Home insurance for natural disasters gets mandatory
The Finance Ministry is examining the compulsory insurance of buildings for natural disasters such as earthquakes and floods and has already set up a committe to lay the groundwork for legislation.
If the proposal is adopted, it will lead to yet another financial burden on property owners.
Premium rates currently stand at about 1 euro per 1,000 euros of insured value, meaning that a house worth 100,000 euros (in terms of its so-called «objective» value, used for tax purposes), will set owners back 100 euros a year.
The model discussed provides for the creation of a fund administered by insurance companies.
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