Versicherungen für Eigentümer
Welche Versicherungen brauchst du als Eigentümer:in?
Safeguarding property values is a top priority for every property owner, and insurance plays a crucial role in achieving this. In this comprehensive guide, we take a closer look at the various insurances that property owners should consider to protect their investments.
Homeowner's Insurance: The Mandatory Coverage
Homeowner's insurance takes the lead, and many experts consider it the only mandatory insurance for property owners. This insurance is essential as it covers costs incurred due to storm damage, hail, lightning, fire, and water damage, especially the classic water damage caused by leaks.
Obtaining Homeowner's Insurance
For many investing in apartments managed by property management, the good news is that this insurance is often already in place and must be proven during financing. When purchasing single-family homes or entire multi-family homes, there's an opportunity to take over the insurance of the previous owner, which is usually more cost-effective than initiating a new policy.
Considering Natural Disaster Coverage
In high-risk areas, insurance coverage should be checked for elemental damages caused by flooding, high water, landslides, or snow. This extension applies not only to the main building but also to other structures such as garages, garden houses, or even photovoltaic systems. For properties with large panoramic windows, it's also advisable to check if glass breakage is explicitly covered. Thus, one can significantly enhance the coverage.
Liability for Property Owners: Homeowner's Liability Insurance
Homeowner's liability insurance is crucial for covering damages to third parties when the owner violates their duties. While cases like a small snow avalanche from the roof are usually the responsibility of the property management in apartment buildings, such incidents are not typically the fault of property owners. For instance, in the scenario of owning a property as a vacation rental where a guest is injured due to a permanently damaged lamp, liability insurance might be considered. However, such cases are often rare and not a must-have in many situations.
Contents Insurance: Protecting Personal Possessions
For owners occupying their properties, contents insurance is important. For those renting out, especially in furnished rentals or as vacation properties, this insurance is crucial to protect personal belongings. While not mandatory for landlords, having tenants provide proof of such insurance might be a good practice.
Additional Considerations for Contents Insurance
Some landlords may request tenants to provide proof of contents insurance, though this may not be legally enforceable. Nevertheless, it's a beneficial practice for tenants, as damages caused by their own fault, like water damage, could otherwise leave them responsible for covering the losses, jeopardizing their possessions.
Loss of Rent Insurance: Worth Considering but Not Mandatory
Loss of rent insurance, also known as rent guarantee insurance, protects against income losses due to rent arrears or damages caused by non-paying tenants. While this type of insurance exists, its economic attractiveness is subjective and highly depends on the individual rental model.
Landlord Legal Protection Insurance: Safeguarding Against Legal Disputes
Landlord legal protection insurance covers legal disputes, including those arising from contested rent increases. It covers legal and attorney fees, as well as fees for experts or appraisers. There are various providers and plans available, with costs typically exceeding €100 per year.
Final Thoughts: Striking the Right Balance
Homeowner's insurance remains the fundamental protection for every property owner, emphasized not only by its inherent importance but also by the requirement from financial institutions. Taking over existing insurances and strategically expanding coverage based on the property type and location are wise steps. When considering additional insurances, it's essential to factor in individual needs and the desired level of security. Balancing between insurance coverage and financial preparedness through reserve building is a personal decision, urging for a well-considered approach.In this regard, relying not solely on insurance brokers' advice but prioritizing individual needs and financial goals is key. Safeguarding property values requires a tailored strategy, and the right insurance policy can help minimize financial risks, ensuring long-term security.