
Family Coverage. All-inclusive coverage.
Rapid & Easy Claims. File via the app.
Fully Mobile-Based. Innovative App.
Global Protection. Worldwide coverage.
Great Pricing. Starting from 4,29€.
Another great online insurance provider in Germany is Getsafe. The company offers personal liability insurance.
Similar to COYA, Getsafe focuses on providing its insurance services for expats and foreigners living in Germany. Getsafe’s website, their app and the customer support are fully provided in English.
Solid Coverage. Up to 25 Mio. €.
Fully Mobile-Based. Very good app.
Good Pricing. Starting from 4,70€.
First and foremost, a home or household contents insurance (Hausratversicherung) helps you to compensate loss of valuable items and possessions in your lovely home. Your contract is likely to cover your belongings at home which means in practical terms:
Fixtures and fittings can be a bit trickier. On the one hand, a home insurance in Germany will cover for fittings like furniture inside a building. On the other hand, property which is not “fixed” to the building (e.g. BBQ or decoration in the garden) might not be covered. Since you are likely not the owner, your landlord should take care of the coverage in his insurance contract. We recommend to proactively address the topic of property law to avoid trouble down the road.
Usually, home insurance includes common and some not so common risks to your belongings. For instance, burglary is straightforward to understand and you want to be protected in this case. But what about accidents that can occur in daily life with no intention to harm anybody? This could be a fire caused by failed fuse while you are away. It could also be a storm damaging your windows or and old leaking pipe causing significant water damage in your apartment. Your insurance might cover risks outside of these definitions as well. Normally, they would at least assist you with 10-20% of the declared value of items.
As mentioned before, we think that everybody should cover their possessions. After all, insurances help people to cover for events that could have a huge negative impact on their life. If you think about all the time and effort you have invested into all your valuable belongings, paying an insurance premium to prevent substantial losses does seem quite reasonable. Moreover, the insurance of home contents includes everything in your general household (Versicherungsort). Thus, it is not limited to the personal possessions of you as the policy holder, but also covers people living in your household (e.g. family, friends). Usually, the policy can also apply to children who have left the household for studies. As you can see, providing care to your loved ones is an important aspect to consider when choosing a home insurance in Germany.
In case you are a freelancer and usually work from the comfort of your home, keep in mind to get a separate policy for business related office equipment.
You pay for an insurances with your monthly premiums. These are calculated in a systematic way for every insurance. Overall, there are three main factors that will determine much of a premium you need to pay:
In general, we have to make assumptions about the targeted insurance sum here. Depending on the company (see above) your premium to get a coverage for 100.000€ can be around 60€ annually. Naturally, this depends on the provider and varies by other factors but it helps to put things into perspective. Most importantly, you have to consider deductibles as well. A deductible amount of 300€ for example will be paid by you, in case the insurance pays a compensation for any damage. The insurance will cover anything beyond the deductibles. In practical terms, you can choose your deductibles and a lower deductible will lead to a higher premium and vice versa.Usually, your contract runs for one year and renews itself by default. If you wish to cancel, please refer to the cancellation notice which every contract explicitly states.
The coverage refers to the total insurance sum, which is based on the value to replace all possessions. Hence, the insurance sum (or Deckungssumme) depends on what you choose to include. You are responsible to make sure you are neither under- nor over-insured. Let’s briefly illustrate this:
Scenario 1: Assume a flat rate for the insurance sum in relation to the size of your living space. As a rule of thumb, 500€ for square meter is a good amount. So, if your house or apartment has 60 m² you should aim for an insurance sum of around 30.000€. This is the most simple way to approach this issue. You can be more detailed if you think it reflects your situation better.
Scenario 2: Find a good approximation of the actual value of your posessions. Firslty, make a list of everything you want to include. Then, assign a value to each item on the list. Calculating the sum in this way can pay off if your place is above average in size but you live without accumulating much stuff. That way you could avoid being over-insured and paying too much every month.
Other things should be on the radar as well. For instance, if you happen to live near the coast or in a risk area for earthquakes (only the Southwest of Germany), you should consider extra coverage for natural disasters. Your insurer will happily assist you here.
If you are living in a modern design building with lots of glass and large window panes, you should think of a separate policy. As beautiful as custom-made windows might be, repairing them can quickly turn your finances upside down. Especially if you have kids running around the house, this increases the overall risk of accidents for fragile objects.
Germany is turning into a bicycle nation and with increased opportunities, thieves take their chances. Bicycles, just as cars, are not part of a household and it would be a pity to save some euros on that beautiful and expensive racing bike of yours.
Everyone agrees on the need for Home Insurance. The German Police, experts, and the consumer protection agency. That’s why we follow their advice here. There are many occasions like holidays, or summer break in which numbers for burglaries go up. Home insurance in Germany has improved a lot in recent years with more and more digital players coming into the market. Their policies are easier to understand and clearly state your status of protection. We recommend to opt for policies no longer than one year, in order to stay flexible. Options with good value for money are readily available with companies like COYA, getsafe, or lemonaid, so don’t miss that window of opportunity to feel more comfortable in your home.
This solely depends on the type of liability insurance. This article mainly covers personal (private) liability insurance which is not required by law. Nevertheless, as you are fully liable for any damage caused to a third-part, it’s highly advised to sign up for one.
In contrast, when owning a car in Germany, you’re required to insure your car on an appropriate liability insurance plan.
In practice, great insurance packages are available for just around 50€ per year. Hence, it’s not very expensive, but should be the most important pillar of your insurances.
Simply choose one of our advised providers such as COYA or Getsafe and get your personal coverage right now!
Unfortunately, most insurance providers in Germany provider their services in German language only. Nevertheless, there are some great alternatives out there: Providers such as COYA and Getsafe offer their insurance services also in English.
From the website till the sign-up procedure as well as the insurance contract and claim procedure, it’s perfectly suitable for foreigners in Germany.
We’ve summarized in this article the basics of the personal liability insurance in Germany.
There are many more insurances that are important when moving to Germany such as health insurance and car insurance. We’ve summarized them in our HowToGermany Insurance Guide.
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