The law regulating mandatory home insurance comes into forcetoday, with all home owners being required by law to conclude aninsurance policy, which costs 10 or 20 euros per year. The eightmillion homeowners in Romania are required to get a home insurancepolicy within six months, or face a fine of up to 500 RON.
The insurance costs 10 or 20 euros, depending on the type of home,with the insured amount being 10,000 euros and 20,000 euros peryear respectively. The lower price applies to unburnt brick homesand to homes made from any other non-thermally or chemicallytreated materials, such as adobe, while the higher price applies tohomes with a resistant structure of reinforced concrete, metal, orwood, or whose outer walls are made of stone, burnt bricks, orother thermally or chemically-treated materials.
The first policies will be issued today at a conference organisedby the Insurance Pool Against Hazards (PAID), the company that willissue the policies.
13 companies are PAID shareholders: Groupama, Astra, Uniqa,Generali, Ardaf, Euroins, Carpatica Asig, Grawe, Credit Europe, ABCAsigurari, Certasig, City Insurance, and Platinum.
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