Report: Only 43% of Romanian home owners have house insurance, despite legal requirement

Less than half of the houses in Romania are insured, while the ratio is much higher in Hungary, but lower in Bulgaria at only 7 percent, shows a recent report from Italian insurer Generali.

Romania's home insurance rate is of 43 percent, while Hungary's is 72 percent. Romania requires home owners by law to insure their homes, but there is no sanction in place should they not respect the law. Across Generali's portfolio, the average sum paid for home insurance is of EUR 69 for a EUR 48,500 average home insurance, while in Slovenia the average rate is EUR 167. The main reason for Romania's still low home insurance rate is the lack of sanction enforcement, according to the study. In other countries, home insurance is not mandatory but banks demand it when home owners negotiate housing or mortgage loans. editor@romania-insider.com