Florence, 28 October 2024 – The flood continues to cost dearly even a year later. Insure yourself against natural disasters, mandatory starting from January 1st 2025, it will make companies spend at least 30% more than in 2023, when almost no one had signed up for a policy other than the classic one against fire. Unfortunately the disaster of the night between 2 and 3 November made it clear that the flood is no longer just a potential risk and what happened in Emilia Romagna and on the Tuscan coast in the last days and hours, not to mention the new floods in Fields in September, he reiterated the concept. The risk of end up under water it is concrete and therefore it costs money to protect yourself, dear.
The policies vary above all based on the geographical location of the companies, in particular the proximity to waterways, and the damage suffered (which certifies an increase in risk), but it is certain that the obligation of coverage will increase the costs for companies, moreover in a difficult period for business. Those who already had a policy will pay more because the cost of coverage has now increased significantly, due to the 2023 disaster, those who did not have it will have to budget for an additional cost due to the obligation introduced by the government. In addition, the possible needs to be calculated cargo insurancebecause the obligation only concerns buildings, plants and machinery. At the moment the implementing decree of the new rules is missing, but in September a draft was presented which confirms the date of January 1st, the deductible and other parameters that affect the costs of the policies. However, it is not excluded that there may be changes by the end of the year.
The insurance how are they moving? “The companies are mapping the territory to have a very precise picture of the risk to be insured – explains the broker Carlo ImpallomeniCEO of Alpha – There will certainly be significant increases compared to the past, but it is also true that the policies will cover catastrophic events that were not previously considered. Let’s say that for a company spending will increase starting from thirty percent, but it could also double compared to last year if it is located in a particularly fragile territory”. Among the examples that can already be given are Campi Bisenzio for hydrogeological risk and Mugello for seismic risk. The policies offered by insurance companies must provide coverage following earthquakes, floods, landslides, inundations and overflows and insure buildings, plants and machinery, industrial and commercial equipment and land. Will be an overdraft of 15% is expected paid by individual entrepreneurs and a advance payment of 30% of the damage. “But it’s already there a problem with landslides – explains Impallomeni – It is difficult to establish the causes and the beginning, so it is probable that compensation will be provided with limited amounts”. Part of the damage will therefore be borne, once again, by the companies.
As far as homes are concerned, policies against natural catastrophes are not widespread today: only 6% of homes in Italy have coverage against catastrophic events, according to data from Ania, the National Association of insurance companies. Policies of this type cover the insured’s home from the risks of earthquake, flood, inundation and inundation. Usually the insurance also covers consequential damages, i.e. expenses incurred for demolitions, disposal of materials and even hotel stays in the event of the property becoming unusable. The cost of these policies it depends on various factors, such as the value of the property and its location. Also in this case, in areas at seismic or hydrogeological risk, policies are more expensive.
On average, one multi-risk policy which covers theft, fire, civil liability, and also extended to extreme events, it can cost around 800 euros per year, while a policy that only covers catastrophic events is around 400 euros for a 100 square meter house. The rates also depend on the size of the property and the area in which it is located (each corresponds to different risk indices): they vary on average from 2.5 to 4 euros/square meter, but it is conceivable that, in the case of a compulsory policy, the costs would be reduced. An interesting aspect is that the premium for natural disasters is deductible at 19% in the tax return, without deductibles and amount limits. This also applies to condominium policies.
