Bulgarian Property
Property Services
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05.07.2010
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You don’t have to actually see the flooded or charred remains of homes on TV to consider buying property insurance. But recent developments may spur you into action. That can only be welcome because protecting your home against disasters-natural or man-made- is an essential preventative measure.
Procedural matters may seem somewhat intricate in Bulgaria. There are various details to consider apart from the language and the legal framework. But do not despair- others have disentangled the bureaucratic threads and so can you!
Property buyers can arrange their insurance in their country of origin or in Bulgaria. The former may seem less cumbersome and easier- linguistically at least- but you would have to find an insurer that covers property in Bulgaria. Price-wise, however, buying a policy here is more attractive.
Under Bulgarian law, acquiring property insurance is optional and can be finalised on receiving your Notary Deed. If buying a new off-plan apartment, the developer may have included building insurance in the sale price. So scrutinise your contract carefully.
It’s always a good idea to ask your real estate agentproperty management company for advice and assistance with insurance. Usually, they know the best insurers and have relevant experience. Many of them even have insurance partners- both local and international companies.
You can even make a contract with the realtorproperty management company so that they sign insurance contracts on your behalf. In some cases protection against major hazards such as fire, earthquakes, landslides and short circuiting – as well as malicious damage – is included in annual maintenance charges.
Alternatively, contract an insurer yourself. Many local and international companies have offices in major cities such as Sofia, Veliko Turnovo, Varna or Burgas. You can also ask friends for recommendations or contact other expats, either in person or over the internet.
If you want to conduct a little research, check local insurers’ websites, many of which have English versions. To cater to their growing international clientele many many companies now employ bilingual staff and produce English – language leaflets andor documents. Some insurers may also offer free quotes to help you decide.
Building insurance is calculated on the basis of the cost of reconstructing your home, which, in turn, is based on its declared value. Coming from a country such as the UK you may find that insurers here require a much more detailed list of the potential hazards you want included. For example, typical basic cover includes risks from fire, lightning, explosions, earthquakes, storms, floods and landslides. Other policies protect you from, vandalism, robbery and burglary. Pay careful attention to your policy’s exemptions as well as inclusions.
The cost of your policy obviously depends on the clauses included, the type of the building and sometimes on its location. For instance, some regions in Bulgaria carry an added premium for earthquake risk. A small house may cost around 1,000 leva per year to insure, but premiums are usually higher for holiday homes than for main residences because of their vulnerability to burglaries and general neglect.
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