The largest compensation paid to a homeowner whose property was affected by fire and covered by a voluntary insurance policy exceeded €422,000, according to an analysis conducted by UNSAR members.
Fire remains the top risk in a ranking of the five most damaging hazards to insured homes. Electrical phenomena, which can damage various household goods, rank second, while storms, a prominent occurrence last year, take third place. Hail and explosions occupy the fourth and fifth spots, respectively.
“Wildfires in the United States remind us of our vulnerability to fire. Unfortunately, we often realize too late the importance of voluntary home insurance, which provides financial protection against devastating fires and offers the comfort needed to overcome such events,” stated Alexandru Ciuncan, President & CEO of UNSAR.
“Only about 2 out of 10 homes in Romania are protected against these risks, which can cause immense destruction, with approximately 19 fires affecting homes daily,” added Alina Bărbulescu, Property Insurance Specialist at UNSAR.
In Romania, voluntary home insurance can only be purchased for properties already covered by a mandatory PAD policy. Voluntary policies provide extended protection at the real value of the property and/or its contents, covering damage caused by natural disasters and other risks such as fire, explosions, storms, falling objects, and flooding due to plumbing or heating system failures. They may also cover damage to electronic or household appliances.
Additionally, voluntary insurance can be customized with dedicated clauses tailored to specific needs. For example, policies can include coverage for damages caused to neighbors, photovoltaic panel damage, or even emergency response services for issues like plumbing, gas, or heating system failures, power outages, roof damage, or access system malfunctions.