How to build a residential building

Homeowners Insurance

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  • Protection from fire, storm, hail
  • Without obligation and free of charge
  • Your independent insurance broker - initial information

Homeowners insurance: what is it?

The Homeowners Insurance serves as Risk protection for all property owners. As a rule, it covers the following three damage models: Damage was caused by fire, water and storm. German insurers paid EUR 5.807 billion for insurance claims in 2019. That was 34 percent more than four years earlier, as reported by the industry association GDV. Insurance companies had to spend more than half of this on tap water damage. Before taking out a plan, we recommend that you use the Home insurance comparison from VERIVOX to use. This is completely free of charge and you get one at a glance Tariff selection from over 26 residential building insurers.

  1. This is how the comparison works
  2. What is insured?
  3. What is not insured?
  4. Notes on assumption of costs
  5. What does the insurance cost?
  6. Calculation of insurance costs
  7. Cancel or change home insurance
  8. frequently asked Questions
  9. More interesting articles
  10. This is Verivox

Compare home insurance: this is how it works

  1. Enter your postcode, the type of your property and the current usage ratio in the residential building calculator.
  2. Now select your desired insurance coverage and the desired start date for your homeowners insurance.
  3. Compare the rates of over 25 insurance providers for real estate insurance free of charge and conclude your contract conveniently online.

For comparison

Tip: If you have any questions, please do not hesitate to contact our Insurance experts when it comes to building insurance free of charge on the phone on 0800/626 64 34 and advise you when comparing tariffs.

What is insured?

At Fire damagecaused by lightning, fire, explosion or implosion, the residential building insurance pays you the compensation. Fire insurance also applies if damage is caused by permanently installed electrical installations.

Danger: Do not put your insurance coverage at risk and pay attention to contract details. Most of the German federal states state in their building regulations that a Smoke alarm attached must be - in all bedrooms as well as in the hallway.

Homeowners insurance covers water damage when it comes to it Tap water damage acts. This also includes frost or breakage damage. In this way, you are adequately protected even if a water pipe bursts in winter due to frost, or calcareous water destroys the material.

Storm damage from Wind force 8 as Hail damage are also covered by homeowners insurance. The most common cases of damage include, for example, damage caused by a covered roof and the resulting consequential damage.

Natural hazards are not fundamentally anchored in homeowners insurance. So there is no compensation from insurance if your home is damaged by elementary events such as earthquake / landslide, avalanche, flood or heavy rain. Here you need your Insurance coverage Actively expand the elementary damage insurance.

What is not insured?

In the event of damage by deliberately set alight material (e.g. chimney fires) the insurance does not cover. Surge damage is also not automatically covered by residential building insurance.

The residential building insurance does not have to provide benefits if storm damage occurred in a storm force of less than 8. Also at negligent behavior (open or leaky windows) there is no entitlement to benefits.

Water damage is only covered by the insurance if it is tap water acts. Damage from groundwater, floods or weather-related backwater are therefore Not in the Insurance benefits covered. Even water that leaks out of an aquarium does not count as tap water and is therefore not included in the service package of the residential building insurance.

Verivox recommends that you get extensive insurance coverage before your building is completed. Here, for example, fire shell insurance is worthwhile. This protects your shell and can easily be used after the building has been completed converted into homeowners insurance become.

Damage caused by war or its consequences are generally not included in the insurance cover.

What does home insurance cover?

All the components of your buildingFixed items within your building
MasonryStair lift
top, roofFitted kitchen and furniture that have been individually made for the building
built-in windows and doorsSanitary installations such as heaters or bathtubs
Terrace, garage, carport (in general: all fixtures and fittings that are permanently connected to the residential building)Fixed floors / underfloor heating

These costs are covered

The building insurance usually replaces all coststhat for a Restoration of the old building condition are necessary. Other services also include:

  • Cleanup costs
  • Costs for a possible loss of rent after damage
  • Expenses for a replacement apartment or hotel accommodation

The compensation is limited, however, by the previously agreed Sum insured.

What does home insurance cost?

The cost of homeowners insurance is very variable. This is mainly due to the Additional servicesthat can be booked individually with the basic protection. We therefore recommend that you use the free home insurance comparison by VERIVOX. Pay particular attention to different price and performance levels so that you are adequately protected without paying too much.

Single family home costs

A detached house can already be equipped with a Annual fee from 250 euros be secured. Depending on the selection of modules that can be booked, such as natural forces, the price rises. The price for residential building insurance including natural hazards starts at around 300 euros per year.

Costs for semi-detached houses

A semi-detached house can be insured even more cheaply with building insurance. Here the basic protection can already be around 110 euros per year get booked. Here, too, the costs rise as soon as natural hazards are also insured. These then amount to around 210 euros per year.

Calculation of insurance costs

Here the amount of the sum insured is always to the current performance Adapted to your property.

The advantage

The sum insured is adjusted annually. How to prevent underinsurance in the future.

Here, the amount of the insurance relates solely to the size as well as the current one Equipment of the building. There is no fixed sum insured here. Instead, a maximum compensation limit is calculated.

The disadvantage

Development of building costs are not taken into account here. So you may be underinsured for a few years after construction.

You can also have the value of your property appraised by an appraiser.

The disadvantage

You have to pay for the costs of the report yourself. The appraisal also relates to the current market value of the building and not to the cost of repairing it. Here, too, it can happen that you fall into underinsurance.

As a rule, homeowners insurance will always use the New value of the property insured. The new value is understood as the sum that would be required to rebuild a property (in terms of equipment and size). The new value can be determined in different ways. In the Verivox comparison calculator, the new value is calculated on the basis of the sliding new value (also: value 1914).

Cancel or change home insurance

If you want to change your insurance, make sure you cancel your homeowner insurance correctly. Often will Annual contracts completed without notice renew automatically. The notice period is usually 3 months before the home insurance expires.

In the event of a premium increase or a claim, there is a Extraordinary right of termination. Often your new insurance company also takes over the termination modalities. Ask about it specifically. Insured should make sure that the insurance cover does not fail at any point. So try our home insurance price comparison right away and benefit from the cheapest offer.

For comparison

frequently asked Questions

Homeowners insurance is worthwhile for every property owner and homeowner. This is the only way to secure your building and all permanently installed parts of the building (e.g. doors or windows) against damage from fire, tap water or natural hazards (e.g. hail and storm).

The residential building insurance covers all parts of the building that are permanently connected to the building. These include, for example:

Buying your own property is usually the most expensive purchase in life. Therefore, every homeowner should protect themselves against damage to their own building.

The cost of building insurance is primarily based on the estimated value of your property. Depending on the size of your house and the desired scope of services, the price for residential building insurance can be from 200 euros per year. The costs for residential building insurance with an increased scope of benefits or for very large properties can be around 600 euros per year.

In building insurance, natural hazards include all damage caused by the effects of nature. These include:

  • Damage from hail
  • Damage from storm (from wind force 8)
  • Flood damage
  • Damage from earthquakes or subsidence
  • Damage from snow pressure
  • Damage from volcanic eruptions

The adjustment factor is used to convert the price level from 1914 to today's price level (in euros). The adjustment factor relates to sums insured, contributions and compensation limits.

The sliding new value factor is an important factor in calculating your insurance premium (hence also known as the premium factor). The new value factor means that your property increases in value every year and the price for building insurance increases accordingly every year.

Yes, homeowners insurance doesn't just cover the cost of the damage a fire causes to a property. The service portfolio also covers so-called secondary costs. In addition to the costs for the fire brigade, this also includes costs for the repair of damage caused by extinguishing water. However, the insurance company only pays up to the amount covered by the contract.

The building insurance is based on the sliding new value factor. This means that in the insurance contract it is taken into account that the value of your property is increasing every year. Therefore, the cost of homeowners insurance is also increasing every year.

As a property owner, you are not obliged to take out home insurance. However, building protection is worthwhile for every property owner, as you are insured against property damage at low cost and protect yourself from high repair costs.

Author

Toralf Richter

Toralf has been working in the insurance and banking products sector for 20 years - as an office manager for an insurance broker, as a freelance journalist for consumer topics and as a press officer. He has been with Verivox since 2014.

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