A household insurance policy provides insurance cover for utility and consumer goods and furniture in a private household as well as insurance of household contents against water and fire damage and burglary. In its July issue, Stiftung Warentest's consumer magazine Finanztest examined various household insurance policies in terms of their benefits and premiums. A total of 61 providers and 157 rates are examined.
Most insurance companies offer three models of insurance coverage: An inexpensive basic rate, a more upscale rate that includes additional benefits, and a more expensive premium policy. According to the insurance experts at Finanztest, a basic rate is often sufficient for most private households. The costs for the more expensive tariffs are usually three times as high as the basic tariff. Finanztest's investigations show, for example, that insured persons in a model household in Frankfurt pay an annual premium of 91 euros for the cheapest tariff, while the most expensive tariff costs 436 euros.
The experts advise to have one's own contract checked, because the prices are based on the place of residence and are thus subject to strong price fluctuations. The background to this is that insurers divide cities into so-called risk zones. In cities where, for example, there is a high burglary rate, household insurance is more expensive than in cities with few burglaries. For example, while the cheapest rate in a model household in Munich, where there are few break-ins, costs 56 euros, it costs 198 euros in Frankfurt am Main. To help consumers find the right insurer and rate for them, Stiftung Warentest provides an analysis tool on its website for a fee. The analysis costs 7.50 euros.
Source: Stiftung Warentest
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