Flood or groundwater: Financial expert explains what matters when it comes to insurance claims

Flood or groundwater: Financial expert explains what matters when it comes to insurance claims

According to a report by www.mdr.de, many flood victims are faced with the crucial question of whether their damage is covered by insurance. Kristin Stannek from the Saxony-Anhalt Consumer Center advises affected consumers and emphasizes how emotionally stressful these situations are. The central question is whether it is an insured event or not. This distinction is often difficult and must be made by an expert. Damage caused by flooding in the garden could be covered by insurance, while damage caused by water intrusion in the basement requires a detailed assessment. This is because not all groundwater damage is necessarily insured.

The fact that only half of property owners are insured against natural hazards can have serious implications for the market, consumers and the insurance industry. In the event of natural disasters, uninsured damage could lead to financial burdens for those affected and pose challenges for insurance companies. It is important that consumers are aware of what damage their insurance covers and, if necessary, take steps to protect themselves appropriately. On the other hand, insurance companies could expand their offerings to meet the increasing need for insurance coverage in the event of natural disasters.

Overall, it is crucial that consumers find out about the individual conditions of their insurance and, if necessary, adapt their policies in order to be adequately protected in the event of natural disasters.