Natural Catastrophe Insurance

Compensates for damaged property due to earthquakes, volcanic eruptions, landslides, avalanches and floods

What is insured?

All real estate and movables that are insured by an insurance company that has an operating license in Iceland. It is also mandatory to insure the following structures, even though they are not insured against fire: geothermal heating systems, waterworks, sewage systems, harbour installations, electric installation and telephone and communications networks which are publicly owned as well as ski lifts and bridges, longer than 50 meters.

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Real estate

All real estate in Iceland is insured by natural catastrophes. Premiums are collected alongside premiums for fire insurance. The deductible is a minimum of ISK 400,000.

Infrastructure

Geothermal heating systems, waterworks, sewage systems, harbour installations, electric installation and telephone and communications networks which are publicly owned as well as ski lifts and bridges, longer than 50 m.

Movables

In order for your movables to be insured against natural catastrophes they need to be insured against fire from Sjóvá, TM, Vörður or VÍS. Premiums are collected alongside premiums for fire insurance. The deductible is a minimum of ISK 200,000.

What events are insured?

NTI insures against direct damages caused by earthquakes, volcanic eruptions, landslides, avalanches and floods

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Avalanche

When lava, ash or tephra cause damage or destruction of insured assets.

Landslide

When a slide from a mountain or a hillside abruptly falls onto insured assets.

Earthquake

When an earthquake causes damage or destruction of insured assets.

Volcanic eruption

When lava, ash or tephra cause damage or destruction of insured assets.

Flood

When a flood occurs due to rivers or brooks abruptly overflood their banks, when flood waves from the sea or lakes abruptly run ashore or when sudden floods come from glaciers due to melting of ice.