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Among the earthquakes in Croatia earlier in the week, material damage occurred in Hungary on Tuesday, mainly in the southern part of Transdanubia. As of Wednesday night, insurers received more than five hundred notifications, mainly from Baranya, Somogy, Zala, Tolna counties, but also, to a lesser extent, from Budapest, Veszprém and Fejér counties. The total amount of damages is expected to exceed one hundred million guilders. Typical reports: the plaster peeled off, cracks appeared in the walls of the main and outbuildings, on the floor, the window glass was cracked or broken, in more severe cases the fireplace was bent or the cladding was cracked.
Several companies have indicated that the data is not final and they await further announcements. Insurers ask their clients to make their reports as soon as they face the damage they have caused, in person, by phone or even by email. (The contracts also state how long clients have from the moment the damage is detected to the moment the report is made, usually 3 to 5 days.)
The amounts to be paid as a result of the current declarations are not, moreover, gross, a major summer storm can weigh on billions of insurers. Anyone who has home insurance can expect to be compensated for the damages caused, as all personal property insurance is based on the risks known as fire and elemental damage, such as fire, explosion, lightning, gale, downpour, hail, flood, earthquake, etc. Basic insurance covering the risks of elementary damage is already available for a few thousand guilders a month. (Based on MNB statistics from last year, the average price of home insurance is HUF 36,000 per year.) Currently, between 72 and 73 percent of the approximately four million residential properties in Hungary are insured.
Cover image source: Getty Images.
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