Insurance

Apart from the obligatory social insurance (see chapter Social Insurance, there are also a number of possibilities for obtaining private insurance to cover a number of different things. You can seek advice on different types of insurance and which one is recommended for you at a consumer advice centre (see chapter Consumer Advice) or at private insurance company offices. Here is a list of the most important insurance covers.

Personal Liability Insurance

Personal liability insurance ("Haftpflichtversicherung") covers the insured in case of accidental damage to a third party. This insurance also covers accidental damage caused in other homes. This type of insurance policy provides covers against financial ruin in case of claims for compensation by third parties.

Household Insurance

Household insurance ("Hausratsversicherung") covers costs incurred in the case of burglary or other incidents. The insurance cover should correspond to the actual cost of the items insured in the household.

Disability Insurance

Taking out a disability insurance policy ("Berufsunfähigkeitsversicherung") provides cover against the financial loss incurred if a person becomes unable to carry out their job due to accident or illness. A pension is paid according to the insurance policy taken out, should this occur.

Legal Costs Insurance

Legal costs insurance ("Rechtsschutzversicherung") covers any legal fees incurred by the insured. This is only valid, however, in certain cases. It is recommendable to seek consumer advice on this and other insurance policy matters.

Life Insurance

Life insurance ("Risiko-Lebensversicherung") is a commonly held policy and guarantees the family of the insured person a fixed financial sum should the insured person die. The "Kapital-Lebensversicherung" is one way of saving for the future.