Property Insurance: Everything You Need to Know to Protect Your Home

What Is property insurance and why Is it important?

Property insurance is designed for individuals who want to ensure their homes, furniture, and appliances are protected from potential damages. In Bulgaria, many prioritize car insurance, often neglecting home insurance. However, it's a crucial safety net that can prevent significant financial burdens after unexpected events.

Coverage offered by property insurance

Property insurance typically covers:

• Fire, including damage from electrical faults
• Lightning strikes, explosions, and implosions
• Damage from aircraft impact

These risks can cause severe damage to your property. For example, even a small fire can result in significant financial losses, not only for your home but also for neighboring properties. A property insurance policy can cost you as little as a cup of coffee per month, yet it could save you thousands of levs in repair costs.

Additional coverage: Protection beyond the basics

To enhance your home’s protection, many insurance companies offer additional coverage options. These may include:

• Natural Disasters: Coverage for damage caused by storms, hail, floods, snow accumulation, and freezing.
• Theft or Burglary: Protection for your personal belongings against theft, especially during periods of absence, such as holidays. Additional insurance can safeguard your home’s movable property.
• Liability to Third Parties: If you cause damage to neighbors, such as a water leak, this insurance will cover the repair costs.

Example in Practice:
Clients of Euroins avoided significant expenses for repairing roofs and ceilings damaged by natural disasters, thanks to their property insurance. This demonstrates how additional protection can be essential for securing your home against unforeseen events.

Common risks covered by property insurance

In addition to the basic coverages, there are other common risks that can be included in the policy:

• Accidentally caused fires – from gas stoves, boilers, or forgotten electrical appliances. Fires can spread quickly, and the damage may exceed the financial capabilities of the household.
• Natural disasters – floods, hailstorms, snow load, and freezing are common causes of significant damage to homes.
• Theft or robbery – protect your belongings by including an inventory of movable property in the insurance. This can range from furniture to electrical appliances. 

It is important to know that standard policies do not cover valuables, mobile phones, and firearms. These items must be stored according to specific instructions.

How to Choose the Right Property Insurance?

There are many property insurance options on the market that can meet different needs and budgets. For example, Euroins offers two main products:

• Home Choice – an insurance policy that allows you to choose which clauses will be included and provide an inventory of your movable property.
• My Home – a package insurance where you can choose from several packages that group different risks, and you will not need to provide an inventory of your movable property.

The choice depends on your needs and the location of the property. If you live in an area prone to floods or earthquakes, it is advisable to choose broader coverage.

Why is Home Insurance Mandatory?

In recent years, cases of natural disasters such as floods and earthquakes have become more frequent in Bulgaria. This highlights the importance of property insurance in maintaining your financial stability. Even small damages can be overwhelming for a family’s budget if you don’t have the right insurance.

It is particularly important to consider extended coverage when living in areas with a higher risk of natural disasters or vandalism. Unforeseen events like earthquakes can cause significant damage that cannot be easily repaired without insurance support.

Property Insurance is a Necessity

Property insurance is not just an option – it is a necessity for anyone who wants to maintain their financial stability and peace of mind in the event of an unforeseen incident. With the right policy, you can be sure that your home and family will be protected from the risks of everyday life.

Don't delay. Choose insurance that fits your needs and budget. Consult with the experts at Euroins to find the best solution for your home.