As far as the real estate market is concerned, you can find two basic insurances, namely property insurance and home insurance.
Property insurance includes practically only the bare walls, roof, foundation, garage, etc., i.e. you are insuring the property as such.
On the other hand, home insurance includes all the furnishings, including kitchen units, bathroom tiles and wooden floors. So we’re talking about furniture, electronics, personal belongings… Simply said, anything that could be removed from the property falls under this policy. Everything is of course captured by the specific insurance policy. Property and home insurance are thus two different insurances that are best combined. In practice, the insurance will cost you a few tens of crowns per month.
Insurance is mainly taken out in case your house burns down. In addition to fire, insurance is also useful in case of a natural disaster (e.g. direct lightning strike, flood…).
If you buy a property with mortgage financing, property insurance is one of the conditions. In other words, you won’t even have to worry about whether to insure the property, because you will be obliged to do so.