Insurers and authorities disagree on deadline for mandatory home insurance in Romania

Home owners who have not taken house insurance policies until January 15 could be fined, according to the Insurance Pool Against Disasters (PAID) in Romania. The fine stays between RON 100 and RON 500. However, according to the Interior Ministry, the deadline for signing a home insurance policy is July 15 this year. On the other hand, PAID representatives say the Interior Ministry's press release from December 29, which informs about the July 15 deadline, is no longer valid. The insurance policy rate costs EUR 20 for type A properties (buildings which have the structure made from reinforced concrete, metal or wood or have the exterior walls from stone, burnt brick or any other materials resulting from heat and/or chemical treatment) and EUR 10 for properties type B (buildings with exterior walls made from unburnt brick or any other materials not subject of heat and/or chemical treatment). The maximum guaranteed amount is EUR 20,000 for properties type A and EUR 10,000 for properties type B. The optional insurance of the properties have to cover all the three risks which are included in the mandatory insurance: earthquake, flood and landslides, with a maximum insured amount of EUR 10,000 for properties type B and EUR 20,000 for properties type A. PAID was set up in 2009 by 13 insurance companies: Groupama Asigurări, Astra Asigurări, Platinum Asigurări, Uniqa Asigurări, Generali Asigurări, Ardaf, EuroiIns, Carpatica Asig, Grawe România, Credit Europe Asigurări, ABC Asigurări, Certasig and City Insurance. Anca Berger, anca@romania-insider.com