Due to the recent spate of earthquakes in Reykjanes and the capital area, and the possibility of a volcanic eruption near Keilir, we would like to provide the following information.
Who compensates for damage caused by earthquakes and eruptions?
All buildings and movables in Iceland that have fire insurance are insured with the Natural Catastrophe Insurance of Iceland (Náttúruhamfaratryggingar Íslands). Damage to movable property caused by earthquakes can be compensated by the the Natural Catastrophe Insurance of Iceland, but in order for the damage to be compensable, the movables must have a fire insurance for movables. It is important to review your insurance and make sure that movable property is insured with home insurance. All those who have Family Protection 1, 2 and 3 at Sjóvá have their movable property insured. Those who do not have Family Protection can contact us to check whether their movables are fire-insured and thus insured against natural disasters. You can also review your insurance plan on My Pages on Sjóvá's website.
Where should I report damage caused by earthquakes or eruptions?
The damage should be reported to the Natural Catastrophe Insurance of Iceland (NCI), but it is good to keep in mind that the deductible (own risk) for damage to movables at NCI is at least 200.000 ISK and in homeowner damages the minimum is 400.000 ISK.
Learn more about the insurance:
- Real estate
All buildings in Iceland need to have fire insurance according to the law and are therefore automatically covered by NCI's insurance. Homeowners need to insure all movable property against fire, whether it is a house under construction or a fully equipped house. This applies to all types of housing, e.g. residential housing, garages, commercial housing, outbuildings, cottages or stables. Fire insurance automatically creates protection with the Natural Catastrophe Insurance of Iceland, which compensates for damage caused by earthquakes, volcanic eruptions, landslides, avalanches and floods. Insurance coverage is based on a fire compensation assessment so it is important that homeowners make sure that it is updated in the event of alterations and extensions of the propert. Owners of movables, e.g. furniture or stock products, have a choice as to whether they insure them against fire, but fire insurance is included in our property insurance and movables in our family insurance.
- Movable property
In order for damage due to natural catastrophe to be considered compensable, the movables must be fire-insured. Everyone who has Family Protection 1, 2 and 3 have their movable property secured with us. Damage to movables must always be insured separately with Family Protection. We advise everyone to invest in such an insurance since great value can lie in people's movable property. We also recommend that you review your insurance amounts if your circumstances have changed since you bought the insurance, for example if the movable property has become more valuable.
According to information from NCI, damage to vehicles subject to registration is not compensated from their insurance and earthquakes and eruptions are excluded from comprehensive car insurance. Further information on Sjóvá's motor insurance can be found here.
- Industrial machines and vehicles
If Commercial Insurance is valid with your insurance company, protection is automatically created with the Natural Catastrophe Insurance of Iceland, which compensates for damage due to earthquakes and eruptions.
Where can I see my insurance plan?
- At My Pages you can access information about your insurance. You can log in to My Pages with an electronic ID or username and password and it´s easy to apply for access. Do not hesitate to contact us if you have any questions or would like to make changes to your insurance coverage. You can contact our consultants in the online chat at sjova.is, by phone 440 2000 or by contacting a consultant directly at your branch.
Earthquake prevention and response
If you are indoors when an earthquake starts do not run.
- Keep still, many accidents happen when running
- Go under a table or bed, cover your head and neck, stick to solid furniture
- Kneel in a corner against a load-bearing wall or in a doorway against a load-bearing wall. Take the utmost care and look for an escape route after the earthquake.
- If you wake up to an earthquake, cover your head and face with a pillow
- Stay away from windows - they may break
If you are outdoors when an earthquake starts do not run inside
- Stay outside and try to seek shelter where you can kneel, shelter and brace
- Try to get away from buildings that may collapse
If you are driving when an earthquake starts.
- Park the vehicle and stop. Roads and bridges can be damaged in earthquakes
- Keep your seat belts fastened
- Stay put if you are in a car as it can protect you from debris
- Listen to the radio, this is where the first information about the earthquake usually comes from.
Civil Protection encourages people to be aware of the dangers posed by earthquakes such as these. In addition, residents of known earthquake areas are asked to familiarize themselves with arrangements to minimize the risk of damages due to earthquakes. This information is obtained from the Civil Protection website, where you will find detailed instructions and response plans for natural hazards.