Although there are many things to say about apartment insurances, their overall benefits are undeniable, just compare it with your car insurance, think of all the troubles you can get in the case of not having it insured and that’s one viable reason why you should consider looking into insuring your apartment. Because it’s not only about what you can do wrong, but also about your neighbors, natural calamities and so on, things and facts that are not at all under your control.
So let’s see here the main types of damage and lost usually covered by apartment insurances:
– natural calamities (earthquake, flooding and silt, collapse, drift, atmospheric phenomenons, land subsidence, weight of ice, snow or sleet);
– additional risks (plumbing defects, socio-political events, breaking and entering, robbery, acts of vandalism);
– other types: fire, lightning, explosion, smoke, gas, fumes.
Be aware that in Romania each owner needs to have a PAD insurance – a compulsory insurance against natural disasters – so you are allowed to purchase an optional insurance only if you make proof of the PAD one first. Check with your apartment owner or with the seller to make sure everything is alright.
So, in the unfortunate case of some type of lost or damage, you can rely on your insurance to protect you and to help you move forward.
Romania’s insurance market is quite rich and you can choose from multiple insurance companies, insurance plans, a wide range of prices, depending on your needs and on how much are you willing to pay for it.
In summary, the insurance premiums are somewhere between 0,1-0,4% of the apartment value and of your personal goods. For example, for a 60000 euros apartment you will pay an annual insurance premium of 60-240 euros, the exact amount depending on the type of construction (if it’s a new or old building, external and internal finishes, floor space) and on the covered risque package that you choose.
Generaly Romania has a big insurance portfolio, starting with a classic package offering coverage against natural calamities, fire, lightning, explosion, smoke, gas and fumes and the Completa package and Completa Plus one, where you can add all sorts of additional risks, plus special goods to be covered, such as things of value and/or heating plants.
Allianz Tiriac has the Armonia Plus package which, besides the coverage of the main types of damage and lost, has two optional special clauses: the extended warranty clause (offering technical assistance for repairing or replacing appliances and electronics that are no longer covered by their producer warranty) and the electrical phenomena clause (offering technical assistance for repairing or replacing appliances and electronics damaged by electrical surge, short-circuit, interruptions in the power grid).
Viva Casa package from Omniasig Insurance Group offers coverage against all types of risks, four types of personal goods insurance and on-site technical assistance for appliances, electronics and other damages.
The insurance premiums payment system varies from one company to another, offering discounts for advance payment of the insurance (for the entire insured period) or all sort of payment in installments plans.