The implicit question here is about determining the necessary insurance coverage.

In Germany, having the right insurance coverage is crucial for protecting oneself and one's assets. Here's a guide to some of the key insurance policies that can offer valuable protection.

A private liability insurance is an indispensable safety net, covering property and personal damage in everyday life. With payouts potentially reaching several million euros in the event of a claim, it provides peace of mind for homeowners, dog owners (in several federal states), and individuals in various professions.

Home and property liability insurance is particularly important for homeowners, protecting them from damage claims caused by their property to others. Building insurance, on the other hand, is the most important insurance for property owners, ensuring financial protection for the structure of the property.

Disability insurance (DI) is another essential policy, securing income in case of accident or illness. With the potential value of several hundred thousand euros over a working life, it helps protect earning capacity and provides financial security.

For retirees, accident insurance can be a useful addition, as the risk of accidents with lasting damage increases with age. An inability to work insurance can also be taken out as an additional clause in a building and contents insurance (BU), applying if you are unable to work for at least 6 months at a time, but returning to work is foreseeable.

Hospital supplementary insurance may be an option for those who value treatment by specialists or accommodation in a single or double room. Rent loss insurance ensures financial compensation in case of rent arrears and often also covers property damage.

Germany has mandatory insurances, including a statutory or private health insurance, motor vehicle liability insurance, professional liability insurance, hunting liability insurance for hunters, dog liability insurance for dog owners (in several federal states), and a professional liability insurance for certain professions.

Private pension provision is recommended if you haven't thought about your pension gap yet. Risk life insurance is recommended if you are dependent on your partner or vice versa, for example, after purchasing a property.

For freelancers, it's essential to insure a minimum amount with daily sickness allowance insurance to cover all ongoing expenses even in the event of illness.

Those who book expensive trips well in advance can consider travel cancellation insurance. Mobile phone insurance, glass insurance, bicycle insurance, eyewear insurance, and travel luggage insurance can often be waived if the policyholder can bear a possible financial loss themselves.

Veterinary costs can be protected with health or surgery insurance, or a savings account can be set aside to save for expensive vet bills. Travel health insurance supplements the services of statutory health insurance funds and covers costs like return transport home, which could be expensive privately. It costs around 10-20 € per year for individuals and 30-40 € for families. Some credit cards include it as part of their package.

The cost of occupational disability pension (BU) depends on the contract, and it is more useful the more valuable your work is. Contributions for occupation-related insurances can be claimed as advertising costs by employees and as business expenses by the self-employed. The tax-deductible limits for precautionary expenses are €1,900 for employees and €2,800 for the self-employed.

Employees can top up the statutory maximum of 116.38 € per day in the event of illness with daily sickness allowance insurance. Passenger accident insurance as part of motor vehicle insurance, residual debt insurance for smaller installment loans, and accident insurance are often unnecessary due to their high cost and relative rarity of damages.

In summary, having the right insurance coverage is essential for protecting oneself and one's assets in Germany. From private liability insurance and building insurance to disability insurance and travel health insurance, there are numerous policies available to suit various needs and budgets. It's always a good idea to carefully consider your options and choose the policies that offer the most comprehensive protection for your unique circumstances.