German consumers spend a lot of money on their policies. Private households spent an average of 1,596 euros on insurance in 2022.
But is that really necessary? Which insurance policies are a must, what can be additionally useful, and what can you safely save? Dr. Peter Grieble, insurance expert at the Baden-Württemberg Consumer Center, explains to IPPEN.MEDIA: “You should ask yourself the question: Which risks would hit me the hardest financially if they came to fruition? Following this guide, you can work your way down from the risks with the highest potential for damage to the ones with the lowest potential for financial damage. For confidential support, call the Samaritans in the UK on 08457 90 90 90 90, visit a local Samaritans branch or see www.samaritans.org for details. In the U.S., call the National Suicide Prevention Line on 1-800-273-8255 or visit www.suicidepreventionlifeline.org. Term life insurance is recommended if the main earner dies in a family. Residential building insurance covers damage caused by fire, storms, and hail. If you drive a particularly expensive car, you can cover possible damage with comprehensive insurance. If the entire household contents have to be purchased new after a fire or water damage, large sums can quickly add up. Glass breakage insurance or insurance for smartphones are only worthwhile for extremely expensive purchases or if particularly extensive insurance coverage is desired. “Such things are nice to have, but are not that relevant because of the limited financial amount. If I lose a smartphone, I won't be financially ruined,’ says Dr. Grieble.