Household insurance is one of the most frequently sold insurance products in Austria. Around nine out of ten tenants, apartment owners, and home owners have already concluded a household insurance policy. Due the heterogeneity of the risks to be insured against, it is a relatively complicated product that may have a widely varying scope of cover. Depending on what it includes, insurance cover offered financial protection against damage arising from fires, storm damage, water pipes, burglary and broken glass, to name but a few of the most important areas. Most insurance policies also include an additional private liability insurance. The amount of the premium therefore varies very significantly, depending on the scope of coverage. It is therefore worthwhile for consumers to consider very carefully about the insurance package that they actually require, as well as the rights and obligations that are included in the insurance policy.
There are also tips for existing household insurance holders
In the latest edition of its consumer information series “Let’s talk about money” the FMA therefore focuses on household insurance. Nowadays, there are already a large number of comparison portals, that provide a professional comparison of the scope of coverage and the premium amounts, so the FMA publication in particular focuses on what the consumer should also review from time-to-time in the case of their already having a household insurance policy: how do avoid being under-insured? Is replacement value actually guaranteed? What impact does high inflation have on insurance premiums and coverage level? As with every edition of this publication, we actively avoid using legalese and jargon, and explain the facts in clear, simple and non-technical language.
The publication is available on the FMA website at:
https://redenwiruebergeld.fma.gv.at/en/household-insurance/
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 0 676 88249516
+43 (0)1 249 59 – 6006