What insurances do I need as a homeowner?

Hello dear ones,

after several months of searching, we have now decided on a property that is almost finished. That means we can move in as early as September. At the moment, the floors are still being done, the outdoor area, etc. So we are not the builders but are buying the house from the developer turnkey.

Now I am thinking about which insurances I still need to adjust or take out. Do you have any tips and experiences? I will also ask my insurance person - but at first I prefer genuine opinions from people who don’t earn money from me.

Of course, I have liability insurance. Also household insurance. The latter I would now have adjusted to the new size or the value of the inventory. What is your opinion on term life insurance?

Thanks in advance,
Andrea

You definitely need building insurance. The lending bank will probably require it as well.

Life insurance is advisable.

In addition to the building insurance, I would also insure against natural hazards - depending on where the house is located and which natural hazards are relevant (on the mountain I need flood insurance less than protection against mudslides, etc.)

With building insurance, you should also make sure that the supply lines to the house are insured - usually not included as standard, but valuable!

Term life insurance only if you have financed the property - if it was paid out of pocket (but who can really do that ...) you obviously don't need it.

Building insurance and please not cheap there

Risikolebensversicherung costs nothing either

What is the opinion regarding household insurance?

I am more the type to only insure existential risks (personal liability insurance, health insurance) and less the "well-that-was-bad-but-life-goes-on" insurances (mobile phone, disability insurance (although that is not representative for me), household contents, etc.).

Still, household contents insurance or is building insurance enough?

Household contents insurance is not expensive, so I would always recommend getting it. If the house burns down, the building insurance will replace it, but without furnishings and new clothes, it gets tricky. If the kitchen is broken - who can just afford to buy a new one? Do you have a piano? For example, with us, our bikes are also insured, etc. Considering what such insurance costs, it’s no comparison to the loss you would suffer in the event of a claim. Therefore, I would always take it. Additionally, many insurances offer bundle deals - with three contracts, it’s cheaper overall. So liability, household contents, and legal protection insurance with one company, and usually the discount is such that at least the liability insurance is almost free.