When settling in Germany, it is essential to understand the available options for protecting your home and covering your personal liability. Here is an overview of the two main types of insurance you might consider.
Home Contents Insurance (“Hausratversicherung”)
Although home contents insurance is not mandatory in Germany, it is highly recommended to protect your personal belongings against various risks. The “Hausratversicherung” covers damages to belongings in your home, whether you are a tenant or an owner.
Included Coverage:
- Damages due to gross negligence: for example, if you leave the washing machine running while you are away.
- Burglary: protection against break-ins.
- Bicycle theft: often offered as an additional option.
- Theft from vehicles: under certain conditions.
- Robbery: such as the theft of your wallet or mobile phone.
The rates for “Hausratversicherung” vary depending on the items to be insured and the size of the dwelling.
Personal Liability Insurance (“Haftpflichtversicherung”)
Unlike in France, where personal liability is included in home insurance and is mandatory, it is not in Germany. Personal liability insurance is essential to cover damages you might cause to third parties.
Included Coverage:
- Loss of private and professional keys: often as a specific extension.
- Damages caused by irresponsible children: under 7 years old.
- Damage to borrowed or rented items: often as an additional option.
- Damages caused while doing someone a favor.
- Reimbursement at current value for broken items: varies by contract.
It is also crucial that your personal liability insurance includes the “Ausfalldeckung” option, which protects you if the person responsible for the damages is uninsured, insolvent, or flees. You can often purchase this insurance as part of a cost-effective package that includes comprehensive home insurance.
Conclusion
As an expatriate in Germany, it is essential to choose your insurance policies carefully to protect your assets and cover your personal liability. Our financial advisory experts can help you understand these options and find the best solutions tailored to your needs.
Contact us today for personalized advice on home and personal liability insurance in Germany.