Anyone who would not be financially able to buy everything new after a total loss of the apartment should take out household contents insurance. However, unlike other types of insurance, the needs of home insurance can change significantly over time. That is why the experts at Stiftung Warentest recommend checking the household insurance policy regularly and, if necessary, increasing the tariff or changing providers.
In the April edition of their magazine “Finanztest”, Stiftung Warentest reports on theirs extensive test of various household insurance. A total of 116 tariffs from 59 insurance companies were examined and their prices were determined using a model case in four cities with different levels of risk (Altenburg, Darmstadt, Hanover, Cologne).
The result: All tariffs in the test cover the most important risks, but what does the insurance cover for overvoltage and bicycle theft cost? In Altenburg in Thuringia, the model city with low risk, there is a corresponding tariff starting at 99 euros per year. In Cologne, the most expensive city in the test, the same insurance coverage costs at least 161 euros per year.
When looking for the cheapest tariff, however, one should not forget that the sum insured always corresponds to the actual value of the household effects should correspond to avert financial damage. Insured persons can either determine the value themselves or get involved in the flat rate of the insurance. This is around 650 euros per square meter of living space. But be careful: If the insurance value is underestimated, the damage incurred will only be partially compensated.