Insurers are on standby and waiting for owners to file their claims.
One of the biggest floods in recent years has passed through Hungary in recent days. After the price wave recedes, the lines of the insurance companies glow. Gábor Lambert, communications manager of the Association of Hungarian Insurers (Mabisz), provided information on what compensation options flood victims can expect.
The river has already begun to recede throughout the entire Hungarian territory of the Danube, so the owners are returning to their flooded properties one by one. Although insurance companies strive to settle claims as quickly as possible, this also requires that the owner contact his insurance company as soon as possible.
Insurers are on standby and waiting for owners to file their claims.
The head of communications at Mabisz emphasized that insurance companies classify damage to a property behind an area protected by a dam or protective structure as flood damage and an insurance event. This is a basic condition.
Therefore, flood damage caused to properties built in the flood zone or in the wave zone is not considered an insurance event, i.e. the insurance company does not reimburse for such properties.
In the current period, Gábor Lambert recommends the online application form, as the workload of the clerk in the given districts will presumably be high, so the waiting time may be longer. However, if the affected parties submit the claim online and fill out the form, it is then up to the insurance company to agree with the injured party as soon as possible what to do next. What is important is that the injured parties attach photographs of the damage that occurred.
"After that, it may depend on the nature and extent of the damage, whether the insurance company is satisfied with the records received, on the basis of which it can offer us a compensation amount. If we accept it, the money will be in our account within a day or two," said the expert.
If, on the other hand, we do not accept the offer, or the photographs do not provide sufficient information, it may be necessary for the damage assessor to go to the site, which usually takes place within 72 hours, unless it is a particularly complicated case - stressed Gábor Lambert. According to him, this only happens in a fraction of the notifications.
The communications manager also drew attention to the damage prevention obligation. This means that if it is known that the flood will inundate a specific property, then all movable objects from the garden, for example, must be moved to safety, just as the movables previously stored on the ground must be packed higher in the basements.
The same applies to vehicles, which must be removed from the flood-affected area, if it is known in advance that a flood is approaching. Lambert added that if there was no casco insurance on the vehicle, the owner is not entitled to compensation.
The number of people taking out insurance jumped as a result of the news of the flood, but many people do not know that there is a grace period for real estate insurance, which can be 15-30 days.
"So anyone who was aware when Vienna was flooded, most likely cannot expect compensation, even if they already have a valid contract," pointed out the communications manager, who added that the insurance is taken out in order to avoid the unexpected , try to cover yourself against unforeseen events, such as a sudden storm.
"The insurance company reimburses proportionally, that is, it reimburses in proportion to the paid premiums compared to the total amount of the damage. This could mean that if we did not update our contract and it does not currently record our actual financial situation, although we saved ten to twenty thousand forints on an annual basis, in the event of damage, we will lose out on hundreds of thousands or even millions in damages," advised Gábor Lambert, who added, that the contracting party can request an update of his contract at any time during the half year.
Cover image source: Facebook/Association for the Roman Coast
