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Individuals property insurance

Individuals property insurance 

According to Law nr.142 from June 26, 2008 regarding mortgage, the Mortgager is obliged to insure the mortgage object for the benefit of the mortgage lender, at replacement value, against all risks of ruination or fortuitous damage. 
 
Property insurance is a secure and efficient means of granted credit reimbursement, which ensures the discharge of obligations towards the crediting bank, as well as the Mortgager’s exoneration of considerable expenses on the insured risk occurrence. 
 
If you are a MAIB credit beneficiary, you can contract an Insurance Policy of the pledged property on the most advantageous conditions at any branch of the bank. 

The optional property insurance policy covers a large range of risks:
  • fire, explosion, storm, landslide;
  • natural phenomena: lightning, whirlwind, hurricane, tornado, floods, appearance of groundwater, spill, drift of the ice, earthquake, ice, snow, hail;
  • external action occurred as a result of: collision, accident, animals action;
  • third parties illicit actions: stealing, damaging or intentional destroying of the insured property; breaking glasses, windows as a result of the third parties unpredictable and/or premeditated actions. 

The insured objects are the immovable properties and some categories of movable properties, which belong to individuals with property right:
  • houses, apartments, cottages;
  • buildings, constructions, unfinished constructions;
  • household constructions, separate rooms;
  • household objects on the insurance territory;
  • land;
  • others.
The insured amount is maximal limit of the Insurer’s responsibility and is established at replacement value of the pledged property.
 
The deductible is the part of the damage, which will be paid by the policyholder. The deductible can be expressed as a fixed or relative value – a percentage of the insured amount or damage. 
 
The required documents for contracting the property insurance:
 
Individuals submit the following documents:
  • Debtor’s identity card
  • Assessment report on the insured property issued by the authorized company.
The Policyholder’s actions on the damage occurrence:
  • To identify and eliminate the damage causes and take the required measures for limiting the damage expansion – the damages which appear eventually;
  • To inform immediately the competent bodies (the Police, the Fire Department, the State Weather Forecast Service and Environment Monitoring Service, Civil Protection and Emergencies Service, others, if the case);
  • To notify the Insurer within 2 working days at most since the date the policyholder knew about the alleged insured case occurrence;
  • To preserve the damaged property so that the authorities and the Insurer’s representatives can make the required findings. 
The advantages of the optional Assets insurance:
  • The Insurer will take over the financial burden and compensate within the limits of the insured amount of the property, ensuring in such a way the Debtor’s compliance with the commitments towards the crediting bank, as well as the possibility of a fast and complete repairing of the damage caused to the immovable property by occurred insured events;
  • Maximal security and complex protection of the property against a large range of risks;
  • Accessibility: due to a well-balanced price;
  • Efficiency and simplicity: the optional insurance of assets is contracted at the same time as the credit contract is signed and no additional documents are required;
  • Annual discounts to the insurance tariff if no damages are claimed.