The law regulating mandatory home insurance comes into force today, with all home owners being required by law to conclude an insurance policy, which costs 10 or 20 euros per year. The eight million homeowners in Romania are required to get a home insurance policy within six months, or face a fine of up to 500 RON.
The insurance costs 10 or 20 euros, depending on the type of home, with the insured amount being 10,000 euros and 20,000 euros per year respectively. The lower price applies to unburnt brick homes and to homes made from any other non-thermally or chemically treated materials, such as adobe, while the higher price applies to homes with a resistant structure of reinforced concrete, metal, or wood, or whose outer walls are made of stone, burnt bricks, or other thermally or chemically-treated materials.
The first policies will be issued today at a conference organised by the Insurance Pool Against Hazards (PAID), the company that will issue the policies.
13 companies are PAID shareholders: Groupama, Astra, Uniqa, Generali, Ardaf, Euroins, Carpatica Asig, Grawe, Credit Europe, ABC Asigurari, Certasig, City Insurance, and Platinum.
The law regulating mandatory home insurance comes into force today, with all home owners being required by law to conclude an insurance policy, which costs 10 or 20 euros per year. The eight million homeowners in Romania are required to get a home insurance policy within six months, or face a fine of up to 500 RON.
The insurance costs 10 or 20 euros, depending on the type of home, with the insured amount being 10,000 euros and 20,000 euros per year respectively. The lower price applies to unburnt brick homes and to homes made from any other non-thermally or chemically treated materials, such as adobe, while the higher price applies to homes with a resistant structure of reinforced concrete, me
