1. Builder's Liability Insurance
It is the most important insurance, regardless of whether you want to build or renovate a house. Because, as a building owner, you are responsible for what happens on the construction site. And that can be expensive without the builder's liability: Imagine a falling brick damages an expensive car or injures a passerby who is then unable to work.
Good public liability insurance (PHV), such as the Finanztip recommendations: Friday (Relax), public liability insurance (Simply Better) and Degenia (T23-Optimum), usually cover this risk up to certain amounts. An insured sum of at least 3 million euros is also recommended. So check your PHV before starting construction. Also, check up to what construction costs you are insured and whether new build projects are also insured. If not, adjust your contract or take out additional insurance.
Important: Always tell the insurance company about your construction work and do not hide the fact that some of the work is done yourself. This makes insurance more expensive, but it is the only way to insure damage.
2. Fire insurance
You can see how important this insurance is by the fact that some banks will not give you a construction loan. Fire insurance pays in the event of a fire on the construction site. Damage to construction materials caused by smoke or firefighting work is also insured.
The best part: You can usually get this insurance for free by taking out residential construction insurance (WGV) with this module before construction begins. You don't need it until you move in, but it's free during the construction phase, just your fire protection is already active. You can read how to find a cheap WGV and what it should cover in this Finanztip guide to home construction insurance.
3. Construction insurance
This covers other unforeseeable damage, e.g. B. due to storms, vandalism or material defects. You can also take out insurance with a WGV, but it costs something. The amount depends on your construction costs. For example, for 250,000 euros you can expect a single payment of 220 to 290 euros.
Since you purchase the insurance before construction begins, you can only estimate construction costs. Better to aim a little higher here. If it is cheaper, you will recover part of the contribution. However, if it becomes more expensive, you should immediately inform the insurer. Otherwise, you could cut benefits if something happens.
Everything in the package can be worth it.
Also consider whether it is possible to organize everything together with a single supplier. Sometimes you get a discount. It is also more convenient because you only have to contact an insurer if there are changes, for example in construction costs.