Flood damage is covered by flood insurance.The recent flood catastrophes in Germany have shown: flood insurance is elementary in order not to be left sitting on the huge damage sums. Current figures from the German Insurance Association (GDV) show that a large proportion of German homeowners underestimate their own flood risk. In addition, over 90 percent mistakenly assume that they are already adequately covered – after all, they already have homeowners insurance.
But this is a dangerous mistake. Because the basic rates of buildings insurance do not cover flood damage. Flood insurance must be taken out additionally.
Homeowners insurance including flood protection
Residential building insurance only covers damage caused by floods if this is additionally insured. In order to obtain this insurance cover, elementary damage should be included when taking out the insurance. This is also referred to as natural hazard insurance – flood insurance does not exist as a separate policy.
What does flood insurance cover?
The insurance with integrated flood protection covers damage to the residential building and assumes the costs for:
Demolition in case of total loss
New construction of an equivalent building
If the house is temporarily uninhabitable or completely destroyed, high-performance tariffs cover the costs of alternative accommodation, for example in a hotel.
Insured risk: Flood
Even though people talk about flood damage, the actual cause of damage is flooding as a result of a flood. In addition to overflowing riverbeds, backups in the sewage system or heavy rain can also result in flooding. These risks are also covered by flood insurance.
Info: Flood damage to furnishings is covered by household insurance if – analogous to residential building insurance – natural hazard damage is also included in the insurance coverage.
Risk assessment via hazard classes
Insurers have developed a system for assessing the risk of flooding called the “zoning system for flooding, backwater and heavy rain”. This system is used to assess areas and thus the houses there in terms of flood risk. In the process, the buildings are divided into four hazard classes.
Overview of heavy rain hazard classes
Heavy rain hazard depending on the location of the building A risk assessment can be made not only using the ZÜRS zones, but also the heavy rain hazard classes. These indicate the extent to which buildings are at risk of damage from heavy rainfall depending on their location. For example, buildings in valleys and near bodies of water are assigned to a higher hazard class than buildings located on slopes.
With the insurance comparison of you will find the right residential building insurance including flood protection for your needs. Based on your information, the online calculator creates suitable offers. You can take out the policy directly online or have a non-binding quote sent to you. If you have any questions, our insurance experts will be happy to advise you – by phone or e-mail.