Watch out, cost trap!

Insurance trap: why you can go away empty-handed

Your property burns down - but even with expensive new value insurance, you have to be careful that you are compensated for the damage.(Bild: Sepp Pail)

A Carinthian man suffered 750,000 euros in damage after a devastating fire on his property. And although he was highly insured, he only received just under a third of the compensation after years of litigation against the insurance company. This is because the man had overlooked a small detail in the policy - like thousands of others.

For years, the farmer from Carinthia had paid the premiums for his home and fire insurance. When a claim was made six years ago and the building burned down, he was confident that he would be reimbursed for the high loss as soon as he rebuilt everything. But the insurance company turned him down - and rightly so, as it turned out at the trial. "This wouldn't have happened if everyone had read and checked the insurance conditions," warns lawyer Hans Toriser. And explains what exactly happened.