Personal liability insurance (PHV) is one of the most important types of insurance. Because it protects consumers from financial ruin if they have to pay for damages. “Since personal injuries in particular can cause costs in the millions, a PHV is recommended,” says Lorenz Becker, CEO of Check24.
“Insurance can also be useful for so-called rental property damage on the landlord’s property. These include, for example, broken doors, broken sinks, scratched floors or damaged windows,” Becker continues. “Such damage can quickly result from a little carelessness.”
Protect against damage in a shared apartment
A PHV is also especially recommended in shared flats. “Anyone who lives in a shared apartment should not only hire a PHV, but also encourage their roommates to hire,” Becker recommends. “That way, you don’t have to bear the costs yourself if roommates cause damage to the shared apartment.”
Question: Do you have private liability insurance?
“A good PHV insurance may also be necessary for the search for a flat”, points out the general director responsible for the PHV area. Because some homeowners want to protect themselves in this way if damage occurs to their residential property. But 45 percent of students in Germany lack this protection.
All students who are already insured through their parents’ PHV can dispense with their own insurance contract. However, this is only possible if they start their first grade less than twelve months after finishing school. However, this does not apply to a second degree or extra-occupational degree.
Many insurers already offer reduced rates for students. But here, too, a cost comparison is worthwhile: There is a price difference of around 70 percent between the cheapest and most expensive offers, Becker reports. According to the sector expert, a good PHV policy is available for less than 25 euros per year.