Your own household also includes your own household contents insurance. This covers damage caused, for example, by theft, fire or water.
When do you need household insurance?
If you have your own apartment and have valuables, then for you as a student, household insurance is part of the basic equipment along with health and personal liability insurance. If you still live with your parents during your studies, you can assume that your personal belongings are covered by your parents’ household insurance.
What damage is covered by household insurance?
Basically, household insurance covers damages caused by fire or lightning, burglary, theft, vandalism or damage to tap water. Storm and hail damage is usually also covered by household insurance. In concrete terms, this means that the insurer replaces the replacement value of the destroyed objects after a fire, water damage or similar. If one repair is sufficient, the insurance pays for the costs.
A special feature applies to jewellery. It is not regarded as a normal object of value, but is considered separately: In the event of a loss, insurers often only pay a maximum of 20 percent of the agreed sum insured. So if you have expensive jewellery at home, you should consider raising the insurance limit for an extra charge or renting a safe deposit box from your bank.
So get good advice so that you don’t include unnecessary (and expensive) services in your contract or – vice versa – exclude important risks.
The right sum insured
You only have a small student dorm and not so many valuables to insure? Then the sum insured of your student household insurance does not have to be high. Please note: The sum insured is the maximum amount that the insurer must pay according to the contract in the event of a claim. It is definitely worth it for you to estimate what you actually want to insure. A six-figure sum insured is probably unnecessary.
If you only have a computer, a bicycle and a few more expensive furnishings, then you can get by with a sum insured of a few thousand euros. But you shouldn’t calculate too tight: A so-called underinsurance can be expensive at the end of the day. You are underinsured if the sum insured is significantly lower than the value of the insured items.
Your risk: In the event of a claim, the insurance company can reduce its benefits by the factor of underinsurance. However, you can avoid this risk by having a clause on the so-called underinsurance waiver written down. The principle: A fixed amount per square meter (650 to 700 euros) is used to determine the lump sum insured, which is paid out in the event of a claim.
Save costs with a deductible
As a student with a manageable monthly income you have to pay attention to the costs. One way to reduce the cost of household insurance is to agree on a higher deductible. In plain language, this means that in the event of a claim, the agreed deductible will be deducted from the benefit.
Extra clause against bicycle theft
Bicycles are an important topic in household insurance. In most cases, bicycle theft protection costs extra, and some insurers already include a flat-rate sum for bicycles. For a 500 Euro bike you can expect a surcharge of about 20 Euro. Important: Not every theft clause provides round-the-clock protection. If you want your insurance to pay even if your bike is stolen outside the door at night between 10 p.m. and 6 a.m., then you should make sure that this is in the contract and agree on a so-called night cover. Important: Your bike must always be secured with a separate lock. Otherwise the insurance does not pay at all.
Also insured on the road
Most household insurance policies also cover items stolen outside your own home. The clause in question is called external insurance. For you, this means that valuables such as your smartphone, sports equipment or clothing are insured against theft.
Prerequisite: The room in question – for example your hotel room or the changing room of a sports hall – is locked. The maximum amount of compensation is usually limited for external insurances. It is therefore worth paying attention to this value in the contract.