Real estate and movables
All real estate in Iceland are insured with NTI. If your movables are insured against fire with Sjóvá, TM, Vörður or VÍS, they are also insured with NTI.
It is neccesary to insure movables against fire so that it may be compensated by NTI.
The insurance companies collect premiums for NTI, which are 0.025% of the insurance amount, both for real estate and for movables.
The insurance amount for real estate and movables is the maximum insurance coverage with NTI and equals the fire insurance amount at any given time.
The deductible is 2% of each loss, with a minimum of ISK 200,000 for movables and ISK 400,000 for real estate.
When does my insurance at NTI apply?
When damages to real estate is caused by a volcanic eruption, earthquake, landslide, avalanche or flood.
If you have purchased fire insurance for movables with the general insurance companies, Sjóvá, Verði, VÍS or TM, they are also insured against the aforementioned events.
In the case of damage due to the weight of snow, that is not compensated by my insurance company, is it compensated by NTI?
No, unless it was caused by an avalanche that fell on to your property.
Does NTI compensate for wind damages when wind speeds exceed 28.5 m / sec?
No, NTI never compensates for damages caused by wind. However, the private insurance companies offer insurance specifically against wind.
How do I pay premiums to NTI?
Your insurance company (Sjóvá, TM, VÍS or Vörður) collects the premium for NTI.
If I have multiple properties that are damaged in one loss event, do I pay multiple own risks?
Yes, each real estate which is identified by a seperate real estate number carries a seperate own risk. Therefore each individual can bear several own risks in each event.
How is the own risk calculated for common portions in a building owned by multiple parties?
Co-owned buildings are divided into private properties and each private property carries a seperate real estate identification number. Each private property owns a share in the common portions, that is stated in the buildings declaration of co-ownership. Each real estate number carries a seperate own risk, regardless of whether damages are to the private property, common portions or both.
If, for instance, common portions in a 10 apartment building (with 10 real estate identification numbers) are damaged, then the owners of all 10 apartments are claimants and 10 cases are registered, each carrying a seperate own risk. If damages also occur on some apartments (private property) each apartment, and it's share in the common portions of the building, carry one own risk.
Is my car insured against natural catastrophes?
You need to contact your insurance company and inquire. In some cases, a comprehensive collision insurance includes some of the events that can be considered natural catastrophes. In such instances your insurance company would compensate for damages caused by the events.
If your car is insured against fire with a special fire insurance with your insurance company, it is insured for volcanic eruptions, earthquakes, landslides, avalanches and floods with NTI.