Romanian Homeowners Have Until July 15, 2011 To Get Mandatory Home Insurance

Romanians must insure their homes within one year after the first mandatory home insurance policies were issued, namely July 15, 2010, the Interior Ministry said Wednesday.

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Homeowners have until July 15, 2011 to get mandatory home insurance or they will be fined by local authorities, said the ministry.

The Pool of Insurance Against Natural Disasters (PAID) began selling mandatory home insurance policies this July. Around 125,000 policies had been issued by November this year.

Romanian President Traian Basescu have recently passed a bill amending the Law on mandatory home insurance against earthquakes, landslides or floods, so that it would exempt people who already have home insurance against natural disasters from getting mandatory insurance.

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