Appartment insurance to become compulsory in Azerbaijan

Real estate is planned to be compulsory insured in the draft law on Compulsory Insurance drafted by Azerbaijani Ministry of Finance, Namig Khalilov, head of state insurance supervision department said.

According to him after the draft law the citizens will have to insure the all real estates. He says that the all real estates must be insured from actual risks.

Note that the compulsory insurance of property has been applied in most countries of the world for a long time. Azerbaijan-based insurance companies offered compulsory insurance of the real estates for payment for the damage to the property. Property insurance is one of the cheapest insurance types. The insurance premium of property is 0.1% of its total worst.


/APA/