Home contents insurance for shared apartments

1. Why is home contents insurance important for shared apartments?

A home contents insurance policy usually covers all damage to your home contents (e.g. furniture, decoration or electronic appliances) up to the agreed sum insured. Typical damages that home contents insurance covers include water, fire and theft claims.

This insurance is particularly useful for shared apartments, as it ensures financial security and clear arrangements in the event of any damage. A joint home contents insurance policy for a shared apartment thus covers not only damage to common property, but also the home contents of all occupants.

2. Who should take out home contents insurance in a shared apartment?

There are a few ways to take out home contents insurance in a shared apartment:

A shared home contents insurance for the apartment

In this case, someone living in the shared apartment takes out insurance. All other occupants are entered as co-insured persons. This solution is usually cheaper than individual insurance policies, as all occupants are insured under one policy. Some providers have special offers for home contents insurance for shared apartments. 

Individual home contents insurance per room in a shared apartment

If all occupants prefer to insure their own room, you can also take out an individual insurance policy. However, individual insurance is usually more expensive and often provides less protection for common property.

3. Home contents insurance for rooms in a shared apartment: when is an individual policy worthwhile?

Even if multi-person insurance is usually cheaper, it can be useful in certain cases to take out an individual insurance policy. 

• Each occupant mostly has their own property in their room: all occupants own most of the home contents in their room and only share a few items. 

• Possession of expensive items: do individual occupants own any particularly valuable items? In this case, it may make sense to take out individual insurance with the appropriate cover.

• Frequently changing occupants: where the occupants frequently change, individual insurance saves having to repeatedly adjust a joint policy.

4. Further insurance for a shared apartment: personal liability insurance

Personal liability insurance covers damage you cause to other people or their property. 

You can also take out liability insurance for several people. In most cases, it makes sense to take out home contents and liability insurance with one provider in a combined model. 

Shared personal liability: be cautious of mutual damages 

Are you considering joint liability insurance? Please note that you will not be able to take advantage of the liability insurance benefits if you cause damage to each other within the shared apartment. For example: you break another occupant’s expensive vase.  

5. Changes in occupants: what to keep in mind

For some providers, it’s sufficient to specify the number of people living in the household in the case of multi-person insurance. This means you don’t need to do anything when occupants change. Other providers require the name of all occupants. In that case, you must inform the provider if the occupants change. Only then will the insurance cover also apply to the new member of your household. 

Are you moving out of the shared apartment? You should take out a new home contents and liability insurance policy if you were previously co-insured as part of the multi-person insurance of the shared apartment.

6. Summary: find the right insurance for your shared apartment

The choice of home contents insurance in a shared apartment depends on the individual needs of the occupants. A joint home contents insurance policy usually offers comprehensive protection and is often the most cost-effective solution. Alternatively, you can also take out separate home contents insurance for a room in a shared apartment. This may make sense when owning valuable items or if the occupants often change.

Be sure to regularly check the sum insured and adjust the contract in the event of changes in your apartment. You should also check whether you are co-insured with your parents in order to prevent overinsurance.