What building insurance do I need?

Without insurance coverage, damage to your home can lead to financial loss. To be on the safe side, you need to take out insurance. But which building insurance policies make sense? And what do they offer?

If you care about your home, you should adjust your insurance coverage when your personal circumstances change, for example, if you move house, move in with your partner, or have a child. This way everything that matters to you and your loved ones is covered financially.

Are adjustments to insurance necessary?

A key question, but one that’s hard for laypeople to answer, is whether the amount insured for their household goods reflects their actual value. Many people underestimate the total value of their furniture and belongings.

When and how often should you adjust your insurance?

You should check your insurance cover regularly. Remember that possessions are generally insured for their replacement value – depending on the insurer and policy. To be really safe, draw up an inventory with your insurance advisor. You’ll then always know what is insured and when changes will need to be made, i.e., when you’ll need to adjust the insurance policy. Most insurers provide questionnaires and other useful resources on their website. Remember, however, that if your property suffers damage shortly after you take out insurance, you won’t normally be entitled to any compensation. This is because many insurance policies include waiting periods so as to prevent fraud and abuse. This rule underlines the importance of regularly checking your insurance coverage and ensuring that all relevant assets are sufficiently covered, to avoid surprises.

Damage to buildings and furniture can be very expensive, costs which you can insure against individually. The following section shows the insurance policies available to meet your needs.

What is building insurance and what does it cover?

Water insurance is recommended for homeowners. This insurance covers damage caused by overflowing water from inside the building, due to defective pipework, for example. Separate glass insurance is often taken out, for example, for windows, glass ceramics, or special or expensive glazing. Sometimes, separate insurance is necessary for the surrounding area. This covers damage to plants and the contents of the garden caused by natural events, such as floods.

Taking out building insurance against damage caused by natural events (fire, water, storms, etc.) is compulsory in most cantons. The exceptions are: Valais, Geneva, Ticino and Appenzell Innerrhoden. For all other types of insurance, it is up to the homeowner to decide whether to arrange additional household or personal liability insurance, etc., and which insurance provider to choose. The scope of insurance and premiums can vary significantly between providers. That’s why it’s important to ask for information and compare different offers.

What is household insurance and what does it cover?

Household insurance protects all your material assets and movable goods against fire, natural disasters, water and burglary. When it comes to jewelry, cash and other objects, there is generally a maximum sum that can be insured, depending on the insurer. In many cases, for example, jewelry worth over CHF 25,000 is not insured at all, or only under certain circumstances – for instance, if the owner keeps the items in a safe at home.

What is personal liability insurance and what does it cover?

In exchange for a small premium, you can take out personal liability insurance to cover claims for personal and property damage. By law, homeowners are liable for accidents on property they own if these are caused by inadequate maintenance, for example, if someone is injured by a falling roof tile. In houses or apartments occupied by the owners themselves (and not used for business purposes), personal liability insurance generally also includes building liability insurance. It’s important to adjust the scope of insurance and insurance benefits to the situation of the house or apartment owner and their family.

There are many other insurance policies that might suit your purposes depending on the situation. Two examples:

Glass insurance

Glass damage is only covered by household insurance if the glass explodes due to a fire in the house. If, for example, a window is broken by a football, then only a glass insurance policy will pay out. Depending on the insurer, this can be combined with household insurance.

Insurance for your building technology

Imagine your heat pump suddenly stops working in winter – not a pleasant thought. The costs would be even more unpleasant because your building insurance policy only pays if the damage was caused by a natural disaster. You’re not covered if the heating system stops working because it wasn’t being operated correctly. In situations like this, an insurance policy to cover building technology makes sense. Solar panels can also be included, depending on the provider. If not, it’s worth considering an additional insurance policy.

Let’s be honest – even the best insurance can’t make up for the loss of a stolen heirloom that belonged to your grandmother. The main benefit of insurance is financial security in the event of damage to property. The best way to decide whether and which building insurance makes sense for you is to ask yourself a few questions in advance: What losses can you settle out of pocket? In what circumstances might you not be willing to pay for the damage yourself? The following rule applies: The more expensive the furnishings or the property, the more one or more additional insurance policies make sense.

Whether you need insurance or not also depends strongly on the level of risk. You’ll need better coverage if you live in an area where there is a greater likelihood of a natural hazard occurring. Ideally, you’ll get expert advice in this situation.

No matter which insurance (if any) you consider, make sure you find out about the exact conditions and coverage of building insurance in your canton. Obtain quotes and compare the scope of services and premiums. An expert can be invaluable here.