Mandatory home insurance, as of today. How much does it cost, and who's selling it?

Publish date: 15-07-2010
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Starting today, the owners of the eight million homes in Romania have six months to purchase mandatory home insurance

As of today, insuring all homes in Romania became mandatory. The cost of the insurance policy is 10 or 20 Euro per year, depending on the material the home is built of. The grace period, during which home owners won't be fined for not having the insurance policy, is six months, after which they will be liable for a fine of up to 500 Romanian Lei if they don't have a valid insurance policy.

Home insurance becomes mandatory tomorrow. The first mandatory home insurance policy will be issued tomorrow. Those present at the press conference on Thursday will be able to purchase their insurance policies then and there", stated for Gandul Mr. Radu Popescu, Counselor within the Disaster Insurance Pool (PAID). He specified that even buildings in known flood areas will have to be insured. "There was never the issue of not including homes in known flood areas in this mandatory insurance. Only homes in residences that have the red marker of not being safe in case of earthquakes will not be mandatorily insured", he added, underlining the fact that there will be a six month grace period, "because it's physically impossible for everyone to get insured today".


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