Home insurance for natural disasters gets mandatory

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.

Source: Ekathimerini.com

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