Find homeowners insurance – Advice: Well insured and affordable

Homeowners insurance – As a property owner, you should be insured against all eventualities. Homeowners insurance is one of the basic coverages that pays out for damage caused by environmental factors, for example. If your roof is covered by a storm or if your home is damaged by fire, this can lead to loss of livelihood and your financial ruin without a powerful buildings insurance policy. If a tree falls on your property and hits your home, the damage and its subsequent costs are often immense. With homeowners insurance, you get the benefit of being covered for all eventualities and protected from the material damage.

Homeowners insurance: Benefits

Before you take out homeowners insurance, you should weigh up your risks in concrete terms. Bear in mind that the insurer itself also carries out a risk assessment and includes, for example, how often storms or damage caused by rising groundwater occurs in the rate determination. Homeowners insurance is important for every property owner and prevents you from facing financial ruin due to external influences or weather-related damage.

The building insurance covers the entire building including the floors, electrical systems, outbuildings and garages, as well as built-in furniture and installations. Elementary damage due to overvoltage is not covered, for which you pay an additional premium.

You should pay attention to this!

In general, you should compare the benefits and find a homeowners insurance policy that fits your needs and your risk. Exclude underinsurance and choose the coverage amount carefully and in line with the real value of your home. If you are buying an existing property, it is often a good idea to take over the existing homeowners insurance. Here, however, you should carefully check whether the benefits match your claim or whether you can obtain more insurance cover for a lower premium.

Cancellation of homeowners insurance – regulations

If at any point you want to change or cancel your homeowners insurance, here’s what you should know: Whenever your insurance company increases premiums, you have the option to cancel up to one month after receiving the information. If you are purchasing a new property, your existing coverage will remain in place for the time being. If you still prefer to change your homeowners insurance, you have one month to exercise your special right of cancellation. In the event of a claim, there is also a right of termination on both sides, which can be used within one month.

Termination options:

  • Increase in contributions
  • Acquisition of a property – special right of termination
  • Damage case

Further information on the subject of insurance

In the insurance industry, a distinction is made between compulsory, necessary and recommended insurance. Health insurance, like long-term care insurance, is one of the contracts that every German citizen is required to take out by law. If you finance a house, further insurances can be added, by which the bank and you are secured. Learn more about insurance.

Commercial insurance

Every company should have the best possible cover for its inventory and damage to third parties. As an entrepreneur, you bear numerous risks, so you should not do without commercial insurance under any circumstances. If your employees cause damage to customers or contractual partners, this can lead to high claims for damages. Commercial insurance covers a variety of risks and can therefore be optimally tailored to your needs.

  • More about buildings insurance.

Liability insurance

If you cause damage to a third party through no fault of your own, you are liable and can be “asked to pay” by the injured party. This applies to damage you cause to private individuals as well as to businesses. While you can still relatively easily replace a torn vase or a damaged window, it becomes complicated in the case of property damage or personal injury caused by accident. Here, you can quickly face unmanageable costs and, without liability insurance, you can expect to pay for a lifetime of damages caused by you.

  • All information on liability insurance.

Legal expenses insurance

There is a difference between being right and getting right. Even if you feel you are in the right and are sure that the law is on your side, a lawsuit without legal assistance can have the opposite effect and, on top of that, lead to high costs for you. With legal expenses insurance, you protect yourself from financial constraints and can always seek legal advice and be represented by a lawyer before ordinary courts. If you are financially secured in the event of a dispute, you do not have to “give in” for cost reasons and have the opportunity to demand your rights.

  • Learn all about legal expenses insurance.

Risk insurance

Have you bought your own home and opted for low-cost financing? Even if risk insurance is not required by the bank based on your credit rating and other collateral, you should provide coverage with your family in mind. To protect your family from financial risks and the loss of the property, you can take out insurance in a number of ways. One of the best known and most suitable risk insurances is the term life insurance.

  • Learn all about term insurance.

Home contents insurance

Burglary, theft and vandalism or fire damage can damage you from one moment to the next in such a way that you cannot afford the costs for the new acquisition of household goods “just like that”. With a household insurance you prevent for the emergency and exclude that destroyed or stolen furnishings lead to financial ruin. It is not for nothing that household insurance is one of the most important private insurances that you should take out as an owner and tenant alike.

Automobile insurance

Every car owner must take out motor liability insurance. However, the legally required motor vehicle insurance is only a cover if you cause damage to third parties in road traffic. A defect in your own vehicle or a cost coverage, if your car is stolen, are not covered by the liability. In this case, you should opt for fully or partially comprehensive insurance and exclude the possibility of paying high costs yourself, which could lead to financial bottlenecks. Since the premiums and benefits differ between the individual providers of a car insurance, you should compare comprehensively and choose the most favorable conditions for you.