Which insurances do you have, which ones are worth it?

Hello everyone,

Our house will be finished in about 6 months. Time to start thinking about insurance.

Currently, it looks like this:

Builder (male):

- Company pension scheme
- Riester pension
- Accident insurance
- Life insurance
- Liability insurance

Builder (female):

- Riester pension
- Liability insurance

In addition, there is the building insurance ([habt Ihr Elementarschäden mit abgesichert?]) and household insurance as well as a term life insurance for each of us. I am also leaning towards disability insurance but can’t really bring myself to do it.

I am currently reconsidering my Riester pension and accident insurance. Regarding the term life insurance, what percentage of the loan amount have you insured? I see both 100% and 50% of the amount. With 50%, in case of death, the partner would have "their share" of the building paid off.

My brother-in-law does not have any pension insurance, disability insurance, or accident insurance and says that in his office job nothing can happen to him, and since he won’t have to pay rent in old age because he will have paid off the house by then, the statutory pension is enough for him.

Household contents?

Against theft or damage (e.g.) by fire to residential property. If you have a lot of expensive electronics or furniture, it can be worthwhile.

My brother-in-law has no pension insurance, occupational disability insurance, or accident insurance and says that nothing can happen to him in his office job and since he doesn’t have to pay rent in old age because he will have paid off the house by then, the standard pension is enough for him.

In my opinion, very short-sighted. What about cancer, for example? Would he still like to go to work every day then?

I am currently reconsidering my Riester pension and accident insurance.

A disability insurance is certainly more important than accident insurance (which is also more expensive, well, unfortunately that's how it is). Regarding the Riester pension ... Difficult, in general: 1.) Check the subsidy situation, 2.) Determine the type, 3.) Choose the product. But existing contracts are always expensive if you cancel them (possibly even harmful to subsidies). So just let them run?

Do you really have two liability policies? If you build a house together, in my opinion you can also get insured together, then one liability policy is enough.

Is the mentioned life insurance capital-forming? When was it taken out? Is it not Riester-subsidized? Is the company pension Riester-subsidized?

Regarding the coverage amount of the term life insurance: In the event of my death, the remaining family does not necessarily need a debt-free home, but at least a lot of time (10 years?) to sort things out. Life goes on and a high coverage ultimately also costs higher premiums ...

About the RLV
We have secured about 80% of the loan amount there. Since the survivor then has to bear more fixed costs alone, has to support the child alone, and may also have a loss of income as a result, 50% would have been too little for us.
However, this may also depend on the current distribution of income. For us, at the time of contract signing, it was pretty much fifty-fifty. For a sole earner, it will look different again.
One should also check everywhere where death is insured. Our disability insurances, for example, were attached to a small RLV, just as a small life insurance that only pays out in case of accident could be integrated into accident insurance, or the death is insured in my wife's occupational pension scheme.

About the disability insurance
In my opinion, the disability insurance is by far more important than the accident insurance.

About the household contents insurance
Household contents insurance covers not only furniture and electronics but also all inventory, clothing, etc. Furniture and technology can usually still be fairly easily quantified, but who quickly values their wardrobe or goes through all their kitchen inventory? That quickly adds up to large sums that can no longer be cushioned by reserves. As far as I know, one calculates with at least €600-650 per m² of living space to not automatically be considered underinsured.