What is the insured sum in household contents insurance?
The insured sum is the maximum amount our household contents insurance policy will pay out in the event of a claim. It should represent the total value of all your belongings, such as clothes, furniture, electronics, and kitchen items. Consider how much it would cost to replace all your possessions if they were lost due to an incident like a fire.
How is the insured sum calculated?
We calculate the insured sum by recommending a base amount of €650 per square metre of your apartment size, which is a common standard used by many German insurance providers. This amount can be adjusted to better reflect the total value of your belongings.
How can I calculate the value of my belongings for the insured sum?
To calculate the value of your belongings, create a detailed inventory listing all possessions. Use receipts whenever possible to estimate the replacement cost accurately. Keeping this inventory and your receipts stored safely helps support reimbursement claims if needed.
Why is it important to estimate my belongings' value accurately?
Estimating your belongings' value accurately helps prevent being underinsured, where the compensation might not cover the full replacement cost, or overinsured, which can cause you to pay unnecessarily high monthly premiums. Careful calculation ensures that your coverage matches your actual needs.
What should I do if I want to adjust the insured sum?
You can increase or decrease the insured sum to better align with your inventory's estimated value. Adjusting the insured sum helps customize your policy coverage to your individual household contents' worth.
You will need to cancel and repurchase a policy in order to adjust the insured sum.