|General Information about Austria|
|Area||83,855 km² / 32,377 sq mi|
|State Treaty||Second Republic since 1945|
|GDP per capita||$ 44,000|
The Public Insurance system in Austria is divided into three branches: healthcare (also called public health insurance), public accident insurance, and public pension insurance. The Austrian Public Insurance System is compulsory for everybody working and living in Austria.
An inability to work insurance pays an agreed monthly pension upon inability to work. It is designed to replace part of your lost earnings due to illness or disability and will therefore take care of you and your family in case of an interruption in your ability to work.
Flat insurance is necessary to indemnify you for loss of, or damage to your possessions. Included are all belongings contained in your home, such as furniture, clothing, collectibles, sports equipment, valuables and personal computers. Fixtures and fittings attached to the building need to be insured by the owner of the house, either the landlord or by yourself.
The coverage includes the risks of fire, burglary, storm damage, breakage of window panes, water damage, and vandalism. Some policies also include limited cover for damage caused by electrical surges.
Please note: Private liability insurance is generally included in flat insurances and homeowner insurances.
The most important and yet the least expensive insurance cover is third-party private liability insurance. This essential insurance is intended to give you more than just peace of mind, and it is strongly recommended. It will provide cover for you or any insured member of your family in the event that you commit an act for which an Austrian court would consider you ordinarily negligent.
The Austrian legal system is probably radically different from the traditions and experience of most new residents. Misunderstandings or disagreements with employers, landlords, neighbors, local merchants, and tax authorities, not to mention parties involved in a car accident, happen often enough.
75% of all accidents happen during spare time or when engaged in sports activities. The Austrian public insurance coverage does not provide any protection against the economic consequences of accidents during spare time.
Only private accident will be specifically adjusted to the needs of the individual and cover all accidents, 24/7 and worldwide. The most important coverage is:
Expats moving to Austria will find the cost of living a small price to pay for high quality of life in this beautiful country. According to the 2010 Mercer Cost of Living Survey, which evaluated 214 cities across five continents, Vienna, Austria's capital was ranked first in terms of quality of life and 28th in terms of cost of living.
Expats doing business in Austria will find that the workplace is formal, structured and significantly more conservative than other EU member states.