Bank Of Baku

No time limit for compulsory insurance of apartments in Azerbaijan

No time limit for compulsory insurance of apartments in Azerbaijan
# 19 December 2011 12:01 (UTC +04:00)
According to him, if there are documents affirming the usage right of apartment, the citizen can insure the house on this type: “Generally, although there is not concrete time on insurance of apartments, this is planned to implement in comfortable condition”.

If there are not documents affirming the usage right of apartment, these issues wil be engaged by executive power agencies.

Note that, the draft law on compulsory insurance came into force in October, 2011 and it was started to execute on December 16, 2011.

The insurance summon real estate in Baku is planned to be AZN 25,000, AZN 20,000 in Ganja, Sumgayit and Nakhchivan, AZN 15,000 – in other settlements. The compulsory insurance in Baku will spend AZN 50, in Ganja, Sumgayit and Nakhchivan – AZN 40 and in other settlements – AZN 30.
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