MilaMoore
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pm | | REAL ESTATE INSURANCE DOCUMENTS (18th Dec 24 at 2:50pm UTC) | | If you are owning / buying a real estate there are numerous risks, which may occur, thus, damaging or destroying your property. Not all of the possible risks are always predictable or even avoidable, however, there are certain ways how you can evaluate risks and gain financial compensation, if something happens to your property. The best way to achieve this is to purchase real estate insurance.
However, insurance companies are quite demanding when it comes to buying an insurance policy – usually, they request full information regarding the insurance object as well as documentary evidence and written statements.
When applying for a property insurance, you may be asked to present the following (usually scanned copies are permitted):
Property ownership title certificate;
Grounds for insurance application (this is just a formality, if you are a tenant or authorized person – you will need to provide a copy of rental agreement or power of attorney);
Your passport copy and residence address;
Passport copy and residence address of the property owner (in case you are not the owner);
Full technical information regarding property and its qualities;
Property evaluation done by certified property appraiser (if any);
Cost of the property (self-evaluated or purchase price according to contract);
Risks you wish to insure your property against;
Technical documents and plans of premises (if any);
Information regarding previous property insurance (if any);
Information regarding movable property inside the property (only if you apply for a moveable property insurance policy together with property insurance).
Please keep in mind, that list of requested information documents and information may differ depending on specific insurance company, cost of property, applicant and risk evaluation factors. Nevertheless, there are some common requirements, which every insurance broker must follow.
Also, keep in mind that provided information is used to evaluate risks and determine cost of the annual premium amount. If you provide false or not full information – insurance company may decline you compensation application and refuse compensating damages later.
Insurance companies
An insurance company, generally speaking, is a licensed company providing coverage, in the form of financial remuneration for any damages resulting from action or inaction of third parties as well as from force majeure events in exchange for premium payments. The company calculates the risk of occurrence then determines the cost to replace (pay for) the loss to determine the premium amount.
According to the provision of the Insurance law of the Republic of Latvia (Apdrošināšanas un pārapdrošināšanas likums), insurance company is a joint-stock company incorporated on the territory of the Republic of Latvia or European Union, or, alternatively, a mutual joint company, which according to the legal acts of Latvia is permitted to operate and grant insurance.
Property insurance
Real estate property insurance is a legal private document providing financial compensation to the ownership title holder of the property and, in certain cases, its contents and moveable property, in case of damage done by third parties or by force majeure events. In case an insurance claim application is filed, the property insurance company will either compensate the policyholder for the estimated volume of the damages done, or the restitution costs necessary in order to rectify the breach and remedy the damages done fully or partially.
Source of potential hazard for your property can be nearly anything: fire, leaked water and flood, boiler explosion, act of terror, burglary, constructional deformation, weather, improper actions / inactions of your neighbours or tenants, electricity malfunction, incorrectly executed reconstruction work, wrongdoings, earthquakes, corpus delicti of third parties, other perils and mishappenings.
Property insurance policy application
According to the laws of the Republic of Latvia, absolutely any person has rights to file for a property insurance, however, regardless of the policy applicant, policy holder in any case will be considered an official owner of the real estate property and only he can apply for a compensation and receive it. Such legal provisions gives room for flexibility, allowing property tenants, maintenance personnel, authorized persons to file property insurance.
According to the legal provisions of the Republic of Latvia, insurance agreement can be concluded electronically. It is possible to file an insurance policy application without leaving your house – all you need is to contact an insurance broker company via e-mail. Insurance agent will send you a list of documents and information they require. Once everything is provided, agent will send you a copy of agreement with invoice for annual premium amount to be paid. As soon as you pay annual premium and send agent a copy of receipt – your insurance application will be considered active.
It is also possible to visit office of an insurance company and sign everything in paper format, if you wish. | |
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