Living in the dream house is a joy hard to compare. Home is the place where you spend quality time with your family, where you can relax freely and where all problems disappear. The reasons why it must be safe are innumerable. Therefore, you must take precautions for all possible events that would directly affect it.
Statistics in recent years have highlighted the large number of homes that are flooded, on fire or affected by natural disasters. Home insurance is very important nowadays, when these natural phenomena seem to be multiplying, and PAD (Natural Disaster Insurance Policy) and optional insurance are needed.
This
real estate blog article presents information on what PAD entails, how to choose an insurance, but also on the related compensations.
What does the PAD policy entail?
The first step in insuring your home is compulsory insurance (PAD). The legislative amendments from 2016 emphasized the fact that the lack of such insurance represents an impediment in creating an optional policy (the policy necessary in compensation for higher damages). At the same time, non-compliance with this obligation brings with it fines from 100 to 500 lei (fines given by the City Hall). An optional policy is required in addition to the mandatory one, because the latter does not cover either the total value of the property or all the risks required by the bank (in the case of a property purchased by bank loan).
The PAD insures residential buildings for these three naturally occurring risks: floods, landslides and earthquakes. Do not enter into this insurance:
• Annexes or other outbuildings that are not related to the building;
• Garages, warehouses, warehouses, etc .;
• Swimming pools, saunas, solariums, etc .;
• Buildings outside the construction area;
• Buildings in class I of seismic risk.
The cost of PAD policies differs depending on the type of home. There are type A homes and type B homes:
1. Type A dwellings refer either to a construction with a concrete, wood or metal structure, or to a construction with exterior walls of stone, burnt brick or any material formed by a chemical or heat treatment. In the case of type A, the cost is 20 euros per year, and the insured amount is up to 20,000 euros.
2. Type B dwellings refer to constructions that have exterior walls of unburned brick or other material not subject to heat or chemical treatments. For type B, the cost is 10 euros per year, and the insured amount is up to 10,000 euros.
What does optional insurance mean?
Optional policies are those that provide a property in case of any problem, not only those produced naturally. When you are determined to apply for an optional policy, consider a few steps to reach my best option:
• Analyze your home. What does this thing mean? Take into account the area in which it is located, what events existed here (earthquakes, floods or any other natural calamity), what valuables exist in it, etc. This analysis will help you move towards an insurance that suits your needs.
• Choose an insurance company. There are several companies in the field on the Romanian market. You can use the experiences of acquaintances or you can document yourself as well as possible, analyzing the market in this field.
• Choose the right optional insurance package. All these companies come to meet the customer with packages based on different benefits. There are, therefore, several types of optional insurance whose prices are directly proportional to the disasters they insure.
Regarding the compensations, the best option are the companies that are based on fast compensations. Why? Because there is the possibility that in case of a major disaster you can not live in the building during the remediation of the situation.
In the case of the PAD policy, the compensations are made based on the documents or the damage file. Payment is made within a maximum of 5 days from receiving the claim file. Thus, you must notify the insurance company as soon as possible, no more than 60 days from the date of the event.
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