Five tips on how to save on contents and personal liability insurance


  1. How to save on your insurance
  2. Change insurance
  3. Check coverage – underinsurance and overinsurance
  4. Damage – what to do?
  5. Fulfil obligations

 

How to save on your insurance

Optional insurance
Personal liability insurance covers damage you cause to others. It is optional. In most cantons, this also applies to contents insurance. Only in the cantons of Fribourg, Glarus, Jura, Nidwalden and Vaud is insurance compulsory. However, it is highly recommended to take out contents and personal liability insurance. Otherwise neither your household items are covered nor are you protected from liability claims coming from third parties.

Premium optimisation
With the right selection of supplements you can optimise the premiums of your contents insurance. For personal liability insurance you have the option to select different guaranteed amounts. This can affect your premium considerably, depending on the provider. It therefore pays off to consider whether a lower guaranteed amount of CHF 5 million might be enough.

Select the right supplements
The leaner your insurance is, the cheaper the premiums turn out. This is why you should find out exactly which supplements you really need. Supplementary modules can be the inclusion of valuables, simple theft outside the house or insurance for damage due to natural hazards. It is not only recommended to compare between insurance companies, but also between the different premiums of the same insurance company.

Change insurance

Benefit from cheaper premiums
Only if you are willing to take out a new insurance can you benefit from new and cheaper premiums. If not cancelled, the contract is automatically renewed for another year. On comparis.ch, you can set up a free cancellation reminder. comparis.ch will send you an e-mail to remind you in time to cancel your contents and personal liability insurance.

The payment method and the contract duration can also influence the premium amount. It is advisable to pay annually, as a monthly payment is usually 5 percent more expensive.

Contracts over several years can be profitable, as a reduction is often granted. The disadvantage is the fact that a change of insurance is only possible after the expiry of the agreed contract duration.

Keep to the cancellation deadline
Usually the period of notice is three months. Cancelling within a shorter period is only possible in case of a premium increase or a claim. Use the template for your cancellation letter.

Flexibility due to short durations
Conclude only one-year contracts or negotiate for an annual right to cancel the agreement. This is the only way to benefit from new, cheaper prices.

Check insurance coverage

Underinsurance & overinsurance
The best option for you is if the value of the household effects (including items belonging to guests as well as leased and rented items and items in your care) corresponds to the insured amount. It is therefore recommended to double-check the insured amount from time to time and also to allow for new purchases. If the insurance company discovers so-called underinsurance in case of a large claim, this can have unpleasant consequences. Generally the insurance company cuts the benefits proportionally to the extent of underinsurance. On the other hand, if you insure an amount that is too high, you pay unnecessarily high premiums.

Damage – what to do?

Report the damage immediately
You should report a damage case to your insurance company immediately. This way, you can avoid problems afterwards. Problems may occur especially if you have a major damage repaired without reporting it first. Sometimes insurance companies want to assess the damage by an expert before deciding on the further proceedings. Visual account of the damage – such as pictures – is always helpful.

Fulfil obligations

Pay your premiums on time
If you do not pay your premiums or fail to pay them on time, you risk reminder fees and plenty of trouble. The insurance company can also cancel the coverage after the payment deadline. This means: you have to pay yourself in case of damage. If you do not react to the reminder, you also risk the insurance company cancelling the policy – which causes both costs and trouble.