Which insurance is really important

Cover risks
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Which insurance is really important

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A fire can quickly cause great damage. This risk can be covered with home and contents insurance. Photo: Benjamin Nolte / dpa-tmn

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Hamburg There are many insurance companies. But not all of them are a must. However, some are essential. What policies everyone should have.

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Having health insurance is a must in Germany. This also applies to motor vehicle liability insurance. As a rule, you do not have to take out additional insurance. But doing without certain policies can be expensive in an emergency. An overview:

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– Personal liability insurance: A small carelessness can cause damage that can drive you into financial ruin – whether a carelessly disposed cigarette butt causes a major fire or a cyclist accidentally collides with a pedestrian and seriously injures him. A personal liability insurance covers the damage. “Such a policy is essential,” says Julia Alice Böhne from the Association of Insureds.

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However, not everyone needs their own contract. “A family tariff is sufficient for spouses or people in a marriage-like community,” explains Roland Stecher from the Bremen Consumer Center. In the case of cohabiting partnerships, it is important to mention the partner in the policy. With the family tariff, children are also insured – provided they are still in training.

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– Occupational disability insurance: Those who can no longer work for health reasons quickly run into financial difficulties. The occupational disability insurance (BU) protects against this risk with a monthly pension.

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Such protection is not necessarily cheap, however, depending on the industry in which you work. Therefore, not everyone can finance a BU. “There are similar products, but they are not really alternatives,” explains Böhne.

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– Term life insurance: Such a policy can pay off for families with underage children. If a parent or partner dies, a financial gap may arise that could not be filled by pensions or own assets.

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“The disaster can be particularly big if a real estate loan still has to be paid off and the deceased may have been the main breadwinner,” says Stecher. Having term life insurance would be a good option in such a case.

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Anyone who opts for such a policy should compare the prices of several providers – “the services are more or less the same for all of them,” emphasizes Stecher.

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– Home Insurance: Homeowners insurance is an absolute must. “It pays if a house is damaged or completely destroyed by a fire,” says Böhne.

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It is also responsible for all damage that can result from tap water and natural hazards such as storms and hail. In addition, additional damage caused by flooding, landslides or snow pressure can be covered by additional insurance against natural hazards.

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– Household contents insurance: Noble furniture, expensive musical instruments and paintings – the more valuable the home furnishings, the more sensible is a household contents insurance. After a break-in, it pays the replacement costs for stolen items and bears the costs of repairing broken windows and doors.

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The policy also protects against damage caused by fire, storm or tap water. “Anyone who does not own valuable household items and can easily cope with possible damage to their apartment financially does not need household insurance,” says Böhne.

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