Insuring your home - which ones do you need and what do they cover?

Insurance is a bit boring, so below we've outlined what each one covers so you can find out what you need. 

Home insurance 

If you've bought a shared or condominium, your insurance needs are covered with contents insurance. This is because contents insurance covers anything that would fall out of the flat/house if you could pick it up and turn it upside down. 
If you have particularly valuable items such as furniture, expensive jewellery, musical instruments, professional photographic equipment, racing bikes or other items, you may need to insure these items particularly well. 

Damage to the property itself will usually be covered by the co-operative or owners' association's business insurance for the whole property. Damage caused by pests, rot, fire, storms, etc. will be covered by the condominium or homeowners' association's commercial insurance for the whole property.
House insurance

If you have bought a house, you should have house insurance to cover damage such as fire, water damage, storm damage, glass and casing breakage, fungus, insect and rot damage, etc. 

Different insurers' house insurance packages include different things, and what's right for you depends on your temperament, lifestyle and family circumstances, and of course the type of house and its age - and of course: the price.
Insurance will often be compulsory for house buyers, as house insurance is compulsory for homeowners with a mortgage on the property.

Change of ownership insurance

Property replacement insurance is primarily relevant for house purchases, as it mainly covers issues not mentioned in the electrical installation and condition report, which is not prepared for condominiums. It is optional for the buyer to take out property replacement insurance, but it can often be a good idea. 

The owner's replacement insurance can cover if it turns out that there are damages, defects and deficiencies in the house that are not mentioned in the condition report or in the electrical installation report. However, homeowner's insurance is not a 100% guarantee of coverage and there are often some caveats in the coverage. The cover applies to hidden damage and defects that were present when the property was taken over, with new damage occurring after the date of takeover being covered under the general house insurance.

You should be aware that it is usually only the building itself that is covered. For example, if there is contamination in the ground, this will not normally be covered by basic homeowner's insurance. Extended cover may include soil contamination up to a certain limit, but you should check this with the insurer.