Insurances - household, liabilty, legal and so on: what and how?

[OxygeN]

Hi all.
Every couple of years I review the situation related to the various insurances and "Krankenkasse" as well. I do this for both my GF and myself. Now...

My GF has 2 teenager kids and is renting an apartment. As of today she's got:

• private liability (up to CHF 5 million)
• household content (up to CHF 74k)
• theft outside (up to CHF 2k)
• smartphones, tablets and consumer electronics (up to CHF 1k)
• luggage (up to CHF 2k)
• cyber insurance (online accounts and credit cards - up to CHF 20k each)
• cyber insurance (data restore, virus removal and IT assistance, only if executed by the insurance company - up to CHF 3k)
• gross negligence (the insurance company waives reductions in service if something is caused by gross neglicence, like leaving a candle burn and it burns down the apartment)
• key loss/service insurance (up to CHF 10k)

Yearly premium: CHF 450.-

The legal protection/expenses insurance looks like this:

• apartment and daily life (up to CHF 300k)
• circulation/traffic and travel (up to CHF 300k)
• health and people (up to CHF 300k)
• work (up to CHF 300k)
• family and partnership (up to CHF 300k)
• legal consultancy (3 hours per year)

Yearly premium: CHF 300.-

Of course we know that everyone might have specific/special needs which results in different insurance "mixtures" - nevertheless, I'd like to ask your impressions and experiences and maybe reasonings about the individual type of insurances, along with pros&cons. What do you think about the premiums? Are these rather on the "high" range?

As an example: as she's not driving any car at all (doesn't need/have one), I would think that the "circulation/traffic and travel" insurance might be removed. Similarly the "legal consultancy" (which makes 10% of the total yearly premium).

Thanks in advance.

 

[Baptiste Wicht]

Hi,

It's a good idea to do that on a regular basis.

Household/PL
It's difficult to compare because not all insurance have the same packages. You can find some significantly cheaper packages on comparis, but they do not appear to have cyber insurance which may be worth it these days.

If all the items from the insurance appear valuable for her, then I find it's a reasonable deal, but she could probably save about a 100 CHF by comparing in details.

Legal insurance
If your girlfriend really never drives, then, it makes sense to change to a package without car legal insurance. You can find some individual ones for around 200 CHF on moneyland comparator (at least for my age, this may vary). If she wants to use household/family insurance, it will be more expensive and she won't be able to save much compared to now (except for Generali and Justis). Other than, it appears to be good.

 

[OxygeN]

Thanks for your reply.
I'll dig deeper in this anyway.
I don't find Comparis (or Moneyland) really useful - at least not in a situation like the one I described above: you can't go into details and the items you can choose for comparison are not all there (like "key insurance", for example). Probably manually picking some insurance companies and ask them for a quote will finally be the (long) way to go

Also, sometimes it can help combining health insurance with other types of insurance to maybe get some discount...

Any other comment is for sure welcome here - even if anybody liked to share his/her insurance situation to compare!
Thanks.

 

[Baptiste Wicht]

I can share our insurances if that helps

Household and Private Liability (Helvetia)

• private liability for the family (up to CHF 5 million)
• household content (up to CHF 82k)
• theft outside (up to CHF 2k)
• windows (up to CHF 2k)
• gross negligence waiver
• door opening service
• home assistance
• 440 CHF
• I should probably shop around (but I have been lazy)

Legal Insurance (Generali)

• For two people
• Cover up t0 1 million CHF
• 395 CHF
• We do not have it anymore, but I am considering purchasing a new one, cheaper

 

[OxygeN]

Looks quite similar to what my GF has - so apparently being in the CHF 700-800 range for household/PL and legal insurance seems to be "normal"...
BTW: she's with AXA, I forgot to mention.

 

[Baptiste Wicht]

Looks quite similar to what my GF has - so apparently being in the CHF 700-800 range for household/PL and legal insurance seems to be "normal"...
BTW: she's with AXA, I forgot to mention.

Yes, that seems to be normal.

To be honest, most people optimize less for these insurances (including me) because we pay them once a year. I pay less for these two insurance for the year than for one month of health insurance

It still makes sense to optimize of course, but on your total budget, these are unlikely to move the needle much.

 

[OxygeN]

It still makes sense to optimize of course, but on your total budget, these are unlikely to move the needle much.

Indeed. We've requested a quote from CSS (where she's got the health insurance) and of course some discount is being applied (as existing customer). Most probably she'll move away from AXA - that's where she had her 3A with life insurance (which we moved over to finpension, losing 41% in 18 months!)... so maybe it's nothing for AXA, but for her it's satisfying to get rid of them

 

[Baptiste Wicht]

It does make sense to move away from a company you do not really trust indeed. And well done for getting rid of your 3a life insurance, this is an important milestone for your long-term finances (even though it sucks in the short-term).

 

[OxygeN]

Thanks!
Next step is the health insurance!