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PROPERTY INSURANCE

Apartments and Houses Insurance

 

  • Who is eligible for obtaining the current insurance program?

A physical or legal person, who owns a house or an apartment.

 

  • What types of properties are qualified for having an insurance?

The insurance contract is available for houses and apartments that are:

  • Residential or used as a rental property,
  • Being occupied for at least 300 days during 1 year period,
  • Are not under a mortgage.
  • We insure:
    • Interior design and engineering facilities: including heating and ventilation, bathroom, floor and ceiling covers, etc.  
    • Movable property: including furniture, electrical utilities and household appliances as well as “Valuable properties” (paintings, items made from precious metals or stones)
    • Foundations of a building: Walls, ceiling, roof, etc.  

 

  • What does House and Apartment insurance cover?
  • “Fire”: Fire related property damages. 
  • “Explosion”: damages or loss of a property caused by gas pipes, explosion of boilers or other containers, or any other technologies.  
  • “Water damage”: damage or loss of a property caused by water or other liquids flowing from plumbing, sewer, heating, air conditioning, or ventilation machines.  
  • “Mechanical damage”: damage or loss of a property caused by crash of different transportation means,  flying objects or their parts, cargos or other object falling from flying means and damages caused by construction works (by a third party).  
  • “Illegal actions of third parties”: theft, vandalism or intentional damage to a property. 
  • “Natural disasters”: damage or loss of a property caused by an earthquake, wind, storm, hurricane, lightning strike, flood, volcano eruption or natural underground fire, landslide, etc.  
  • “Short circuit”: damage or loss of a property caused by a fire emerged from power voltage fluctuations or short electrical circuits.  
  • “Glass breakage”: damage or loss of a property caused by a collision or collapse of interior or exterior doors and windows, glass walls and stairs.   
  • “Animal actions”: damage or loss of a property caused by actions of mammals, reptiles, amphibians and birds. 
  • “Liability insurance”: Property or physical damage to a third party (including neighbors) while using the apartment/house.  

 

  • Insurance coverage area:
    • Houses and apartments, which are situated in the republic of Armenia or Nagorno-Karabakh
    • Insurance coverage period:
      • The contract is valid for a year.
      • Types of payments:
        • Instantly

The insurance premium is paid fully at the moment of signing the contract.

  • Semi-annually (In case if the insurance premium exceeds 40,000 AMD) 

In case of semi-annually payment, 50% of premium is payed at the moment of signing the contract and the rest is paid 180 days later.  

 

  • Quarterly (In case if the insurance premium exceeds 80,000 AMD) 

In case of quarterly payment, 25% of premium is payed at the moment of signing the contract, the rest 25% is paid after 3 months and so on.

  • The insurance premium:
    • For an apartment

m^2

Design and engineering equipment

Moveable estate (including “Valuable property”)

Liability insurance 

TOTAL

Sum insured 

Insurance premium

Sum insured 

Insurance premium

Sum insured 

 Insurance premium

≤50 

   3,000,000

    6,000

  3,000,000

     8,400

    500,000

1,000

        15,400

51-75

   5,000,000

   10,000

  5,000,000

   14,000

  1,000,000

2,000

       26,000

76-100

   7,000,000

   13,300

   7,000,000

   18,900

  1,500,000

2,630

       34,830

101-200

  10,000,000

   18,000

 10,000,000

   26,000

 2,000,000

3,500

       47,500

≥201

 20,000,000

   32,000

 15,000,000

   37,500

 3,000,000

4,500

       74,000

 

  • For a house

m^2

Design and engineering equipment

Moveable estate (including “Valuable property”)

Liability insurance

TOTAL

Sum insured

Insurane premium

Sum insured

Insurance premium

Sum insured

Insurance premium

≤51

   3,000,000

    6,600

   3,000,000

     9,240

2,000,000

4,400

20,240

51-75

   5,000,000

    11,000

   5,000,000

   15,400

3,000,000

6,600

33,000

76-100

   7,000,000

   14,630

   7,000,000

   20,790

4,000,000

7,700

43,120

101-200

  10,000,000

   19,800

  10,000,000

   28,600

4,500,000

8,660

57,060

201-300

 20,000,000

   35,200

  15,000,000

    41,250

5,000,000

8,250

84,700

≥301

 30,000,000

   49,500

 20,000,000

   55,000

6,000,000

9,900

114,400

 

For apartments and houses used for renting, there is an extra 20% added to the insurance premium.

  • Deductible
    • In case of earthquake, 5% of the insured sum of a property
    • In the rest of cases there is no deductible

 

  • Limits:
    • For “Movable property” the limit of insured sum is 300,000 AMD
    • For  the whole “Valuable property” the limit of insured sum is 500,000 AMD in aggregate

 

  • Actions that need to be taken in case of an accident:
    • Call the insurance company, Telephone number +374 10 59 21 21  
    • Call Relevant Authorities
    • Take all reasonable means to prevent further damage and reduce the amount of damage to the insured property

 

  • What to do next?

Write an application for an insurance compensation within 3 months period at the Property Claims Settlement Center at Hrachya Kochar 35/1.

 

  • How you receive the compensation?

The insured sum could be compensated by:

  • Cash
  • Organizing and repairing the damaged property by the insurance company through an organization that has a specific contract with the company.

 

  • Bonuses:
    • If you have any existing contract/contracts at INGO Armenia Insurance company and your total annual premium exceeds 100,000 AMD, a 10% discount is provided.
    • If you have an IngoCare health insurance contract with any insurance premium, a 10% discount is provided.
    • If you satisfy both of the above-mentioned conditions, a 15% discount is provided.

 

  • Exceptions:
    • Wooden houses and buildings, as well as the property in them.
    • Apartments located in multi- family residential units that are under resettlement program.
    • Apartments located at emergency or demolished buildings.
    • Multi-family residential units or private houses in landslide zone.
    • Property, which is under public areas or public use.
    • Dilapidated buildings with depreciation of 75% or more.
    • Cash in AMD or foreign currency.
    • Shares, bonds and other collaterals.
    • Manuscripts, plans, sketches, and other documents.
    • Precious metals in form of bullions and expensive stones without frames.
    • Explosive and flammable materials.
    • Food, beverages and cigarettes.
    • Domestic and farm animals.
Updated:   2019-09-06 01:09

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