Necessary / recommended insurances when buying a house

Hello everyone,

we are currently preparing the purchase of a rented 3-family house, where we would move into the ground floor and 2 apartments would remain rented.

Which insurances are absolutely necessary (residential building (lightning, flooding, etc))
recommended / unnecessary?
Does it make sense to simply take over the existing insurances, or to compare prices?

What about legal protection insurance? Currently we still have this through the tenants’ association, but that would of course become obsolete as homeowners. Which legal protection insurance can you recommend?

Thanks and regards!

Which insurances are absolutely necessary

Residential building (fire, etc.) Household contents Compare prices, when buying you can cancel the old/existing insurances of the seller. Making recommendations is difficult or depends on which services should be included. You can of course take out landlord legal protection insurance. Personally, I don’t think much of it, better to put more effort into checking the tenants ;). I also don’t know anyone in my circle of acquaintances who has one (or would have needed one) – I myself have been a landlord for 15 years...

Make sure that elemental damage is covered in the home insurance. I can personally only recommend legal expenses insurance, but opinions differ here as well.

Residential buildings (fire, etc.) Household contents Compare prices, when purchasing you can cancel the seller’s old/existing insurances. Giving recommendations is difficult or depends on which services should be included. You can of course take out landlord legal protection insurance. Personally, I don’t think much of it, better to invest more effort in checking the tenants ;). I also don’t know anyone in my circle of acquaintances who has one (or would have needed one) – I have been a landlord myself for 15 years...

what should a household contents insurance normally cover? we have already had 2 claims in recent years that in our eyes were household contents claims, both times nothing was paid out. the tenant screening in this case is unfortunately (?) already done, the apartments have been rented for years, I couldn’t choose the people.

what should household insurance normally cover? we have had 2 claims in recent years that we considered household insurance, both times nothing was paid.

Maybe it actually depends on the terms of the insurance or the insurance itself. Your household contents are insured against various events. Among other things, through the included glass insurance, we received a new dining table lamp (at least the glass part of which I think was about €250), a new glass table (about €750, my wife dropped something on the table and chipped a corner) and through the theft section a new bicycle (stolen in Austria on vacation), a new phone (stolen in the hospital) or a new garden grill (quite an expensive gas grill). Never had any problems with the processing. When it comes to renting, it is a can but not a must decision. If you expect problems with the tenants – this is only about the legal part – then buy landlord legal protection insurance. However, winning a legal case does not necessarily mean that the tenants will also fulfill the services you demand from them (e.g. moving out, renovation).

Maybe it actually depends on the conditions of the insurance or the insurance itself.

If you want, you can turn everything into a "favor." So if the damage is not reported correctly, you usually have bad luck if favors are excluded.