Buildings insurance is not mandatory in Germany, but a “should have insurance” as it covers the repair costs caused by damage to the structure itself, fittings within, the property and even auxiliary buildings (e.g. garage, garden- or guest house) on the same plot.
And although not compulsory, buildings insurance is usually a condition imposed by banks when taking out a mortgage, as it ensures the bank’s security – your house - in the event of a total loss. Hence, buildings insurance covers today’s cost when having to reconstruct a building.
Standard insured Endangerments
The following standard risks are covered by every building insurance plan, regardless of premium.
- impact of a air-/ landcraft
- storm & hail
- tap-water, frost and other breakages
- burglary, vandalism and robbery
|The following natural hazards can be included for an additional premium .|
- Flood, backwater
- High tide
- Landslide, subsiding ground & sinkhole
- Lightning (not all insurers)
- Heavy rainfall (not all insurers)
- Snow pressure
- Volcanic eruption
The most important benefits:
- Insurance cover for all movable items
- Reimbursement method is "New for Old"
- Valuables are included
- "Away from Home" insurance
- Premises in adjoining buildings on the same property and garages are covered
- Waiver of under-insurance
- Uninhabited houses are covered
Good value for money are these benefits:
- Valuables should be covered to a min. of 20% of the insured sum
- No excess!
- Theft from vehicles in Germany, preferably Europe
- Bycicle theft without a night clause
- Gross negligence
- Cost reimbursement for security companies (min. 48 hours)
- Singe damages
- Water damages caused by waterbeds or aquariums