The past weekend, from the 11th to the 14th of November, a strong storm hit Valencia causing numerous floods in different areas of the Province.
It has come to our knowledge that the Insurance Compensation Consortium (CCS) will allocate between 35 and 38 million euros to compensate the insured for the damages caused by the heavy rain in Valencia and Castellón and, to a lesser extent, in Alicante.
According to the CCS calculations, there are approximately between 5.500 and 6.000 claims the will be covered by the Consortium.
The areas most affected were the metropolitan area of Valencia, specifically in various industrial estates; the region of Plana de Castellón; and, to a lesser extent, Torrevieja and Benidorm in the province of Alicante.
So far, and between November 14 and 15, the CCS has received 1.532 requests for compensation, corresponding to 867 homes and communities of homeowners; 405 automobiles; 217 shops, offices and other public or private real estate for non-industrial use; and 43 industries.
As a final note, the CCS will only intervene when there is a Natural Disaster where your home, car, or business has an existing Insurance cover. On the premium price we pay for our insurance there is a small amount that goes to the CCS for these occasions.
This is so in Spain because the cover for Natural disasters is normally an excluded risk in the policies.
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