I have a contents insurance for my flat, but I never needed it. I think it's a safe thing, in case of a flood or something the insurance pays for all my damaged goods and I only pay around 30€ ($45) per year. Do you have contents insurance?
In the US, it's called Renter's Insurance. It usually covers your possession while renting an apartment. Even though I sell insurance part time, I don't carry Renter's Insurance.
Is that Renter's Insurance applicable also to people that actually own their flats like me? All the stuff is mine and I've insured it.
No renter's insurance is for people who rent property from another. Your "contents insurance" sounds like typical "homeowner's insurance" is what we call it here. The really difference in types of insurance is does it cover people or property or both. Liability insurance covers you if someone else is hurt on the property (whether you own or not) Casualty insurance covers property (depending on the coverage, like real estate/buildings or the personal property such as contents, furniture, etc) As an aside, most times floods are not covered in the US without a special rider... So the bottom line, is wherever you are, make sure you know what you are buying and have the risks that you want covered, included in your policy or declarations (add ons to the policy) As to you coverage, if it is that inexpensive, no reason not to have it!
Nope. Renter's Insurance is strictly for renters. Homeowners' Insurance is for homeowners. Homeowners who own their own flat, condo, house, etc.
Exactly, I "only" pay around €30 per year, it's not much and I am secured, but I never use that safety, so I am basically throwing money out the window.
