After your studies or vocational training, do you have a permanent job and your first salary in the bank? If so, you will be starting to think about your first apartment if you have not already done so. What insurance cover do you need when it’s time to fly the nest?

Leaving home is a big change. Suddenly, you have to stand on your own two feet. This entails more responsibility, the fridge no longer fills by itself and the bathroom doesn’t automatically shine. And it's not just the housekeeping that suddenly needs to be managed: when young adults move to their first home, it’s important that they have adequate insurance.

First own apartment – insurance checklist

What insurance cover is required for a rental apartment? Is it voluntary or compulsory? To help you avoid an unpleasant financial surprise if you incur a loss event, we provide an overview of the two most important insurance cover types for tenants below:

Household contents insurance

  • What is household contents insurance?

Household contents insurance covers losses to possessions in the home. This includes, for example, furniture, electrical appliances or clothing.

  • Is household contents insurance compulsory?

No. Household contents insurance is not compulsory in Switzerland, but is highly recommended.

  • What does household contents insurance cover?

Household contents insurance covers losses to own household contents, provided these were caused by fire, water or burglary.

  • What is the retention for household contents insurance?

The retention is the amount you have to pay in the event of a loss. This amount varies. Depending on which insurance you opt for, it can be between CHF 200 and CHF 500.

  • What does "simple theft outside the home" mean?

"Simple theft outside the home" is a supplement to household contents insurance. If you have this cover, you are not only protected within your own four walls, but also when your property is stolen away from home.

For example, if your bike is stolen, you can make a claim for the replacement value. Lost and misplaced items are excluded.

  • How much is household contents insurance?

The cost of household contents insurance depends on many different factors. This includes the value of your household contents, the size of your apartment or the standard of your furnishings. Household contents insurance costs between CHF 150 and 300 per year on average.

Personal liability insurance

  • What is personal liability insurance?

Personal liability insurance covers losses caused by you to other persons or objects.

  • Is personal liability insurance compulsory?

No. In Switzerland, liability insurance is not compulsory. However, it is highly recommended, just like household contents insurance. That is because you are liable if you do harm to someone, whether intentionally or not.

  • What does personal liability insurance cover?

Damage caused by the tenant covered by personal liability insurance includes, for example, damaged washbasins or windows, and even stains on carpeted floors. However, you are also covered by personal liability insurance if there is damage outside the rental apartment. Examples: you damage your colleague's glasses or scratch a parked car with your bike.

  • What is the retention for personal liability insurance?

As a rule, a CHF 200 retention is applied for personal liability insurance.

  • How much is personal liability insurance?

Liability insurance can be taken out at under CHF 100 for individuals: a small price to pay for a high insured sum in the event of a loss.

Image source: iStock, StockRocket

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