Flemish Government and insurers reach agreement on 100% compensation package for flood victims

The Flemish Government and the insurance companies will reimburse 100% of the costs incurred by those whose suffered damage in July’s floods. A maximum sum of 79 million euro from the Flemish Disaster Fund will be used to help compensate flood victims. The insurance companies will foot the rest of the bill. 

The total cost of the damage caused by the flooding in Flanders is estimated to be somewhere between 90 and 123 million euro. The Flemish Government and the insurance companies have reached an agreement that we see flood victims compensating in full through their fire insurance policies.

The Flemish Finance and Budget Minister Matthias Diependaele (nationalist) wrote in a press statement that "Through the Flemish Disaster Fund, Flanders will reimburse the damage. This is addition to the compensation paid by the insurers”.  

Under normal circumstances there are legally-binding limits on the total amount insurance companies are liable to pay out in the event of a natural disaster. However, the insurance industry federation Assuralia has now agreed to pay out more than its is members are legally obliged to. The insurers will foot 44 million euro of the bill, twice the sum that they are legally obliged to. Mr Diepedaele says that the Flemish Disaster Fund will pay out the rest. This means that between 46 and 79 million euro will come from the public purse.

Mr Diependaele added that to avoid giving people the run around the insurance companies will pay out the compensation in full and then be reimbursed by the Flemish Disaster Fund for its part in the compensation pay out.

Those that suffered damage that is not covered by their fire insurance have until the end of the month to put in a claim. 

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