Property insurance in Bulgaria: What do you need to know?

Property insurance is a key step in protecting your property abroad. As a popular destination for property purchases, Bulgaria offers a range of insurance options through local and international insurance companies. Below is an overview of the basic information you should know.

• An overview of insurance companies in Bulgaria

There are several reputable insurance companies operating in Bulgaria that offer property insurance for residents and foreign property owners. Among the best known are:

1. Allianz Bulgaria
2. Uniqa Bulgaria
3. Generali Bulgaria
4. Bulstrad Vienna Insurance Group
5. DZI Insurance (KBC Group)
   
   
   

These companies provide different insurance packages that can be tailored to your needs, whether it is a holiday property, apartment or family home.

What to look out for when taking out a policy

• Natural catastrophe insurance:

Make sure the insurance you choose covers:

1. Earthquake
2. Floods and storms
3. Fire and explosions

• Property value and sum insured:

When taking out a policy, check that the sum insured corresponds to the actual value of your property. Undervaluation can lead to problems in the performance of the policy.

• Exclusions:

Each insurance company has its own exclusions from the policy. Read the terms and conditions of your policy carefully so that you are not surprised that some claims are not covered.

• Additional cover:

Consider whether you need additional insurance for home, garden or pool equipment if it is part of your property.

• How much does property insurance cost in Bulgaria?

The cost of insurance depends on the type of property, its value and the extent of cover. Below are indicative prices:

Apartment (up to 100 m²):

The cost of insurance starts at approximately €50-100 per year, depending on the location and value of the apartment.

Family home:

For a house worth €100,000, the cost of insurance is between €150-300 per year, including cover against natural disasters.

Luxury properties:

For luxury villas or houses with a swimming pool, the annual premium can be €500-1,000, depending on the extent of cover.

Practical advice

Check quotes: get quotes from multiple insurers and compare what each package includes.

Communicate in English: some insurance companies offer services in English, which is convenient for foreign owners.

Local advisor: working with a local real estate agent or lawyer can help you choose the most appropriate insurance.

Property insurance in Bulgaria is an important step to ensure peace of mind and security for your investment. Take the time to choose the right package to suit your needs and ensure your property is protected.