Protect against risks: Why liability insurance is also essential for private households

Protect against risks: Why liability insurance is also essential for private households

According to a report by www.sueddeutsche.de When liability insurance is claimed, it is often about comparatively minor claims such as a damaged cell phone or red wine stains on the carpet. However, damage can also run into the millions, as shown by an incident in Erfurt in which children set a supermarket on fire through an experiment with burning tissues, which resulted in millions in damages. However, the children's parents did not have to pay for the damage because they had liability insurance and the insurance paid.

Such a drastic case as the supermarket fire in Erfurt shows that the costs of liability insurance should not be underestimated. Insurers have to react to this and adjust their tariffs in order to be able to cover such high claims, which in turn can affect the premiums for the insured. In addition, the insurance industry will pay more attention to which policies make sense for which customer groups and adapt their offers accordingly in order to protect themselves from financial risks.

Overall, liability insurance, particularly for parents and families, will likely become more expensive to cover such extreme claims. At the same time, insurance companies will rethink their risk assessment and policy strategy in order to protect themselves from such claims worth millions. This could lead to a shift in the insurance market, with liability insurance offerings and prices changing.