For property

Home holds everything that we have. When leaving it in the morning, we take coat and bag, lock up the door and do not even imagine that everything that stayed inside could not await us in the evening. Accidents happen all the time – forgotten iron, storm tears away roof, break in of unwelcome “visitors”, break of water-pipes. To protect yourself against unforeseen financial losses, ensure your property!

Property insurance

According to this insurance line, insured object is real estate, for example, house, apartment, household building, bathhouse, garage, shed. With separate agreement following objects could be insured as well: fences, gates, surfacing of yards and territories etc.

Real estate is insured by replacement value that is the amount of the required minimum restoration expenses in order to restore the insurable object to the former quality and extent in case of its total loss.

Property insurance includes following risk coverage:
- Fire (fire, explosion, lightning stroke);
- Natural disasters (storm, hail, earthquake);
- Fluid or steam leakage;
- Illegal activities of the third persons (burglary, robbery, vandalism).

The majority of insurers have included these risks into coverage. According to the insurance company it is possible to include such risks as falling of trees/masts, collision, glass crack, electrical phenomenon, rental expenses of replacement housing, flood etc.

Movable property insurance

Movable property usually is insured by the same policy as property. Movable property could be divided into following groups: furniture, clothes and accessories, electrical engineering, hobby objects, jewelry, art objects.

Movable property is insured by market value that is amount of money necessary to buy object of equal value (equal year, mark, model) in the day of the conclusion of the policy in case of its total loss. Now to insure movable property just its total value is needed, you have to list only objects whose value exceeds value defined by insurer (960-2800 €).

Movable property is insured against the same risks as property Up.

Liability

By including to property insurance your civil liability, you ensure yourself not only against accidents that could happen to your property, but against indemnification of losses done by you in accident to third persons!

Insurance will cover for losses to third persons instead of you in case of damage to a third person’s health, life, physical condition and/or material damage arising from your activity/inactivity. For example, you flood neighbors downstairs because of fire in your flat or someone falls and breaks a leg because snow in front of your house was not cleaned, etc.

Liability limit per case and per period is mentioned in the policy. When total limit is used, liability coverage becomes invalid. Liability limit can be renewed! It is possible to insure liability of cat’s/dog’s owner if your dog bites someone. Majority of insurance companies offer liability coverage for the whole territory of the Republic of Latvia, that means damages caused by you outside the house will be covered as well, for example, you accidentally break a vase in a shop – damage to the shop will be covered by insurance company.

! Do not forget to mention in the policy all persons living with you to ensure damage caused by them is covered as well!

Property insurance terms and conditions can be found here: BALTA, BAN, BTA Baltic, Compensa, ERGO, Gjensidige, IF P&C, SEESAM.