
Insurance for property owners: Must-have vs. Nice-to-have
Depending on whether a house is under construction, being financed, or already built, there are insurance policies for every situation that protect owners from unexpected risks. A real estate agent can advise you and help you find a good insurer.
Insurance that owners absolutely need
Whether your dream of owning your own home is just beginning to take shape or you already own a property, all owners need the following insurance policies:
- Home insurance: This insurance protects against damage caused by hail, fire, water pipes, and storms.
- Home and property owner liability insurance: If visitors or passers-by injure themselves on your property (including due to ungritted paths in front of the property), you are well protected against claims for damages. However, this insurance is only suitable for landlords. If you live in your own property, this damage is covered by personal liability insurance.
What insurance policies might be useful?
Many property owners have home contents insurance, which covers the cost of new household items in the event of burglary, fire, and weather events such as hail. However, this type of cover is not worthwhile for everyone. If an owner cannot replace their destroyed or stolen items without incurring significant financial expense, household contents insurance is recommended. Natural hazard insurance, an extension of home insurance, can provide effective protection in areas that are more prone to major natural disasters such as avalanches, volcanic eruptions, or flooding.
Additional insurance that builders need
For builders, builder's liability insurance, construction insurance (only at the start of construction), and fire insurance for buildings under construction are among the must-haves for the best insurance coverage. If you are building without a construction company and friends, family, or acquaintances are helping on the construction site, construction worker insurance is also recommended. This insurance is more comprehensive than the statutory accident insurance for construction (BG Bau). There are also various types of insurance for real estate financing. A broker can provide excellent support to property owners in finding the most necessary insurance policies or a good insurer.
Do you have questions about insurance coverage for real estate? Or do you have questions about selling or buying a property? Contact us! We are happy to help.
Notes
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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