Necessary insurances for new construction

I naturally wonder whether one actually needs these

You can only judge that once construction is complete. Everything else is like playing the lottery

The costs are about €1,600 in the first year.

Single-family house (227 sqm living space) with basement and double garage, rural area - Estimated construction costs approx. €650,000

Honestly? If you're building a house for three/quarter million, 1,000 other items would come to mind before an insurance costing a slim €1,600. One can discuss whether every little thing has to be included in the insurance and/or how deductibles are handled, but not about the "if at all".

You can only judge that once the construction is finished. Everything else is like playing the lottery.

Honestly? If you’re building a house for three-quarters of a million, 1,000 other items would come to mind before an insurance costing a slim €1,600. You can debate whether every little thing must be included in the insurance and/or how deductibles are handled, but not the "if at all."

... Even if the answer doesn’t address my question, thank you for the response.

This wasn’t about us not wanting/can’t afford it and trying to keep costs as low as possible. I simply asked for opinions and experiences. Especially with insurance, fear is often used, and insurance agents like to suggest higher coverage, which adds up to a large amount of premiums over many years.

I have already stated that the decision is ours.

And since the "three-quarters of a million" costs were immediately mentioned here:
Of course, we try to optimize costs everywhere – not only with insurance but also with the "1,000 other things," i.e., we weigh what is truly necessary. It’s not that we don’t care about prices in other areas and now want to save on insurance – on the contrary. But you don’t have to automatically accept all additional costs/premiums etc. with a nod...

Construction work is not just theft or vandalism, but also when damages cannot be attributed to a responsible party. Especially if you are managing the interior finishing yourself, I would recommend spending a few hundred euros. I didn’t need it, but neighbors did. Small things can quickly happen that turn out to be very expensive. Example: the bathtub and shower tray had some scratches/holes in the enamel despite being taped off, which were not suitable for smart repair. The damage could not be attributed to the manufacturer, plumber, tiler, drywall, or painter. So everything had to be removed (tiles and tub) and installed again…. The insurance covered it.

Hi,

from my point of view, construction all-risk insurance definitely makes sense, especially with individual contracts and own work. It’s not just about vandalism or theft, but above all the many “nobody-did-it” damages that occur more often in practice than you think. If something breaks and nobody claims responsibility, without construction all-risk insurance you’re simply stuck with the costs.

Especially when different trades are running around on the construction site, it’s easy for something to get damaged without you noticing immediately. And even if you do notice it, it doesn’t help much if nobody takes responsibility. It’s just more relaxed when you can say: okay, it’s annoying, but the insurance will take care of it.

When it comes to natural hazards, it’s more difficult. Sure, if you really have zero risk, meaning no stream, no hillside location, no hollow-like position, and no heavy rain problems in the area, you can leave it out. But the last few years have shown that heavy rain causes problems even in areas where there was never any before. So if it doesn’t hurt your budget, I’d rather keep it in. The few hundred euros per year aren’t exactly cheap, but if you ever actually have damage, you’ll be glad you included it.

All in all, your package doesn’t sound too bad. If you still want to compare providers, take a look at InterRisk, Rhion, or VHV. They sometimes offer good coverage at fair prices, especially for residential buildings and construction coverage.

Best regards

I only asked for opinions and experiences. Especially on the topic of insurance, fear is often used, and insurance agents like to suggest higher coverage, which results in a large number of payments over X years.

I have answered that. The levels of coverage and insured claims can be discussed. However, not the "if". All insurances make sense (depending on the amount of financing, they are actually required by banks, so you no longer have to think about it).