Who should pay for the damage caused to the house during heavy rain, flood, or fire?
Short answer: "If you don't have insurance, you do."
For a homeowner without insurance, heavy rain, flooding, or fire is not just an event but a direct financial loss. When the walls, parquet, electrical system, furniture each get damaged, you bear the cost. The insurance company only pays for the damage if there is a contract.
According to the law, it is mandatory for homeowners to have compulsory property insurance. This insurance covers 8 emergencies including fire, gas explosion, short circuit, natural disasters (earthquake, storm, hurricane, hail, flood, landslide, and heavy rain), vehicle collision, flooding, damage caused by an outsider, and explosion.
The annual cost of compulsory home insurance in Baku city is only 50 manat, and from 30 manat in the regions. It costs approximately 4 manat per month. The maximum amount you can receive for damage to the home is 25,000 manat.
For those who want to receive more compensation for home damage, voluntary property insurance is more beneficial. With voluntary insurance, the amount you can receive can be up to 150,000 manat. The annual payment starts from 79 manat.
The practical calculation is as follows: the average damage caused by heavy rain ranges between 10,000 – 25,000 manat. The annual fee for compulsory insurance is not even 1% of that amount.
Now the choice is yours: either pay 50 manat once a year, or thousands of manat after an incident./APA