One month since the floods, Luxembourgish insurance companies are facing the largest material damage yet.
So far, the cost for the floods' damages has surpassed €120 million, which is more than the 2019 tornado. And not all of the 6,000 dossiers have not all been dealt with yet.
The people affected must have a flood cover to benefit from insurance. The director of the ACA insurance association, Paul Origer, also reminds people to check with their insurance agent how they are insured to avoid any nasty surprises.
After the Vallée de l'Ernz disaster, people quickly realised that such insurance was absolutely necessary. And the insurance companies also took their responsibility and offered it to everyone, says Paul Origer. Normally, the insured sum is 200,000 euros. Only in zones that are classified as at risk, the sum is limited to 20,000 euros.
Such classifications are set up by the Water Management Office. Paul Origer says that those living near a body of water usually know how to deal with floods and take precautions.
The flood cover includes furniture, electric appliances, and heating - regardless of where in the house they are located.
In the context of the floods in mid-July, over 1,000 cars were damaged here in Luxembourg, most of them so badly that they can no longer be repaired. There is only one insurance that covers this: the fully comprehensive insurance. Only in a precise case can the insurance be suspended here, for example if a motorist drives through an officially closed road.
It is clear that 2021 will be a very expensive year for Luxembourg's insurance companies. In addition to the €120 million that have to be paid out because of the floods, the thunderstorm of 4 June left damage amounting to €30 million within two hours.
