Home insurance, a safety measure
“Hollywood celebrities insure the most uncommon things, but in Romania, we fail to insure even the most elementary possessions. Not even those who build extravagant mansions fail to protect their homes, but install sophisticated security and alarm systems instead. However, not even the cutting edge home alarm will cover the house damages. Do we really have to wait until the law compels us to buy an insurance policy?”, said Ileana Horvath (photo), chairman of Uniqa board.
The most important thing you need to know about this product is that an insurance policy is a tool to protecting your personal possessions, experts say.
“The insurance is designed to assure you that if anything goes wrong it will keep your possessions safe. Generally, an insurance policy should be seen as an instrument that gives you the safety you need, if we consider the costs of repairing or replacing the uninsured items”, said Adrian Marin, general insurance director at Generali Asigurari.
If we take for example the earthquake in ’77, the insurers would have an annual loss of 105 billion euros, and in Romania, of over 8 million households, only 800,000 are currently covered from earthquake damage, he continued.
“We don’t have to wait until the earthquake happens and then buy insurance. A policy is a safety measure not only in the event of an earthquake, but of other disasters likely to occur and have occurred in Romania: flooding or tornados”, said Horvath.
The insurance is one more item in your expense book, but only after the event happens for which you cover your home and belongings, paying premiums will eventually turn out to be cash saving.
“What homeowners have to understand is the magnitude of damages covered by the insurance policy, such as earthquakes, landslides, fire, explosion, storm”, said Cristian Voicu, director general insurance at Grawe Romania.
“I think we should act to protect our properties by ceding the risks they are exposed to”, Voicu continued.
Moreover, representative of Uniqa said that an insurance policy should be seen as an investment of the insured. “We don’t give back your home our belonging, but its price, the costs to rebuild it or replace it”, Horvath stressed.
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