Coverage Amount
The coverage amount is the maximum sum an insurance company will pay in case of a claim. It limits the insurer payment and should match the potential damage.
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Detailed Explanation
The coverage amount (also: sum insured) limits the insurer's payment. It should correspond to the potential damage.
Important areas: - Car liability: At least 7.5 million EUR (legally required) - Personal liability: Recommended 10-50 million EUR - Household contents insurance: Value of household items - Disability insurance: Monthly pension
Avoiding underinsurance: - Regular review of amounts - Consider value increases - Agree on underinsurance waiver
Overinsurance: With property insurance, only the replacement value is reimbursed - a higher insurance sum provides no advantage.
Practical Example
Personal liability insurance with 20 million EUR coverage pays a maximum of this amount if you, for example, accidentally cause a fire with high property damage.
Legal Basis
§1 PflVG, §74 VVG