Relocating to Switzerland - Part III Liability and household insurance

Liability and household insurance Blog

 

An accident can happen to anyone. Even if it's only your own vase, bought from the supermarket, that breaks, the world is still fine and there is nothing special to worry about. But what if it's not your own vase, but the antique vase of the recently deceased mother of your host? That could be expensive. We show you how to insure yourself to prevent damage at third parties.

Liability Insurance

Even if the importance of the liability insurance is clear, it is NOT mandatory in Switzerland. Nevertheless, it is extremely advisable to have one. With a liability insurance, you protect yourself against (financial) damage caused by yourself to third parties.

Here are a few examples:

  • You find yourself in your rented apartment and while washing your hands the ceramic bowl of the hand soap falls into the sink and causes a crack in the sink. The sink, which needs to be replaced, belongs to your landlord. Your insurance pays for this damage caused by you.
  • You google for the next restaurant with the Smartphone of your friend. Suddenly it falls off your hands. The screen breaks. With the liability insurance, you won’t be responsible for the repair’s costs, but your insurance will be.

 

Good to know

  • Usually, the liability insurance is covered with 5 million or 10 million CHF.
  • The deductible is usually CHF 200.
  • If you live alone, you will have a single household insurance.
  • If you live with more than one person (e.g. with your family, partner or a roommate) there is a multi-person household insurance.

 

Household contents insurance

With the household contents insurance, your furniture is mainly insured against fire, natural hazards, water and burglary. For example, if your apartment or house (no matter if rented or your own) catches fire, your household contents insurance would cover your financial loss.

The tricky point here is to correctly determine the estimated value of your furniture. This means, that you should consider everything: ski equipment, jewelry & watches, paintings, your furniture, as well as clothes and "bits and pieces". This value must reflect the true and new replacement value (e.g. with a deductible of CHF 500, sum: CHF 60,000).

Furthermore, according to a modular system, additional and useful insurances can be included in the household contents insurance, depending on your personal needs:

 

Theft outside of home

You're on your way and your handbag will be stolen: Any contents and the handbag itself would then be insured, except for cash money. (E.g. deductible of CHF 200 with cover of CHF 2000). 

 

Household comprehensive / Electric comprehensive

If you break your own electrical devices or your own bicycle, the insurance would cover the pair, and, if reparation doesn`t make any sense, even the replacement of this item. In comparison to the liability insurance, where you insure the damage of third parties, the household comprehensive insurance insures the damage of your own belongings. (e.g. deductible of CHF 200 with cover of CHF 1500)

 

Glass breakage

Same as with the household comprehensive, in this case your private glass furniture is insured.

 

Compare household contents and liability insurance and ask for advice

Depending on the insurance company, sum, cover and single or multi-person household, such a combined household insurance with liability can cost between CHF 250 and CHF 800 per year. It is important to determine first and foremost which you need with which deductibles.

It is always important to ask an independent insurance broker for advice to receive the best offer with the lowest costs.


Obrist 

This blog article is a cooperation with Doman O. Obrist.

Doman O. Obrist is an independent insurance broker, helping his clients making the right choice with their insurance. He is specialized in International Local Hires. He is fluent in German and English.

For more information and free consultation services please visit: https://www.obrist-helps.ch

Obrist Helps Consulting GmbH
Seestrasse 42
CH-8802 Kilchberg
+41 (0)44 772 14 44
www.obrist-helps.ch
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