Setting up your personal insurance may seem like a daunting task, but with Luxembourg’s national healthcare system (CNS) already covering up to 80% of medical expenses with small exceptions, there are only a few extra boxes to tick. Strictly speaking, car insurance is the only obligatory type of insurance. But as Filipe Carneiro, head of distribution at insurance company Bâloise puts it, “If you rent a house or a flat, in most cases [as a tenant] you have to get insured.” While this does not constitute a legal obligation, tenants quickly accept that as the law of the land and reap the benefits of having a peace of mind.

A common misconception, according to Carneiro, is that tenants assume they have far fewer household items to insure and therefore choose a smaller package. In Luxembourg, a more extensive contract covers, for example, electronics like a smartphone or TV. But it also includes personal liability, meaning that if an insured person causes damage to another person’s property, they can benefit from their insurance rather than paying out of pocket.

To best benefit from your insurance, Carneiro suggests directly contacting your insurer and asking for advice from an agent. Another option is contacting an insurance broker who--unlike an agent--works with multiple companies and can suggest the most appropriate insurance company based on individual needs.