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How to choose insurance?

Everyone should decide for themselves which insurance fits best. There are insurances for all walks of life and situations, such as burglary insurance or hail insurance. Some are legally required, others recommended or voluntary.

As there is great variation in the insurance rates, it is advisable to compare different insurance types and companies first under www.durchblicker.at > Versicherungen

Expats typically take the following insurance.

a) Flat Insurance and Homeowners Insurance

Flat insurance is necessary to indemnify you for loss of, or damage to your possessions. Included are all belongings contained in your home, such as furniture, clothing, collectibles, sports equipment, valuables and personal computers. Fixtures and fittings attached to the building need to be insured by the owner of the house, either the landlord or by yourself.

The coverage includes the risks of fire, burglary, storm damage, breakage of window panes, water damage, and vandalism. Some policies also include limited cover for damage caused by electrical surges. Bicycle theft is a problem in Austria. Additional insurance should be purchased for bicycle theft and is especially valuable. Some insurance tariffs include coverage for bicycle theft, but this is by no means universal.

If you are self-employed and normally work from home, you must insure your office equipment separately.

b) Rechtsschutz versicherungen (Legal Expense Insurance)

Legal expenses insurance is a private insurance contract in which the insurer is obligated, in return for the premium payment of the policyholder, to provide the services required to fulfill the legal interests of the insured person to the agreed extent. Quite unexpectedly you are confronted with a legal problem, be involved in a traffic accident, have problems with the utility bill, hurt another player while skiing or have a dispute at work etc. You can rely on your Insurance partner when you have disputes to support you . – without you thinking of the legal cost.

INFORMATION ABOUT HOUSEHOLD INSURANCE IN AUSTRIA

In the following we would like to give you some basic information regarding household insurance in Austria.

The contract term: The household insurance can start on any day of the year, but can only be terminated once per year. Please note that typically contracts will have a duration of 10 years and a lock-in period of three years. Often contracts include a long term rebate that has to be partially reimbursed if the duration is not abides. Depending on your needs we therefore often advice to take out contracts with a one year duration. 

The insurance premium: The insurance will calculate the premium and the insurance amount according to the m² of your apartment. The insurance amount will be the maximum payment in case of a claim! You can pay the insurance premium monthly, quarterly, semi-annually or annually. Our recommended method of payment is via direct debit, alternatively you can pay via bank slip (please note that payment via bank slip is only accepted quarterly, semi-an. or annually).

The coverage:

The insurance covers damages to your housing contents which result from the following risks:

  1. Fire
  2. Tap water
  3. Storm
  4. Glass breakage
  5. Burglary
  6. Private liability

Benefit in risks 1 to 4: The insurance replaces the costs for the new purchase or for the repair. There is no reimbursement if the damaged or destroyed items are not replaced.

Benefit in case of burglary: The insurance replaces the time value of stolen or damaged items.

Benefit in case of private liability: The insurance covers damages that you, your spouse or your minor children inflict on a third person. The private liability insurance covers claims for property, injuries and monetary loss (of third persons).

Self-inflicted damage to your own property is not covered by the insurance.

There are number of insurance companies who can provide the insurance cover. Some of them are listed below.

https://www.uniqa.at/versicherung/startseite.html

https://www.wienerstaedtische.at/privatkunden.html

https://www.zurich.at/versicherung

https://www.generali.at/privatkunden/haus-wohnen/