Threat to existence due to flood damage: Why natural hazard insurance is so important

Threat to existence due to flood damage: Why natural hazard insurance is so important

According to a report from www.ndr.de, many people affected by flood damage are facing existential problems because they have not taken out the right insurance. Natural hazard insurance in particular is crucial for flood damage, but in some areas it can be more expensive or even denied to residents. Thomas Seil from the public insurance company in Braunschweig explains that insurers divide the danger zones into four classes. Homes in the highest class, which are frequently affected by flooding, have little insurance coverage. Further information is available at www.ndr.de.

The impact of these insurance issues can be devastating, especially for people living in high-risk areas. They could face high costs to restore their home if they do not have adequate insurance coverage. Additionally, this could also lead to increased demand for more expensive insurance as insurers seek to protect themselves from increased claims. This, in turn, could increase the financial burden on consumers, particularly in areas at higher risk of flooding.

Overall, the current flood situation poses major challenges, especially in Lower Saxony, and it is crucial that people have the right insurance coverage to protect themselves from the effects of flood damage.