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The Importance of Apartment Insurance

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contract signing

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.

Renting a House vs Apartment in Bucharest

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modern house vs modern apartment building

There are several factors you need to take under considerations when renting in Bucharest beside your own desires and expectations to live in a house or an apartment. Both choices come with their specific benefits and drawbacks and we will try to offer you some guiding lines to help you made up your mind.

Let’s take, for example, Bucharest District 1 (Herastrau, Aviatorilor, Primaverii, Dorobanti), an expensive area with a poor offer in terms of houses renting, too much demand and not enough supply because many people prefer being in the center of things, where you can benefit from all facilities of the big city. Depending on the surface, houses renting prices go from 1400 euros and up. You’ll have a terrace, a courtyard and a parking space, it can be furnished or not, depending on what you want.

You will fully enjoy the yard, have plenty of space for the family and friends gatherings and have no problems regarding your privacy. The downside comes with rental and maintenance costs as houses surfaces suppose bigger expenses for heating, electricity, lawn nurturing. And if the house does not come with an alarm system, you need to consider buying one, because most robberies tend to happen in houses, as they are more isolated and also more appealing to thieves than apartments are.

In the same District 1, you can choose renting a 3 or 4 rooms spacious apartment (130-170 sq m). Some have quite big terraces and garages and, with prices starting from 1400 up to 2500 euros, you’ll get a lot of comfort without the need to worry about the outside maintenance that a house involves. You can meet people more easilly, take the pulse of the inhabitants and also feel more secure. Of course, there is the risk of annoying and noisy neighbors and you may feel a little cramped, even dream of a barbecue sometimes, but you can get over it going out and exploring your surroundings.

There’s also the choice of avoiding the crowd of the central area by migrating to the outskirts of the city. The north side has become one of the favorite for people who enjoy a more quite area and want to be a little close to nature. Here, the developers offer bigger surfaces and lots of green spaces, within buildings that are new or recently built. With prices starting from 600 euros for a 3 rooms apartment with 2 terraces,  you will have your own parking lot, a full time security guard, kids playgrounds and the vicinity of the forest, where you can take long walks and enjoy fresh air. Most apartments are part of residential districts so be prepared to face your many neighbors each day, play by the rules and share the facilities with the other co-residents, facts that will hurt your need for privacy.

Choosing a house or a villa instead can offer lots of space (on the inside and outside also), a pool, the advantages of a secluded household. In this part of the city you can rent spacious villas with prices starting from 900 euros for a 4 rooms one and feel like you’re living in a vacation house

But being a little far from the city center will definitively have a saying on this because you need to consider all the precious time you’ll be spending in the horrific traffic, count the gas money, think of all the times when you’ll be inclined to say no to an invitation or an event in the heart of the city simply because, well, it’s to far away.

In the end, all that matters is to know how to balance your needs with your wallet and expectations.

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