Von: what
Floods and storms have caused major damage to private individuals and companies across Austria in recent days. According to insurers, the exact amount of damage cannot yet be foreseen. What is certain, however, is that insurance products cannot cover all of the damage. The disaster fund does not cover everything either.
In Austria, insurance cover for storms, high water and flooding reaches its limits even with relatively small sums. If you want to be on the safe side, you have to take out appropriate insurance, such as against disasters – or in agriculture against hail damage and flooding. However, it is difficult to determine how many flood policies there are in Austria, as this benefit is usually included in “elementary contracts” and is not a separate policy, according to the Insurance Association.
In the case of damage to the property, home or household insurance will at least partially cover it. In most cases – depending on the policy – it only covers damage of between 5,000 and 10,000 euros. If you want to take out additional insurance, you can increase the coverage to up to 100,000 euros, according to the Chamber of Labor (AK). However, for many people, this will not be enough in the case of major damage.
There is also the state disaster fund, which is currently filled with 300 million euros and is available to private individuals and companies. But this usually only covers 20 percent of the damage. If the damage exceeds 20,000 euros, the state calls in an expert. Applications for payments from the disaster fund must be submitted to the respective municipality, but there is no legal entitlement to funds from the fund.
In the event of damage, the most important thing, according to insurers, is to document the damage and report it immediately. The Chamber of Labor (AK) also advises tenants to contact their landlord immediately, as they are responsible for damage to the apartment facade, roof or windows. The damage should also be reported to the household or home insurance company as soon as possible. If the apartment is uninhabitable, a rent reduction is also possible.
In view of the increasing frequency of extreme weather events, the question of the insurability of damage caused by natural disasters is currently being discussed again. In order to ensure this in the future, the insurance industry has been calling for compulsory insurance against natural disasters for years, which could be embedded in fire insurance. However, there has been no political movement on this in recent years.
