The damage caused by the flood disaster in parts of western Germany and Bavaria is far from quantifiable. One thing is certain: it is in the billions. Entire houses were swept away by the flood and villages devastated. Anyone who is uninsured faces ruin and must wait for state aid. The flood disaster caused many homeowners across Germany to review their insurance policies. Apparently, many want to modernize and protect themselves from flood damage.
The demand “increased 900 times”
You can protect yourself against flood damage with natural hazard insurance. The demand for such a policy has “increased 900-fold” in recent days, reports the Nürnberger Versicherung. The company did not give absolute figures. Therefore, it is still too early for an exact assessment, a spokesperson told BR24.
However, according to the insurance company, it can be said that “broad sectors of the population have become aware of the issue of insurance against natural risks as a result of the current flood disaster.” The HUK Coburg also told BR24 that demand for elemental damage insurance has “increased significantly” since the storm. However, there are still no really reliable figures.
The comparison portal has also registered a greater interest
According to the Munich-based online comparison portal Check24, just over 40 percent of customers who take out residential building insurance also opt for natural hazard insurance. Since the flood disaster, this proportion has nearly doubled to around 75 percent. The number of phone calls with questions about building and elemental damage insurance has doubled or tripled since then.
Home insurance is not enough
Although flood disasters have occurred repeatedly in recent years, many buildings in Germany are not adequately insured. Experts also attribute this to ignorance on the part of the owners. For example, residential buildings insurance covers storm or fire damage, but not flood damage. Only elemental damage insurance can do that.
However, according to the General Association of the German Insurance Industry (GDV), only 46 percent of all private households in Germany are currently insured against natural risks. Insurance companies can also turn away interested parties. However, according to GDV, 99 percent of all buildings in Germany can be insured against natural risks.