Property insurance in Bulgaria - How to protect your Bulgarian property
Property insurance in Bulgaria is a bit of a new phenomenon! Until fairly recently, mortgages were almost unheard of, so no one required cover. Then the Bulgarian property boom arrived, with buyers eager to buy themselves a rural villa, a mountain chalet or modern apartment on Bulgaria´s coast. A new market was spawned for property insurance in Bulgaria but it is still in its infancy and there are not yet many providers to choose from.
It is, though, essential to arrange suitable insurance for your Bulgarian property. Insurance protects you and third parties, and banks will usually make it a condition that your Bulgarian property is adequately covered.
Property insurance in Bulgaria - buildings cover
If you are buying an apartment in Bulgaria, buildings insurance may be included in your management fee. If it is not, or you are buying a more traditional style of Bulgarian property, you will need to arrange insurance independently.
The minimum risks covered should be fire, flood and earthquake, and should cover your entire Bulgarian property including:
- The actual structure of the home
- Outbuildings
- Swimming pools
Ensure that the sum insured covers the cost of rebuilding the Bulgarian property. Ask a local builder or surveyor to provide an insurance valuation.
If you are intending to rent out your villa, chalet or apartment in Bulgaria, or if the property is used only occasionally by your own family, insurers will regard it as a higher risk as such properties are often unoccupied for long periods. However, buildings insurance should still be readily available.
Property insurance in Bulgaria - contents cover
You will find it difficult to obtain property insurance in Bulgaria for your contents if you leave the property empty for long periods. However, there are ways around this. The first is to install an alarm which is connected to a security company. If you have an apartment in Bulgaria, this could be the security office of the management company. Alternatively, you may be able to satisfy the insurance company by arranging for a neighbour to check your Bulgarian property on a daily basis.
As with any contents insurance you should always find out exactly what you are covered against.
Property insurance in Bulgaria - public liability
It is important that your policy includes public liability insurance if you are planning to let your villa, chalet or apartment in Bulgaria as a holiday home. Liability insurance will cover you for legal costs and expenses following death, injury or damage to a third party on or near your property.
Property insurance in Bulgaria - choosing the insurer
Whichever policy you choose, make sure you understand its scope and restrictions. If you choose a Bulgarian property insurer and are not fluent in Bulgarian, it is vital to employ a translator.
Policies offered by Western European and UK insurers tend to be more expensive than Bulgarian insurers but they are likely to have more experience with handling claims.
Although still few in number, some smaller UK companies are beginning to offer property insurance in Bulgaria.
Medical and life insurance in Bulgaria
One of the most popular forms of cover taken out by Brits buying Bulgarian property is private health insurance. This allows those moving to a villa or apartment in Bulgaria to protect themselves and their dependants in the event of injury or illness.
Similarly, life insurance can be used to protect a mortgage on your Bulgarian property and gives peace of mind to relatives.
If suitable cover is arranged prior to leaving the UK it remains valid whilst living in your villa or apartment in Bulgaria. Your Bulgarian property is a big investment and it is vital to plan for contingencies, whether you take out insurance in Bulgaria or the UK. Our service directory has companies offering property insurance in Bulgaria.
