12:13 - 28.12.2019

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December 28, Fineko/abc.az. As it was reported, those who did not insure their property will be fined from 1 January.

ABC.AZ reports that insurance companies are already warning citizens in this regard. So, companies post the following content: "Insure your property or you’ll be fined".

In accordance with the Law on Compulsory Insurance the annual insurance of housing or houses ranges from 30-50 manats. When paying 50 manats in Baku, 40 manats in relatively large cities, and 30 manats in districts, an apartment can be insured in the amount of 25,000 manats, 20,000 manats or 15,000 manats, respectively.

If you take into account that the average cost of houses in Baku is 100,000 manats, you can voluntarily insure the remaining 75,000 manats. To do this, you will have to pay 150 manats. In other words, if you pay only 200 manats, you will insure your home for 100,000 manats.

From 1 January 2019 those who have not insured their homes will be fined 30 manats.