What is building insurance
A building insurance serves to protect against the financial consequences of property damage to the building. Natural events such as flooding, hail, high water, storms, etc. as well as fire are uncontrollable and a concrete risk, which can be covered by the building insurance.
What is insured in it?
A building insurance policy covers basic risks such as fire and natural hazards.
These include: Lightning strikes, floods, high water, hail, storms, snow pressure, rock fall, landslide, rock fall and fire damage.
However, by means of all-round cover or comprehensive cover, it is also possible to insure general damage that is not only caused by natural events.
Unlike a homeowner‘s policy, where all “movable objects” are insured, here the building itself is insured, as well as any “objects” permanently attached to the building, such as a kitchen, built-in cupboards, etc.
Building liability insurance and building property insurance
Building insurance usually means property insurance, which covers the financial consequences of property damage. In addition to this, however, you can also take out building liabilityinsurance. This coverage insures financial consequences of personal injury or property damage caused by the building to third persons or objects. For example, if a brick falls and damages a visitor’s car, the owner of the building will be liable for damages – you are therefore liable for liability damages as the owner of a property and would have to pay for such situations yourself for damage coverage. This is what this building liability coverage is for. In addition, you enjoy the protection of a passive legal protection insurance for the defense of unjustified claims for damages.
Is the building liability insurance mandatory
Building liability insurance is not mandatory, but highly recommended. There are situations in which this benefit is already included in the personal liability insurance is covered, especially if:
– your property is not used for commercial purposes,
– you live in your single-family home yourself,
– if your property has no more than 3 apartments and you have min. you live in one of them yourself.
In all other situations, claims for damages would not be covered by personal liability insurance and would have to be covered accordingly by building liability insurance.
Cantonal building insurance Switzerland and GUSTAVO cantons
The building insurance is offered by cantonal as well as private insurers. In the GUSTAVO cantons you can purchase this coverage through private insurers. The meant cantons are: Geneva, Uri, Schwyz, Ticino, Appenzell Innerrhoden, Valais and Obwalden. In all other cases, the contract must be concluded through the cantonal building insurance company in the corresponding canton.
The difference between cantonal insurance and private insurance
Only the benefits or the insured risks (fire and natural hazards) are the same.
Additional coverages, such as glass breakage, or water pipe breakage, or comprehensive insurance are, if desired, to be taken out through a private building insurance in addition, also in the cantons where the cantonal building insurance is to be taken out.
In addition, you have the advantage that in the GUSTAVO cantons, where you can arrange the insurance with private insurers, you have more offers to compare and may get a cheaper premium.
What does building insurance cost in Switzerland
The premium depends in particular on the value to be insured as well as on the chosen deductible, the location and the canton (as certain risks are greater in certain cantons than in others).
On average, such policies cost between 300-1000 CHF.
It is most worthwhile to take out a combined package of building property insuranceand building liability. Some also offer a total insurance in combination with household and personal liability. If you want to insure special additions, you can also include this here. There are many expansion options such as building comprehensive, all-around coverage, inclusion of technical equipment, etc. If you have everything with the same company, there is usually a better combined discount.
In any case, it makes sense in GUSTAVO cantons, where the insurance may be concluded with private providers, to compare accordingly.
Here you can request quotes online. We will make you a comparison and send you the best offers.