Risk check: What insurance do you need?

Risk check: What insurance do you need?

An expert will clarify which insurance policies are really necessary. German households spent an average of 1,596 euros on insurance in 2022. Health insurance is mandatory by law or privately in Germany, as is motor vehicle liability insurance. The decision to take out additional insurance depends on individual risks. Dr. Peter Grieble from the Baden-Württemberg consumer center recommends asking yourself which financial risks would be most serious.

Biometric risks, such as illness, accidents or need for care, are essential insurance policies. As must-haves, Dr. Grieble has private liability insurance and occupational disability insurance. The latter is particularly essential for young employees, as loss of income in the event of occupational disability can have serious financial consequences.

Child disability insurance is advisable for parents, as serious illnesses or accidents in the child can have a severe impact on the family income. In the event of the death of the main earner in a family, term life insurance is recommended. Nevertheless, some insurance policies, such as glass breakage insurance or smartphone insurance, are rather dispensable due to their low financial impact.

Additional useful insurances include residential building insurance for homeowners, natural hazard insurance against floods, household contents insurance and fully comprehensive insurance for expensive vehicles. Dr. Grieble emphasizes the importance of prioritizing and substitution when selecting insurance to meet individual risk levels.