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Switzerland Today

Swiss news in English

Saturday, November 23, 2024

Swiss Homeowners Face New Earthquake Levy

Published: 2024-08-21

In Switzerland, a new proposal by the Federal Council aims to address the financial burden of earthquake damages by requiring homeowners to contribute up to 0.7% of their property's value after an earthquake occurs.

This measure is intended to cover the costs of damages, as currently, only about 15% of properties are insured against such events.

The proposal has sparked controversy, with the homeowners' association criticizing it as an arbitrary obligation and expressing concerns about potential future financial demands for other disasters.

Despite the opposition, the government is moving forward with drafting legislation, which is expected to be reviewed by the end of the year.

If implemented, this could raise up to 22 billion Swiss francs to aid in disaster recovery efforts.