Homeowners insurance is also becoming more expensive

Munich (dpa) – Due to high damage caused by natural hazards and rising construction prices, homeowners insurance is also becoming more expensive, according to data from the online portal Check24. In the coming year, the contributions would increase by around 15 percent, the Munich company announced.

On the one hand, the reason is the immense damage caused by flooding and flash floods in the summer of 2021. The General Association of the Insurance Industry put the insured damage at over EUR 12 billion, of which EUR 9 billion was for buildings, household goods and businesses.

Expensive building materials

In addition, the cost of many building materials has increased rapidly. Insurers calculate their prices essentially based on the amount of damage and repair costs. Accordingly, the General Association of the Insurance Industry (GDV) has now published the new adjustment factor for repair costs.

As a result, the annual contributions for residential buildings will increase by two to three-digit sums according to Check24 calculations. In two model calculations, the company’s experts calculated a price increase of EUR 310 for a 230 square meter apartment building in Duisburg and EUR 36 for a 120 square meter single-family house in Dresden.

© dpa-infocom, dpa:220922-99-856565/3

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