Insurance in Finland: What you really need to know

Insurance in Finland plays a crucial role in covering a peace of mind, covering everything from health and property to vehicles and travel. But given the comprehensive social welfare system in Finland, some insurance, like basic health coverage, is provided through the state. But, additional private insurance can be highly beneficial. Here’s a brief guide on the types of insurance you might consider in Finland, which ones are necessary, and how to acquire them. 

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Camilla Bloom camillabloom.com

Getting settled, Life in Helsinki, Live & Work, Plan your move, Practical information, Quick guide

Created

25 Jan 2025

| 2 min read

What types of insurances should you get?

Health Insurance 

While all permanent residents benefit from the public healthcare system funded by taxation, private health insurance can offer quicker access to specialists, more treatment options, and private hospital care. 

Home Insurance

If you’re renting a home, this insurance  is often mandatory in the lease agreement, and most definitely recommendable for a home owner too. Home insurance policies in Finland typically cover fire, water damage, burglary, and other home-related incidents. For renters, it’s important to note that while the building itself is insured by the property owner, personal belongings and liability should be covered by the renter’s own insurance. 

Car Insurance

If you own a car in Finland, having at least third-party liability insurance is mandatory. This covers damages or injuries caused to others by your vehicle or even the ones you might accidentally cause for others. Comprehensive car insurance, covering damages to your own vehicle, is optional but strongly recommended. 

Travel insurance

For travel outside of Finland, especially outside the EU where Finnish social security doesn’t cover health expenses, travel insurance is advisable. It can cover unexpected travel-related costs like medical emergencies, trip cancellations, and lost luggage. Sometimes your home insurance might also cover lost luggage if you’re at a necessary distance. 

How to get insurance in Finland? 

1. Choose a provider. Finland has several reputable insurance companies, such as If, Pohjola, POP Vakuutus, Fennia, Turva and LähiTapiola. These companies offer a range of insurance products and packages tailored to different needs and risks.
   
2. Assess your needs Before purchasing insurance, assess your specific needs. Consider factors like the value of your personal belongings, the type of accommodation you live in, and your, your children’s or your pets health conditions. Consulting with an insurance advisor could be beneficial but not mandatory.
3. Start the process. Once you’ve chosen an insurance provider and a policy that suits your needs, you can usually apply one online. You will need to provide personal details and possibly undergo a risk assessment.  Documentation such as a Finnish ID or a residence permit might be required, and usually all insurance companies require strong identification through your Finnish bank of choice.
4. Review and renew. Keep your insurance policies under regular review as your circumstances change, such as moving house, buying a new car, or changes in family status. Usually you have an option to cover your bill either monthly, in quarters or even yearly. Remember to renew your policies as needed to ensure continuous coverage. 

Now you know

While Finland’s social security system provides a strong safety net, additional private insurance can offer further protection and faster services in many areas. Evaluating your specific needs and exploring various insurance options can significantly enhance your security and quality of life in Finland.