Real estate insurance in Bulgaria
When you buy property in Bulgaria, do not miss such an important aspect as insurance of your property. Insurance companies offer a wide variety of conditions,insurance packages and promotions. This range of services is difficult to understand, especially in another country.
Let's see what the main options of property insurance can be purchased in Bulgaria.
Private property insurance services can be divided into:
The first option is cheaper, the second one is much more expensive. What is the difference between them?
This type of insurance requires a one-time payment of a specific amount in the event of emergency. The most inexpensive packages include the following emergency situations:
In the event of damage to your property with one of these emergencies, you will be reimbursed the amount of 7-15 thousand EUR. The amount depends on the cost of the package.
The minimum price is 15 EUR per year. On client’s request the package services may include other unforeseen situations, such as theft or vandalism.
The advantages of package insurance are its low cost and simplicityof the contract.
This type of insurance provides you a full refund if any insured events occur. This means that you will be reimbursed the full cost of your accommodation. The insurance situations are the same as in package insurance, but its cost is much more expensive. The amount of the insurance payment depends on the value of your property. In most companies this is 0.2% of the market price of the apartment.
The advantage of this type of insurance is that in case of fire or other disaster you will receive an amount which helps you purchase an equivalent accommodation.
In Bulgaria you can choose the type of insurance that suits you best. It is better to conclude a contract with the best-known insurance companies that have a good reputation.