DEVK Enhances Homeowner Insurance with Improved Risk Assessment
German insurer DEVK Versicherungen has revamped its homeowner insurance policies, offering enhanced benefits for damage claims and more precise risk assessments since April.
DEVK Versicherungen, a Cologne-based German insurer, has comprehensively updated its insurance offerings for residential buildings. Effective April, the company now provides property owners with improved coverage in case of damages. The revision also aims for more accurate risk assessments, positioning DEVK as a competitive market player.
The evolving landscape, marked by extreme weather events and rising construction costs, necessitates more robust insurance protection for homes. DEVK's revised policy aims to provide greater security when it matters most, addressing growing concerns over property vulnerability.
The company is pioneering new methods in assessing risks related to natural hazards. By integrating the standard zoning system from the German Insurance Association with additional data sources, DEVK can achieve a more precise risk evaluation. "With the help of AI simulations for heavy rainfall events, we can offer homeowner insurance, including elemental damage coverage, at many locations significantly cheaper than before," stated Alexander Erpenbach, head of property and casualty operations at DEVK.
The updated policy includes enhanced coverage for damages from flooding on balconies, loggias, and roof terraces, offering up to €10,000. Nuisance damage from rain, snow, and meltwater, as well as damage from leaky maintenance joints, are also covered. Furthermore, DEVK will cover additional costs for modernizing properties with more environmentally friendly and energy-efficient solutions post-damage.
The new homeowner insurance is available in three tiers: Basic, Comfort, and Premium. The Premium tier offers the most extensive benefits, including hotel costs for up to one year if the home becomes uninhabitable due to damage. This can amount to substantial sums for families. The Premium coverage also includes costs for psychological support, energy and security consultation, and preventative measures. New additions to the Premium tier include coverage for garden features like ponds, pools, outdoor kitchens, and built-in grills, as well as garden plantings and decorative walls. Protection against vandalism and graffiti is also included, with coverage up to €100,000 for malicious damage following a burglary.