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Insurance premiums are the second largest expense item after housing costs in almost all budgets. Therefore, homeowners should regularly review their insurance policies and adjust their insurance coverage if necessary. Underinsurance or overinsurance can be expensive. If you're overinsured, you're paying premiums for services you don't need - and if you're underinsured, you'll bear part of the loss yourself in the event of a claim. So, how does one recognize costly overlaps or dangerous gaps?
Underinsurance mostly occurs within the household insurance. If your household contents are worth 100,000 francs but you only insure CHF 80,000 francs of it, you are underinsured. In the event of a claim, the insurance company would reduce its benefits proportionally and, in this example, would only cover 80 percent of the cost of the new purchase. For example, 3,200 instead of 4,000 francs for the television. Underinsurance can occur over time if you buy new furniture and your household goods are worth more than they were when you signed the contract. That's why you should review your coverage regularly.
Underinsurance can be expensive in the event of a claim. You may save a few francs in premium, but only receive part of the cost of the new purchase from the insurance company.
For example, if you insure your household goods for 120,000 francs that are only worth 100,000 francs, you will pay the premium for 120,000 francs but receive a maximum of 100,000 francs in the event of a claim. Underinsurance, like overinsurance, can also occur over the years if you sell valuable jewelry, for example. But you can also be overinsured because you have taken out superfluous insurance policies or multiple coverages and are therefore paying too much in insurance premiums.
In Switzerland (with the exception of the cantons of Geneva, Ticino and Valais), only buildings insurance is mandatory. In Obwalden, Schwyz and Uri, as well as in the Principality of Liechtenstein, buildings insurance can be taken out with any private insurance company; in all other cantons, it can only be taken out with the cantonal buildings insurance company. It covers fire, fire or smoke damage and natural hazards such as landslides, rockfalls, hail, floods, avalanches, rain, snow and melt water, snow pressure, snow slides, falling rocks or gale-force winds and covers damage caused by burst water pipes or water backups from the sewage system.
In our article «Gebäudeversicherung: Was ist gedeckt?» you will learn which types of damage are covered and how you can enhance the building insurance with additional insurances if you want to.
How many and which additional insurances you take out depends on your need for security. These five voluntary insurances are worth considering, depending on your situation:
Condominium owners are liable for personal injury and property damage and should therefore take out building liability insurance. In «Insurances For Condominium: What You Should Know» read more about the special features for condominium owners.
In «Hauskauf: Welche Versicherungen brauche ich?» learn everything future homeowners should know about insurance before buying or building a home.
The greatest risk of overlap or double coverage is with buildings and contents insurance. As a rule, building insurance covers damage to the building and household insurance covers damage to household contents. However, certain risks may be covered under both policies. Three examples:
Sometimes the benefits overlap, sometimes there are gaps between individual insurances. With our insurance check, you can find out in two minutes which insurances are mandatory, recommendable, worth checking or not necessary for your house or apartment. All you have to do is briefly describe your property and living situation and you will immediately receive the result. Thanks to our insurance check, you optimize your insurance coverage, are properly insured and save premiums for insurances that you may not even need.
The young family with three children has different needs than the 40-year-old single or the married couple whose children have already left home. Some need more security, others can afford more risk. That is why there is no one-size-fits-all solution for all homeowners. Our insurance experts will advise you competently and personally on all insurance issues, from construction insurance or building insurance to household insurance or liability insurance. They will clarify whether your insurance cover is suitable for you and recommend sensible solutions. So that a claim does not upset your financial situation.
