What insurance policies does a property owner need?

There are many types of insurance available, including for property owners. With so many options, it's easy to wonder which ones are truly necessary. Does someone building a new house need the same insurance as someone who owns an existing property? And who can advise you on real estate and insurance coverage? We have the answers for you.

Future homeowners should protect themselves against unexpected risks by taking out insurance. The type and type of insurance needed depends on whether the property is being financed, already built, or still under construction. A real estate agent can explain the most important types of insurance and provide comprehensive advice, including help in finding the "right" insurance company.

These insurances are necessary

Whether you're building a new home or buying an existing property, you'll need these insurance policies:

• Landlord's liability insurance:
  Should someone unfortunately be injured on your property – for example, if you forgot to grit or salt it in icy or snowy conditions – this insurance protects you against claims for damages. However, this only applies to landlords; if you live in the property yourself, your personal liability insurance is sufficient.
• Home insurance:
  If extreme weather conditions strike, such as hail or storms, a water pipe bursts, or there is a fire, it is good if you have taken out this insurance beforehand.

These insurances are useful

• Home contents insurance
  covers the cost of replacing lost or stolen items in the event of burglary or fire. It is advisable if the homeowner cannot replace stolen or destroyed items without incurring significant expenses. If you live in an area prone to major natural disasters – such as floods, avalanches, and volcanic eruptions – extending your building insurance to include natural hazard coverage recommended.

These are the insurance policies a building owner needs

• If you're building a house, you'll need builder's liability insurance , fire insurance of the building, and, once construction begins, all-risks insurance . If you're building with friends and family, you should also take out construction helper insurance. Feeling overwhelmed? A real estate agent can not only advise you on the purchase, but they're also knowledgeable about insurance matters and can help you find a good insurer. This also applies to real estate financing, for which you'll also need to take out insurance.

 Are you planning to buy a property and want to find out what insurance you will need in the future? Or would you like information about selling your property? Ask us! We'd be happy to advise you.

Notes

For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.

Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.

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