Persons who have not insured their apartments to be fined from next year


October 15, Fineko/abc.az. Azerbaijan is likely to fine starting from the next year the persons who have not insured their housing.

ABC.AZ reports that the application of penalties will be launched after the implementation of compulsory real estate insurance from next year.

So, if until now the owner of the apartment insured his home in a voluntary form, then after that it is going to become a mandatory rule. Otherwise, they will be fined in the amount of 30 manats. In fact, home insurance should have started since the adoption of the Law on Compulsory Insurance in 2011. Despite the decision, the application of the law was incomplete. And from next year the full application of the law will begin.

Real estate insurance in Baku is 50 manats, the amount of guarantee is 25,000 manats, the amount of insurer’s exemption from compensation payment  is 250 manats, insurance in Ganja, Sumgait and Nakhchivan is 40 manats, amount of guarantee is 20,000 manats, amount of insurer’s exemption is 200 manats, in other settlements the real estate insurance premium is 30 manats, the amount of guarantee is 15,000 manats, and the amount of exemption is 150 manats.

By Elmir Murad