all about the premium, the compensation and the maximum amount to be repaid

All about the premium, the compensation and the maximum amount to be repaid

All about the premium, the compensation and the maximum amount to be repaid
Insurance against earthquake and natural disasters: characteristics of the policy, the premium, costs, compensation for damages and the ceiling, who to contact.

Struck by more and more frequent seismic episodes and overwhelmed by numerous floods and natural disasters of all kinds, the Italian territory is increasingly having to fight with the emergency, not only to be able to save people who find themselves in difficulty during the persistence of these phenomena, but above all the general condition they leave on the territory itself: loss of human life and loss of residential homes and all the buildings that make up the life of the citizen.

Let’s see together the details of this type of insurance against natural disasters and earthquakes, which are increasingly required especially in areas with a high frequency of such events. The stipulation of this form of policy is not mandatory , it constitutes a form of voluntary insurance, which allows, through the payment of an annual fee, to have compensation equal to the value of the damages suffered in the event of the occurrence of the events for which one is insured. It goes without saying that in areas where earthquakes and this type of event are very frequent, the cost of the premium is high .

Insurance against earthquake and natural disasters: WHAT IS IT?

It is certainly not a relief and this does not prevent the loss of the home or of one’s life in the event of severe natural disasters – it seems almost trivial to say – but subscribing to an earthquake and natural disaster insurance allows you to guarantee compensation for damage to the property and / or reduce the expenses to support the refurbishment of the house. With the stipulation of this type of policy it is possible to obtain a sum equal to the value of the damage, through the annual payment of a variable amount based on the contractual conditions and compensation equal to a maximum established ceiling.

Insurance against earthquakes and natural disasters is not mandatory , as they do not constitute detectable events throughout the Italian territory – adding to the compulsory home outbreak insurance also the subscription of another policy would force users to pay too much costs expensive – but considering the current situations, we think about the drafting of a new legislation that protects this type of events also through the mandatory signing of a policy that can compensate the damages due to the loss of the property due to earthquakes or natural disasters, considered the numerous seismic risk areas in the Italian territory.

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Insurance against earthquakes and natural disasters: THE INFORMATIVE VIDEO

It is an episode of Public Service of  2022, in which we talk about insurance against earthquakes and natural disasters , illegal building and the idea of ​​demolishing it with the signing of the policy, the possibility of deducting costs from taxes and that for insurance companies to choose their customers on the basis of the risk areas in which the property to be insured is located. So how should a user behave who, having a property with a high seismic risk and frequent occurrence of natural disasters, wants and must insure his home? Let’s see the interview together – particular relevance from 1:25.

Earthquake and Natural Disaster Insurance: WHAT DOES IT COVER?

The insurance against earthquake and natural disasters is classified as a value policy , as it provides for reimbursement policies for damages based on the territory in which the home is rented and consistent variables also based on the company to which it is requested. insurance. In general, the insurance companies that offer this type of policy provide for a reimbursement for the reconstruction , refurbishment or purchase of a new property , based on the extent of the damage suffered. Precisely in this regard, before signing the contract, it is important to check the ceiling within which the insurance company reimburses the damages to avoid being discovered in the most extreme cases of total loss of the property.

The earthquake and natural disaster insurance compensates all types of damage caused by the verification of earthquakes and natural disasters , based on the guarantees and contractual clauses established during the signing of the policy, but also any damage suffered from theft, robberies, which occurred in that circumstance , including legal assistance and civil liability.

Earthquake and natural disaster insurance: HOW ARE REFUNDS CALCULATED?

The amounts to be repaid are calculated on the basis of the first absolute risk and, as mentioned above, are variable based on the policies underwritten, the conditions of the insurance company, but above all on the basis of the main characteristics of the property and the territory in which it is rented. , as expressed in the following diagram:

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area of ​​location of the property;

sqm of the property;

type of property;

cadastral value of the property.

Insurance against earthquake and natural disasters: COMPENSATION FOR DAMAGES

In the contractual phase, the damages that the earthquake and natural disasters insurance reimburses and the amount of money that the insurance company reimburses for each type of accident are also defined, highlighting the reimbursement method, or the parameters of calculation of the compensation due in case of verification of the events for which you are insured: sum of money of equal value to the damages suffered or sum of money up to a maximum limit established in the contract beyond which it is not possible to obtain the money. To better understand, also look at the following table which summarizes the type of damage and the reimbursement parameters:

Insurance against earthquake and natural disasters: WHAT TO INSURE?

The insurance against earthquake and natural disasters allows you to choose different types of insurance , based on what exactly you want to insure , the area in which the property is located – whether at low or high earthquake risk – and at the same value of the home, based on the forms of policy shown in the diagram below:

insurance of the property only;

property and contents insurance;

property, content and occupant insurance.

Insurance against earthquakes and natural disasters: HOW MUCH DOES IT COST?

Based on the diagram above on the characteristics of the property to be assessed when signing the contract and which constitute the factors that make the cost of the policy vary, the premium of this form of insurance is calculated with rates per square meter – the size of the ‘property – which are around 2.50 euros per square meter for the Italian territories with lower seismic risk, and up to 3.50 – 4 euros for areas with high seismic risk . The cost of the minimum starting premium must be added to this sum .

The table below summarizes the calculation parameters of the insurance premium against earthquakes and natural disasters and the calculation rates per square meter , highlighting with some simulations the overall cost for this form of insurance which, according to today’s events, see video below, with the possibility of obtaining the legislation on the mandatory subscription of a home insurance against earthquake and natural disasters, with the exception of the flood, there will be an additional expense of about 500 euros per year , as shown below:

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Insurance against earthquakes and natural disasters: WHO IS IT BENEFIT?

As previously mentioned, the insurance against earthquake and natural disasters includes the reimbursement of damages of all types, and can be considered exclusive policies , as they provide for reimbursement even in the case of thefts, fires, robberies that occurred in that particular situation in which the greatest damage was suffered. It should also be considered that the signing of this type of policy allows those who live in areas with a high seismic risk to have full coverage in the event of earthquakes, which very often cause the loss of the property.

Insurance against earthquakes and natural disasters: THE INFORMATIVE VIDEO

Here is a video that highlights the idea of ​​making it mandatory to subscribe to an earthquake and natural disaster insurance , which will cover damage related to increasingly frequent events in Italy – with the exception of floods, situation still to be contemplated, to today’s events of the recent flood and inundation in Sardinia of  The leader of the initiative is the Veneto region, which marks the need to protect Italian citizens from the loss of the property, with insurance costing 450-500 euros per year :

Insurance against earthquakes and natural disasters: WHO TO CONTACT?

The insurance against earthquake and natural disasters has an annual duration and is renewable , allowing you to withdraw from the contract at any time . Nowadays it is also possible to take out an insurance policy against natural disasters online, with the same contractual conditions and compensation policies. To get an idea of ​​the possible insurance companies to contact to take out your policy, a table is proposed below which provides information on the policies offered by the major insurance companies on the market to cover damage caused by earthquakes , floods and other forms of natural disasters :

All about the premium, the compensation and the maximum amount to be repaid has been explained in details.

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