Information about Houshold Insurance in Austria

Versicherungsbüro Schättle was founded in 1970 and provides insurance services to over 17.000 private customers in the greater Vienna and Linz area. Our company is privately owned and acts as licensed Insurance Broker. We are therefore obliged by law to act in the best interest of our clients and provide objective advice as an independent insurance intermediary. As an insurance broker we are remuneration by the insurer via commission so our clients generally do not pay additional fees for services  received.  We  provide  insurance  in  all  lines  of  business (car/property/casualty/health/life etc.) and by all insurers licensed under Austrian law. Additionally we offer continuous supervision of your insurance portfolio and claims management. We operate one customer service office in Linz and three in Vienna. In our Viennese offices we additionally provide in-house vehicle registration.

In the following we would like to give you some basic information regarding household insurance in Austria.

The contract term: The household insurance can start on any day of the year, but can only be terminated once per year. Please note that typically contracts will have a duration of 10 years and a lock-in period of three years. Often contracts include a long term rebate that has to be partially reimbursed if the duration is not abided. Depending on your needs we therefore often advice to take out contracts with a one year duration.

The insurance premium: The insurance will calculate the premium and the insurance amount according to the m² of your apartment. The insurance amount will be the maximum payment in case of a claim! You can pay the insurance premium monthly, quarterly, semi-annually or annually. Our recommended method of payment is via direct debit, alternatively you can pay via bank slip (please note that payment via bank slip is only accepted quaterly, semi-an. or annually).

The coverage:

The insurance covers damages to your housing contents which result from the following risks: 1.) fire 2.) tap water 3.) storm 4.) glass breakage 5.) burglary 6.) private liability

Benefit in risks 1 to 4: The insurance replaces the costs for the new purchase or for the repair. There is no reimbursement if the damaged or destroyed items are not replaced.

Benefit in case of burglary: The insurance replaces the time value of stolen or damaged items.

Benefit in case of private liability: The insurance covers damages that you, your spouse or your minor children inflict on a third person. The private liability insurance covers claims for property, injuries and monetary loss (of third persons).

Self-inflicted damage to your own property is not covered by the insurance.

Your rights of termination:

–  Right of termination for private customers – once a year (after lock-in period)

–  After a claim payment

–  Change of recidence
You can either transfer your existing contract to your new apartment (with adjustments according to changes in location and size) or terminate it 1 day before you register the new address with Meldeamt.

Please note that this information serves only as a basic information and is not a full explanation of the insurance cover or terms and conditions of a household insurance contract.