These property insurances offer the best protection

Bodies of water after heavy rain in Hagen

More and more people are trying to protect themselves from the serious economic consequences of storms by taking out insurance.

(Photo: imago/Marius Schwarz)

Dusseldorf The consequences of climate change are visible in Germany. Meteorologists report more frequent heavy rains. “2021 was the year of the worst flood disaster in decades, triggered by continuous heavy rain and heavy precipitation. We are experiencing the consequences of climate change live,” says Tobias Fuchs, Head of the Service’s Climate and Environment Advisory Department. German Weather Service (DWD) More people want to protect themselves from the consequences.

“Since the flood disaster, we have seen a noticeable increase in demand for elementary insurance,” says Uwe Schumacher, CEO of Domcura, a company specializing in residential building insurance. Policyholders often need an additional module for home contents and residential building insurance.

Property insurance also includes liability and legal protection policies. The ranking of the Franke and Bornberg rating agency offers a clear view of the jungle of offers. Insurance experts examined the policies of several sample cases for the Handelsblatt. “Regardless of the type of insurance, the focus should always be on quality,” recommends Michael Franke, CEO of the rating agency. Therefore, the rating, which assesses the quality of policies based on various criteria, accounts for 70 percent of the overall rating. The price represents 30 percent of the rating.

Which property insurance is important depends on the individual risks: “Insured persons should think carefully about what insurance and what individual protection they need,” says Peter Grieble, insurance expert at the consumer advice center in Baden-Württemberg. Therefore, it is essential to protect your own house or condominium against natural hazards.

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“Property owners should not rely on the state to pay for damages in the event of damage, as was the case with the 2021 flood disaster,” explains Grieble. The Prime Minister of Baden-Württemberg, Winfried Kretschmann, has long called for compulsory insurance for homeowners.

Liability insurance is a must for everyone. It pays the financial consequences of damages that a person is responsible for, for example, through an accident that they cause. This can result in damages running into the millions. “Without adequate insurance coverage, this can spell financial ruin,” emphasizes Franke.

>> Read also: When Insurance Companies Pay for Storm Damage

On the other hand, home contents insurance is not necessarily required for a student with a small home and few valuables. On the other hand, civil liability insurance is also essential for him. Legal protection insurance can be useful for a worker who has taken out disability insurance. There are always conflicts with insurance companies. Because then he can have his claim examined in court at no additional cost.

In general, it is advisable to thoroughly compare the offers of insurance companies, not only when hiring new insurance. Even those who have had liability insurance or another policy for a long time should always look for alternatives. Policies have improved significantly in recent years and offer more services.

Therefore, insured persons should always check whether their policy still offers the best protection. “Insurance companies only have to give information about better offers when asked,” criticizes Grieble. Consumer advocates demand that they actively inform their customers about this. Grieble recommends checking regularly with insurance companies.

An insurance broker should advise of better deals when talking to the customer. A regular annual meeting can be worthwhile. Policyholders are always up to date and can enjoy the best rates.

Plus: High inflation is becoming a problem for property and casualty insurers and their clients.


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