What insurance do you really need?

Energy, groceries, rents: prices are rising sharply everywhere. This puts some in financial difficulty. Can you save on insurance? Which ones do you still need?

To make ends meet financially, many people these days have to put their spending to the test. Savings potential remains dormant with insurance, for example: if your circumstances change, you accept a deductible, or you switch to an annual payment.

Some insurances are even completely expendable. But there are some that by no means should be terminated without replacement.

What insurance can you do without?

The expendables include all insurance “that only covers minor damage,” says Sandra Klug of the Hamburg Consumer Center. For example, glasses or mobile insurance.

7 insurance you really need

  • Number 1: Personal Liability Insurance

Indispensable for everyone: In the event of an insured loss, personal liability insurance covers justified claims for damages based on personal injury, material damage or economic damage caused by the insured.

“That can get very expensive quickly, especially if people get hurt,” says Sandra Klug. However, the policy also protects against unjustified claims.

  • Number 2: disability insurance

Important for those who have a job: Anyone who can only maintain their own standard of living through their employment should definitely insure their workforce, with disability insurance.

The policy pays if it is unlikely that you will be able to do your last long-term job without any health problems.

  • Number 3: home insurance

Couldn’t you afford a total loss of your furniture and fixtures and associated new purchases? Then home contents insurance makes sense for you.

Generally, it replaces the replacement value of the furniture in your home if it is damaged, for example, as a result of water or fire damage or theft.

  • Number 4: Term Life Insurance

Term life insurance is important for everyone who needs to protect surviving dependents, such as a spouse or their own children. If the insured person dies, the insurance pays the agreed amount to the surviving dependents. This can help, for example, to pay off remaining debt on a property.

  • Number 5: Health insurance for foreign travel

Useful for foreign travelers: health insurance for foreign travel. “It covers the costs of treatment abroad if the statutory health insurance does not pay,” says Julia Alice Böhne of the Association of Insured Persons. The insurance also reimburses return transportation costs.

  • Number 6: home insurance

A must for homeowners: Homeowners insurance pays if your home is damaged or completely destroyed by fire, for example. It also covers all damage that can be caused by tap water and natural hazards such as storms and hail.

It is important that the policy also covers natural hazards.

  • Number 7: Pet Owners Liability Insurance

Important for dog or horse owners: liability insurance for animal owners. Because these animals are not included in personal liability insurance, says Julia Alice Böhne. In complete contrast to cats or small domesticated animals such as mice, hamsters or rabbits.

Animal owners liability insurance covers damage caused by your own animals to others. In six German federal states (Berlin, Hamburg, Lower Saxony, Saxony-Anhalt, Schleswig-Holstein and Thuringia), this policy is even mandatory for dog owners.


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