Voluntary Insurance

While some insurance policies are obligatory, there are more that you can opt for. Understand what systems are in place for you...

Two of the most important and worthwhile voluntary insurances are private public liability insurance and household effects insurance.

Private public liability insurance

Public liability insurance covers claims brought against a person for any damage or injury that may be caused by a person (or their pets) to other persons. It also covers damage to rented apartments. Such insurance costs between CHF 100 and CHF 150 per year for a maximum cover of CHF 5 million and can usually be combined with a household effects policy.

Household effects insurance

The household effects insurance covers losses through burglary and theft and damage to a person's property by fire, water and other external influences. It is important when applying for the insurance to enter the correct value of household effects and from time to time to re-estimate their value and update the insurance policy. Failure to do this may lead to significant losses if the person is underinsured as the insurer reduces the payment by the percentage by which a person is underinsured.

For example: if the contents of a household are insured for CHF 300,000 but their actual value is CHF 360,000.00 (a 20 percent difference) and everything is lost due to a fire, the insurer will subtract 20 percent from the insurance payment, meaning the insured will only receive CHF 240.000 instead of 300.000.

Comparing Insurances Policies

The scope of benefits and the premiums vary dramatically from one insurance company to another, including health insurers. Insurance premiums and costs can be compared on the website comparis.ch.

Information supplied by the Office for Economy and Labour Department of Economics of the Canton of Zürich Walchestrasse 19, 8090 Zürich, Switzerland