Insure against flood: it can again, for first time since drought disaster – z24

Flood 1953. Queen Juliana visiting the disaster area. Reuters photo

Apart insure against flood damage. This is again possible in the Netherlands, although the premium will vary by risk

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Households can insure themselves against flood damage again soon. The insurance company Neer Fuego comes back with a policy that provides coverage against damage from flooding.

This is the first time since the fifties that the damage can be fully compensated, confirmed Down Fuego Monday after news of FD. After the 1953 insurers agreed to no more coverage to include this kind of major disasters. The risk that an insurer would fall, would be too great.

It was not until 2012 Down Fuego dared the first party to ensure flood again. But the question that so-called catastrophe insurance was disappointing, because the coverage was relatively low (maximum 75,000 euros) and the premium actually very high. Last year Neer Fuego stopped therefore with this product.

Insurance against flood damage

The Down Fuego has now developed a new product that only covers flood damage, but not things like earthquakes, bombs from World War II and terrorism. Apple-converted-space “& gt; The policy is expected from May or June on sale.

The premium’s start from 75 euros per years, but can vary based on an analysis of risk. This is made by firm Arcadis, with ten to 15 percent of the Netherlands as a risk has been labeled. For such areas, the premiums may “significantly” are, according to the Neer Fuego on his website.

The insurance is otherwise not take off right at the Down Fuego by private homeowners, but is offered through intermediaries. The first down Fuego has a deal concluded with Rivez Insurance and Risk Management, as it turned out last week. Which provides flood insurance for owners’ associations.

The Down Fuego has entered into to cover the risk of damage to an agreement with the Lloyd’s, one from the United Kingdom operating insurance for damage. FD reports that a syndicate of investors was initially prepared to cover a flood of 800 million

Source: Reuters / Z24