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Compulsory insurance premiums determined for residential houses and flats in Azerbaijan

17 December 2011 10:23 (UTC +04:00)

Insurance tariff for residential houses and flats has been determined at 0.2% of insurance amount.

Note that, the amount of compulsory insurance of houses and apartments in Baku has been considered at AZN 25,000, Ganja, Sumgayit, Nakhchivan â€“ AZN 20,000, in other localities â€“ AZN 15,000. Consequently, compulsory insurance of houses and flats in Baku will cost AZN 50, in Ganja, Sumgayit and Nakhchivan â€“ AZN 40, in other localities â€“ AZN 30.

Compulsory insurance of real estate insures the property from fire, lightning, gas blasts, electrical short, steam boilers, gas storage, gas pipelines, natural disasters - earthquakes , volcano, storm, hurricane, flood, hail, flood, flood, pouring rain and etc.

Note that, compulsory insurance for real estate provides insurance payments for owners of flats during these incidents. In case if the amount of the damage is more than this sum, the state will pay extra compensation.

According to the law on â€œDetermining of insurance tariff on compulsory insurance for real estateâ€ approved by the Ministry, insurance tariffs for compulsory insurance for other real estate depends on its price, purpose and risk, to which it relates.