Not all Ukrainians know that they can protect their homes from the most common risks, including fire, flood, theft, and war. Find out how real estate insurance works in Ukraine and how much it will cost to protect your apartment or house

Insure your apartment and property against damage, destruction and theft in 5 minutes

INSURE

In the current realities of Ukraine, the issue of property protection is extremely relevant, but many Ukrainians do not know that they can protect their homes from almost all common risks. For example, in most developed countries, the demand for home insurance has remained steadily high for decades, while in Ukraine this trend is only beginning to gain popularity.

Therefore, in this article, we will try to answer the most common questions of Ukrainians and explain how real estate insurance works in Ukraine, what risks can be protected from and how much insurance for an apartment or house will cost.

What is real estate insurance?

In general, real estate insurance is a type of property insurance that covers material losses in the event of damage or destruction of a home and property located in the home. It may also include third-party liability insurance, for example, in the event of flooding of neighbors due to unintentional actions of the policyholder.

In other words, insurance works in such a way that instead of covering losses on your own in the event of an unforeseen situation, you pay an insurance premium and receive a guarantee of compensation for damage in the event of an insured event for a selected period.

What are the terms you need to know if you decide to insure your apartment or house

→ Insurer - a company that provides insurance services.

→ Policyholder - the owner/tenant of real estate who takes out the policy.

→ Insurance premium - the amount that the policyholder pays to the insurance company.

→ Sum insured - the amount of money for which the insured insures the property.

→ Deductible - the part of losses that is not reimbursed by the insurer and is covered by the policyholder.

→ Limit of indemnity - the maximum amount that the insurer will indemnify in the event of a particular insured event.

What kind of real estate can be insured?

Ukrainians can insure both apartments and private houses. Moreover, if you take out insurance on the Visit Ukraine website, it does not matter who owns the property you are insuring. That is, even a tenant of an apartment or house can insure real estate.

What are the restrictions on real estate insurance?

To insure your home, you must make sure that it meets the following three requirements:

● the apartment or house must be completed and put into operation, and all repair and restoration work must be completed;

● the property is not pledged to a bank or any other financial institution;

● the building must not be in a state of disrepair.

Another important consideration is the location of the property. Due to military operations on the territory of Ukraine, it is currently impossible to insure housing in the frontline and occupied territories (Donetsk, Luhansk, Zaporizhzhia, Kherson, Mykolaiv, Dnipro, Kharkiv, Sumy, Chernihiv regions (except for the city of Chernihiv, Nizhyn and Pryluky districts) and the Autonomous Republic of Crimea).

What do I need to take out home insurance?

To take out insurance for an apartment or house on the Visit Ukraine website, you only need a passport and an identification code (TIN). The entire process is online and takes no more than 10 minutes. To insure your home, you do not need to have your property appraised by an expert or meet with an insurer.

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What risks does home insurance cover?

The insurance coverage may vary depending on the insurance program you choose and the type of home you want to insure. So, depending on the package you choose, the insurance will compensate for damage to your home and property in the event of:

● natural disasters (rainstorms, hurricanes, lightning, etc.)

● domestic incidents (fire, smoke, flooding, gas explosion, etc.)

● unlawful acts of third parties (burglary, theft, damage to property, etc.);

● damage to real estate as a result of hostilities (falling missiles, UAV strikes, explosions of ammunition and mines, etc.)

In addition, apartment and house insurance includes civil liability, i.e. compensation for damages to third parties if a fire, household gas explosion or flooding occurs through the fault of the user or owner of the insured property, causing damage to the life, health or property of neighbors (provided that it was unintentional).

What does the insurance cover?

Insurance provides for compensation for damage to the house itself, as well as to the property inside. However, depending on the type of insurance you choose, the list of things and structures that are covered will differ.

In general, insurance covers losses for damage to:

● Structures of the house or apartment (walls, floor, roof, windows, balconies, etc.)

● Engineering communications (water or gas pipelines, etc.)

● Interior decoration of the dwelling (repair);

● Furniture, appliances and interior items;

● House territory and outbuildings on the plot (for private houses insurance).

Also, depending on the chosen package, additional expenses may be included in the insurance, such as payment for the restoration of lost documents, car rental for moving to another home, territory clearing, etc.

What is not covered by apartment or house insurance?

The insurance provides for a certain list of property that is not covered by the insurance. These include cash, jewelry, documents, books, toys, paintings, and other works of art.

What are the indemnity limits?

Depending on the type of insurance you choose, the indemnity limits may vary. As a rule, the limits are set as follows: structural elements - 70%, decoration - 20%, contents - 10%.

How much will it cost to insure an apartment or house?

It is a common misconception that insuring an apartment or house is very expensive. In fact, real estate insurance is quite affordable for everyone. At the same time, the price of express home insurance on the Visit Ukraine website does not depend on the area of the property, the floor on which the apartment is located, the number of rooms, the cost of repairs, and other factors. The cost is formed depending on clearly defined parameters:

1. The amount of insurance (the client chooses it independently, depending on their own property valuation);

2. Type of insurance - for an apartment or a house (basic or with war risks);

3. The region where the property is located (Kyiv and its region or other regions of Ukraine) - for basic apartment insurance (without war risks coverage).

For example, it will cost about EUR 216 (~ UAH 9,400) to insure an apartment against basic and war risks for the amount of UAH 1 million for 1 year, and insurance of a house with similar coverage for a year will cost about EUR 152 (UAH 6,600).

How to choose the right type of real estate insurance?

Three main insurance programs are currently available on the Visit Ukraine portal:

● Basic express apartment insurance (without war risk coverage);

● Express apartment insurance with coverage of all risks (including war risks);

● Express house insurance with all risks coverage (including war risks).

They have different coverage and are suitable for different types of housing. Choose insurance depending on the type of real estate and the risks you want to protect your home from. You can get help with choosing and applying for an insurance policy by contacting our customer service (WhatsApp/Telegram). Managers will answer all your questions and help you with the process.

Therefore, real estate insurance is not only a way to protect yourself from financial losses, but also an opportunity to gain peace of mind knowing that your home and property are under reliable protection. In today's environment, when risks are growing, this step becomes even more important.

Choose an insurance program that meets your needs and apply for a policy in a few minutes:

✅BASIC APARTMENT INSURANCE

✅APARTMENT INSURANCE WITH WAR RISKS

✅HOUSE INSURANCE WITH WAR RISKS

Don't put it off - real estate insurance is an affordable, simple and effective solution that will give you peace of mind even in the most difficult situations. Take out reliable protection for your real estate now!

We remind you! Unfortunately, destroyed houses and cars have become a reality of Ukrainian life. Therefore, it is extremely important to protect your property and health from the daily shelling of the occupiers. Read more about insurance products covering war risks on the Visit Ukraine portal.

Photo: muravev / Freepiik

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