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Floods and insurance: protection against financial catastrophe
Who pays for damage caused by flooding? Find out why natural hazard insurance can be crucial and how politicians are reacting to the increasing danger. #flood #insurance #natural damage #financial assistance
Floods and insurance: protection against financial catastrophe
The floods that are affecting large parts of Germany have already caused considerable damage. Homeowners without natural hazard insurance are particularly vulnerable and could face financial difficulties if their property is affected by flooding.
An example of this is Daina K. from Lilienthal, whose house has been uninhabitable since the end of December due to flooding. Although she had tried to take out insurance against natural hazards, the promise was withdrawn. Without this insurance, damage caused by flooding will not be covered, which can lead to significant financial burdens.
Natural hazard insurance is a solution to protect yourself from the consequences of flooding. These additional insurance policies can be taken out for residential buildings and household contents. However, it is important to check the exact insurance conditions as not all policies cover all types of flood damage.
In view of the increasing threat from extreme weather events such as floods, Lower Saxony's Prime Minister Stephan Weil is pushing for mandatory natural hazard insurance. This measure could be an effective precaution to mitigate the financial consequences of natural disasters for those affected.
There is also the possibility that the state will provide financial aid to help flood victims. The federal government has already announced emergency aid and support for reconstruction in other regions. However, companies like the Serengeti Park in Lower Saxony often face uninsured damage from floods, which brings additional financial burdens.