Insurance Policy for Residential and Non-Residential Properties

Property insurance

Property insurance provides financial protection for your property, related buildings as well as movable property such as household goods, goods in stock, machinery and equipment. The property can be insured either on the owner's initiative, in order to protect the property against various risks, as well as compulsorily in the event of taking out a loan and pledging the property to the Bank. Based on the provisions of Article 729 of the Civil Code (republished in the Official Monitor no.66-75 of 01.03.2019), the Mortgagor is bound to insure the object of the mortgage, for the benefit of the Mortgagee, against all risks of fortuitous decay or deterioration.

What do we insure?

Residential properties

residential buildings: (houses, villas, apartments) together with accessories (garages, yards, basements, fences, etc.)
household goods: goods which by their nature are not an integral part of the building, such as: furniture, carpets and rugs, paintings, books, household appliances, electronic equipment (photo, audio, video) and other movable property for private use or consumption.

Non-residential properties

buildings, isolated premises and other goods intended for economic, production or social activities factories, plants, offices, warehouses, workshops, etc.) together with all the elements of the construction above and below ground level
goods, according to the purpose or nature of the activities carried out, such as: office and office equipment (including computers, printers, copiers, desks, etc.); special fittings (including special equipment, special electronic equipment, refrigerators, installations, etc.), stocks in warehouses (including finished materials, semi-finished goods and raw materials).

The following risks are insured for property insurance policies

Fire risk - fire, lightning, explosion, falling aircrafts
Risks due to the effects of natural forces - storm, hail, snow pressure, rockfall/slide, landslide
Water in pipes
Natural disasters
Qualified theft (committed or attempted) and vandalism (cover does not apply to immovable property)
Seizure by motor vehicles
Accidental falling of bodies.

The insurance covers owned or mortgaged property as well as rented property.

Insurance term

As a general rule, the contract of insurance of immovable property is concluded for a period of one year.

Documents required to conclude the insurance policy

In order to conclude an insurance policy, it is necessary to submit a list of the objects subject to insurance and your identification data.

Identity card of the owner (debtor)
Valuation report on the insured property issued by the authorised company

The insurance company will use all these documents to determine the amount of the insurance. In addition to the dwelling itself, all goods in the dwelling may be insured.

Actions on the occurrence of the insured event

In the event of destruction, disappearance or damage of the property/properties, the client (insured) shall apply with an application to the insurance company with which the insurance contract has been concluded, but no later than 3 days (72 hours) from the date of the occurrence of the insured event, in order to carry out an expert assessment procedure on behalf of the Insurer and evaluate the damage.

It is advisable to conclude a movable property insurance policy at the same time as the insurance of the property, because for such policies the amount of the insurance premium will be in favour of the insured. The insurance can be taken out for objects in dwellings as well as for accessories (except mobile homes and trailers). The address of the insured's residence is entered on the insurance policy.