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Propety insurance

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What is “Property” insurance?

This is a voluntary insurance that aims to cover the risks arising from certain risks in your apartment, house, office building, etc. There are several main courses of property insurance on the Bulgarian market. They are:

Package offers (”small” property or also called “against first risk”) - they have fixed different combinations of amounts and covered risks, of which the client (owner, tenant or user) has the freedom to choose the most suitable option for himself/herself. The advantage is that no inventory of movable and immovable property is required and prices are lower than those of the standard policy. However, it should be borne in mind that in the package offers the liability of the insurer is up to a certain limit, which, depending on the value of the chosen package, may not correspond to the real value of the property. This means that if a fire breaks out and the home is destroyed, it is possible that the compensation paid may not cover its value;
Standard (”big”) property - this insurance is aimed at individuals and legal entities, the difference here is that the property is insured at its true value. The subject of insurance may be movable and immovable property, with the client entitled to make a free combination of risks depending on his individual needs, and also to include additional coverages, which are often excluded by package deals;
Insurance for the benefit of a bank - in case you take a mortgage loan from a bank, one of their requirements is to have the property insured. Unlike the standard property, the creditor bank is referred to here as the beneficiary of the contract, which means that in the event of possible loss of the property, the bank will have the right to use the compensation by priority to cover the outstanding part of the loan. Banks have a requirement on two main points: Insurance coverage and risks covered. With respect to the insurance coverage, it may be equal to the market valuation of the property or of the size of the mortgage loan. The risks identified by the banks as mandatory are those that can lead to the complete destruction of the property, namely fire and natural disasters (flood, earthquake).

IMPORTANT: Remember that you are the one paying for your policy and therefore you do not have to agree to the bank proposal. You can choose where to take out the policy and whether to add other risks.

Why order from us?

There are dozens of insurance products on the market that provide property protection. Each of them has its own specificities, advantages and disadvantages. Depending on your individual needs, we will advise you on the most appropriate solution and what risks should be included in your policy. We will also provide you with optimum assistance in the event of damage.

Risks

Generally, they can be divided into basic and additional coverage.

Basic:

Fire;
Plumbing accidents;
Natural disasters (excluding earthquakes);
Explosion.

Additional:

Earthquake;
Floods caused by neighbours;
Burglary or robbery;
Short circuit/electric shock;
Malicious acts of others;
Others - glass breakage, third party liability, losses from rents, alternative accommodation costs.

Conclusion and price

The insurance period is one year, with options for a one-time payment or up to 4 installments. To determine the price of the “Property” insurance (except for the limited package policies, where prices are fixed), the following factors are taken into account:

Area of the property;
Type of property;
City of residence;
The risks involved.

Questuions and Answers

When concluding a policy, a notarial deed is not required, but it must be submitted where compensation has been awarded. Property insurance can also be taken out by a user or tenant of a home, but only if the owner (according to the notarial deed) is entitled to monetary compensation in the event of damage. So, if you are a tenant, it is best that you notify the owner before taking out insurance.

In case of package insurance no inventory is required. No inventory is required for the standard Property policy, if you correctly fill in the value of the movable and immovable property (for example, electrical appliances) in the proposal-questionnaire. If you attach invoices, no inventory is required. When large enterprises or commercial buildings, for example, are insured, it is likely that an employee of the insurer will make an inventory.

“Home/trusted handyman” provides non-cash repair of damages that are covered under the terms of the concluded policy. How can this happen? You make a claim in the usual way, but instead of receiving monetary compensation, you are paid a visit by a licensed professional who performs the necessary construction and repair works, and provides the necessary materials. This saves time and effort in finding a good handyman. Sometimes this also saves money. Some insurers offer this service as part of the coverage or as additional coverage, but always provide a guarantee for the repair.

First, the necessary measures must be taken to limit the occurrence of damages, without undertaking repair works before inspection is carried out. At the occurrence of certain risks (such as fire, theft, robbery, malicious acts, electric shock), not only the insurer but also the competent authorities - police, fire station, electricity distribution company - must be notified.

Depending on the insurer chosen, the notification can be made locally at an office, by telephone, through the company’s website or through a mobile application. The terms for notifying insurers are different and are described in the General terms and conditions of the policy. However, as regards theft and robbery, the time limit is usually 24 hours.

The insurer has the right to ask for invoices and receipts for the damaged immovable property, so it is good to secure the more expensive items at home.