Thursday, 13 September 2012

Bulgarian Property to have insurance cover including natural disasters?

The Bulgarian government will debate and discuss a draft bill for supplements to the State Bulgaria Property Act, which will introduce an obligation that public/municipal Bulgarian property and privately owned Bulgarian real estate to be insured against natural disasters including earthquakes.
insurance bulgaria real estate
Stone is resilient to disasters but timber can catch on fire 

A disconcerted large amount of money was allocated to cope with property in Bulgaria and infrastructure damage consequential to these natural catastrophes, which could have been saved if the municipalities and the Private Bulgarian house owners had insured their Bulgaria real estate against all kinds of risks.
Modern apartment blocks are built to withstand major earthquakes
but will require insurance if this amendment is passed by parliament.
However, all the occupiers will need to contribute to the insurance.


The proposed changes are following on from the amendments approved by parliament 2 weeks ago in the draft bill for amendments and supplements to the Municipal Property Bulgaria Act and were provoked by 2012 natural disasters faced by Bulgaria  including the floods in February and the strong earthquake near Pernik and Sofia in May this year. 

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