Insurers demand mandatory real estate insurances

In parallel with the compulsory Civil Liability insurance payable by motorists, homeowners should also be required to insure their real estates. The idea was placed again on the agenda of the leading insurance companies in Bulgaria. According to them, this is the only way that people's dwellings and homes will be protected in the event of natural disasters such as those of last week.

"If there was a requirement for compulsory insurance of the property risks, the state would not have been required to cover the damages inflicted to all these inhabitants of the village of Bisser," commented for Klassa daily, the Chairman of the Supervisory Board of Eurohold Bulgaria, Assen Hristov. "The introduction of mandatory real estate insurance coverage will lead to a higher percentage of protected assets similar to the widespread practice in many countries worldwide," indicated Stoyan Prodanov, CEO of the Insurance Company BulIns Ltd. Currently in Bulgaria, barely 7-8% of the citizens property is insured, while after each natural disaster a short-term growth of the concluded contracts is reported, but it never becomes a constant trend, stated the expert. Another option for the imposition of preventive measures refers to the setting up of an insurance pool of catastrophic risks similar to that in Romania. The establishment of such an organization is not so difficult since it simply needs the adoption of the proper legislative initiative, was explicit Prodanov.

In case of the introduction of a compulsory real estate insurance policy, it would cost about BGN 25-30 and will cover damages worth BGN 30, 000, calculated Hristov from Eurohold. This will cost BGN 2 per month or equal the price of two tram tickets. "A similar legal amendment will not be advantageous to the politicians. In fact, they only pray for some disaster to happen in order to avail themselves and visit the place of incident so that afterwards to make themselves PR," commented Hristov.

According to Prodanov from BulIns LTD, such an insurance policy could be concluded for some BGN 100 lev per annum, while it will not cover the total damage, i.e if the entire house collapses, but it will cover a greater part of the damage if the property is in a position to be renovated.

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