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Insurance in Germany

Insurance in Germany Would you like to know more about insurance in Germany? Then, we invite you to read the information here, and also refresh some basic concepts about insurance. Also, as in other countries, there are different kinds of insurances in Germany, so let's check some of them below.

We can begin talking about basic concepts and asking What is insurance? well, it is a contract in which two parts are involved. One, is the insurance company and the other is the insured (person who pay for the insurance). By a payment from the insured to the insurance company, the company must, according to law, compensate or pay an amount of money to the insured as long as the points in the insurance contract can be fulfilled. The insurance contract can be acquired for anything unless the law says otherwise.

The future insured must have some things in mind before contracting insurance, for example a lot of people just don’t read the contract, so be sure to read the contract really carefully and examine the part you think have a floating point. Of course be sure that the contract says what the insurance company is offering you. Always be careful and read with accuracy all you sign.

Here, we are going to explain some types of insurances:

Home Insurance

There are two kinds of home insurance: household insurance, called “Hausratversicherung” and contents insurance. The first applies to the building itself, while the other to the contents in the building. Remember always that the price of one would not be the same as the other, and another thing is that you might buy them as a package, but we recommend you to buy them separately, because this way you would know its real price.

The insurance against flood, fire, etc is generally a responsibility of the owner of the property, not of the renter. On the other hand, the renters can take out the content insurance to cover their belongings in case of theft, fire, etc.

Health Insurance or “Krankenversicherung"

Matter of fact, as in other countries, this is one of the most common and important insurances in Germany.

More than the 80% of the population is covered by a basic health insurance in Germany, and the other part of the population is covered by the private one. Indeed, in Germany, the health insurance is compulsory under statute for university students, farmers and their family members, workers (from whom earnings before taxes doesn’t exceed a certain amount), etc. 

If you have the EHIC (European Health Insurance Card) and plan to stay more than one year in Germany, and obtain a long term residence, it will be necessary that your health insurance provider be from Germany. Also, if you get a job in this country, your contract would cover your insurance automatically. 

Other kinds of insurances:

Life Insurance

It is generally acquired by someone who wants to protect his/her family in case of death. It generally covers the life of the person who provides more money in the house in order to benefit the family when it is left alone.

Car Insurance

There is a variety of car insurance programs that cover you from car accidents, medical conditions and physical damage. Depending on the coverage plan you chose you can get all benefits, or just a part of them.

Travel Insurance

It provides you with safety when traveling, imagine that you go for a trip overseas and you get sick or robbed, this is the time when travel insurance is important, because it covers all kinds of eventualities that may take place during your trip, if you get sick you can get medical attention, if you get robbed you can get a money refund.



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