Many Swiss are not adequately covered by household insurance
Many Swiss think that they are sufficiently covered by household insurance. But they are actually underinsured and thus exposed to a considerable financial risk in the event of an insured event.
No adjustments to home contents insurance in recent years
As far as their household effects are concerned, the Swiss seem to be a very risk-taker. After all, around two thirds of the Swiss have not made any adjustments to their home insurance in the last five years. Since experience has shown that many new items are purchased within such a long period of time and that there is a significantly higher value in the household, the lack of adjustment in the insurance means a high risk.
Those affected are underinsured, which can have serious financial consequences. In the event of damage, they will not get everything replaced and have to accept significant reductions in the actual value of their household effects.
Surveys by various comparison portals have shown that around two thirds of Swiss policyholders have insufficient insurance. There is always underinsurance if the agreed sum from the insurance is lower than the actual value of the respective items. If damage occurs to the entire household (for example due to fire or a burst water pipe), only part of the necessary sum will be reimbursed. This in turn means that the difference to the actual value has to be borne by yourself.
Satisfaction with home insurance has increased
According to the surveys, the Swiss are quite satisfied with their home insurance. They give a grade of 5.2, with the German-speaking Swiss being even more satisfied and giving higher grades. At the same time, however, it is also the German-speaking Swiss who are the least likely to adjust their home contents insurance; almost 70 percent of them missed adapting their home contents insurance to the values actually found in the household in the past year.
At the same time it is noticeable that the Swiss are not changeless. You don't want to be insured with one insurance company one year and with your competition the next year. Rather, value is placed on continuous cooperation and long-term partnerships. At least, as long as the price is right, because increases in home insurance premiums are not only viewed critically, but also punished with terminations.
The Swiss are so satisfied with their home insurance that they say they would recommend it to others. The lack of adjustment of the insurance level in home insurance is mainly due to the fact that most people simply forget that such an insurance also requires a minimum amount of attention. And if it is only the insurance comparison that provides information as to whether other providers offer cheaper insurance, with which the insurance cover is still given in the desired amount.
Conclusion: underinsurance can be expensive? Adjustments necessary!
Unfortunately, it is still the case that a large proportion of the Swiss are underinsured in household insurance. Because despite the recommendations to carry out an annual check of the values of a household and to adjust the contents insurance accordingly, many citizens continue to have an insurance taken out in this form. New furnishings and valuables are purchased, but they are not insured.
However, if the sum insured is too low, it means that there is a risk of high financial damage in the event of damage. If a defective water pipe floods the apartment, home contents insurance can only compensate for the damage that is also insured. However, if an expensive piano, several paintings and other things that significantly increase the value of the facility have been purchased since the contract was signed, you may be underinsured. The result: The insured person is left with part of the damage.
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