House insurance status under scrutiny: 68 insurance policies deemed 'inadequate' in a recent assessment. - Are your home's insurance policies up to par?
In a recent review, Consumer Reports has raised concerns about several homeowners insurance policies in Germany, advising homeowners to be cautious when choosing their insurance coverage.
The test results showed that 68 out of the 196 policies analysed received a "deficient" rating. Notable providers such as Allianz, Arag, DEVK, Hanse Merkur, Nürnberger, and WWK were among those affected. These policies, often named "Basic", "Standard", or "Classic", may not provide full coverage in cases of gross negligence.
Gross negligence examples include failing to drain outdoor water lines before winter, not retracting awnings during storms, not turning off main water taps in unoccupied houses, and leaving houses with candles still burning. In such cases, insurers with deficient policies may reduce coverage or refuse to pay out entirely.
Consumer Reports recommends a high deductible to keep costs reasonable for homeowners insurance. For instance, a 2000 Euro deductible can make the policy almost half as cheap. However, they advise against using homeowners insurance for minor things.
Interestingly, only half of homeowners are currently insured against natural hazards such as floods or landslides. This highlights the importance of comprehensive homeowners insurance in protecting against unforeseen events.
The Association of Insurers (GDV) views the test results as showing a wide range of tariff offers, which they argue is an advantage for some consumers. They maintain that the variety of options allows consumers to find policies that best suit their needs and budget.
However, Consumer Reports advises homeowners to carefully check their existing contract for the clause on "waiver of the defense of gross negligence". If this clause is present, switching contracts may be necessary to ensure full coverage.
In the current consumer report review in Germany, specific insurers are not named for offering "very good" or "good" rated homeowners insurance alongside criticized policies. Therefore, no explicit insurer list is available from the search results.
Despite the concerns raised, it's important to note that the Foundation Test is not explicitly mentioned in the context of the discussed topic. This suggests that the test results are not limited to homeowners insurance provided by the Foundation Test, but may include policies from various providers.
In conclusion, homeowners in Germany should exercise caution when choosing their homeowners insurance, especially when it comes to coverage in cases of gross negligence. It's crucial to read the fine print and consider the potential costs and benefits before making a decision.
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