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Insurance 2023: Which insurance do I really need - and which not?


Insurance can be a great help in an emergency - but it is also an enormous cost factor in many households. An overview shows which insurances you really need.

Insurance can be a great help in an emergency - but it is also an enormous cost factor in many households.

An overview shows which insurances you really need.

Munich – 1,500 euros – that’s how much German private households spent on insurance on average in 2019, as reported by the Federal Statistical Office.

That's a lot of money - which is why it's worth checking your insurance policies regularly.

Do I really need this policy?

Is the investment still worth it?

An overview shows which insurance policies are recommended – and which ones you can do without.

Important: liability insurance

Hardly any insurance is as important as private liability insurance.

Consumer advocates also advise taking out a policy.

Nevertheless, around 15 percent of households in Germany do not have such insurance.

Liability insurance can save you from ruin in an emergency - for example, if you are at fault for an accident.

In addition, this insurance is not particularly expensive and can also include partners and family.

Good tariffs do not have to cost more than 80 euros a year.

The consumer advice center recommends agreeing at least 10 million euros as coverage.

Additional liability insurance is worthwhile, for example, for animal owners such as dog owners or for builders.

In addition, freelancers or the self-employed should also think about professional or business liability insurance.

disability insurance

Anyone who is no longer able to work due to illness often has to face major financial losses.

Because state aid can often not absorb what you have earned yourself.

The conclusion of an occupational disability insurance (BU) helps against this.

In an emergency, she pays a previously agreed monthly pension.

A BU therefore makes sense for all people who depend on their salary.

But it is also much more expensive than liability insurance.

In general, the younger and healthier you are when you take out a BU, the cheaper the policy is.

Because before the conclusion you have to undergo a risk assessment by the insurer.

That's why the degree can be worthwhile for pupils, students or trainees.

On the other hand, for those who have serious illnesses or work in a risky profession, the policies quickly become unaffordable or they are not insured at all.

However, the risk of becoming unable to work is high: Statistically, every fourth person will be unable to work at least once during their working life, warns the General Association of Insurers.

If you are interested in completing a BU, it is best to seek individual advice.

Insurance brokers can answer questions and make anonymous preliminary inquiries to the insurers.

Important: Alternatives to the BU such as accident insurance and basic ability insurance do not fully cover their benefits and are often very expensive.

Optional insurances

Consumer advocates advise that you properly insure against risks that threaten your existence – such as with private liability insurance.

Otherwise, depending on the individual case, other insurance companies can also play an important role.

Health insurance abroad

: If you like to travel, for example, you should definitely take care of health insurance abroad.

Because: If you have statutory health insurance and are in a country where you cannot be treated with your insurance card, it will quickly become very, very expensive for you.

A foreign health insurance usually also takes care of the return transport - an option that should also be interesting for privately insured persons, since the corresponding costs are not covered by all private health insurance companies.

International health insurance is usually not expensive - it costs around 30 euros for a single person, for seniors it can be a bit more expensive.

Term life insurance

: If you have a family that depends on you financially, term life insurance may be an option.

In the event of death, this pays an agreed sum to the relatives.

Household contents:

If objects or furniture are destroyed or stolen after a burglary or fire, household contents insurance can help.

A contract can make sense, depending on how expensive your own household goods are and whether you can easily replace them in an emergency.


Anyone who owns their own home should think about homeowners insurance - it may also be advisable to take out natural hazard insurance.

She jumps in at flood and other elementary damage.

Legal protection insurance:

It can be worthwhile if legal disputes - such as with the employer - are foreseeable.

Important to know: Private liability insurance generally fends off unjustified claims from third parties or pays for justified claims.

According to the consumer advice center, you can do without policies that only cover minor damage, such as luggage insurance or extra device insurance for your smartphone or new bike - unless these are extremely expensive.

Source: merkur

All news articles on 2023-03-07

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