Which insurance company pays for damage caused by storms? Everything you need to know as a financial expert

Which insurance company pays for damage caused by storms? Everything you need to know as a financial expert

According to a report by www.wa.de,

The increasing number of storms and heavy rain events in Germany is leading to increased damage to buildings and household goods. An important question that many owners ask themselves is which insurance company will cover the damage in such cases. The article explains which insurance companies are responsible for certain types of damage and when elementary insurance is worthwhile.

According to the German Weather Service (DWD), heavy rain is defined when rainfall amounts of 15 to 25 liters per square meter are measured within one hour or 20 to 25 liters within six hours. When it comes to floods, there are risk classes that assess the probability of flood events. Due to climate change, such events are likely to occur more frequently, highlighting the relevance of insurance against these losses.

Residential building insurance covers damage to the building structure due to fire or burst pipes. Household contents insurance, on the other hand, covers damage caused by fire and tap water, for example, but not by floods or heavy rain. In these cases, additional elementary insurance is necessary, which offers additional protection in the event of natural disasters such as floods, earthquakes and snow pressure.

The increasing number of damages caused by heavy rain increases the relevance of natural hazard insurance. However, insurance companies, especially for vulnerable areas, may refuse this or offer it at high cost. The willingness of insurers to offer insurance in high-risk areas could therefore influence market conditions and prices. Additionally, consumers should also consider the financial implications when choosing insurance, particularly in high-risk areas.