Sometime accidents – big or small – happen and nothing and no one is protected from them, not our assets nor ourselves.

Insurance is one way of protecting yourself in face of such unexpected events.

  • Home insurance gives you peace of mind that your home will be restored in case of an accident.
  • Life insurance cannot give back your health or life but will help alleviate the financial burden following an accident.
  • Insuring a loan provides security that you will always be able to make your loan payments on time during the whole loan period.

Home insurance gives you peace of mind that in case of an accident your home will be restored, your property at home will be compensated and the accidental damage caused to third persons, e.g. neighbours will also be covered.

Thus, home insurance consists of three main parts:

  • Building insurance protecting an apartment or a house as a box with its essential parts (walls, floors, ceilings)
  • Home property insurance protecting your assets (furniture, technology, sports equipment, etc.) inside and outside of your home
  • Liability insurance protecting you from damage caused to third parties

More on home insurance

Why pay for home insurance that doesn’t fully cover fire damages?

When buying a home on a loan, it usually comes with an insurance obligation.

Home insurance covers damage caused by for example fire, hale and wind, thunderstorms and power fluctuations, pipe leaks and flooding as well as damage to home property in case of burglary and destruction.

Insurance will not help you when the damage is a result of long-term processes (rotting, rusting), moulding or dry rot, insects or pests, faulty construction or renovation works (incl. defective construction materials). Exact conditions differ across insurance providers which is why you should consider all possible scenarios.

If you are not obligated to insure your home, you still might want to consider whether you have a financial buffer for restoring your home in unforeseen circumstances, buying new home property or compensating damages to your neighbours.

Use the home insurance calculator to determine your monthly home insurance payment.