It is a type of insurance required by law and provides for the provision of insurance compensation in the event of natural disasters, fire, explosion, flooding and other cases.
The insurance premium for this type of insurance is 50 manats for residential houses and apartments in Baku, 40 manats in Ganja, Sumgayit and Nakhchivan, and 30 manats in other cities and regions. The insurance premium for other types of real estate varies from 0.16% to 0.35%, depending on the value of the property.
The insurance amount for this type of insurance, that is, the amount to be paid by the insurance company to the property owner in the event of an event, is 25,000 manats in Baku, 20,000 manats in Ganja, Sumgayit and Nakhchivan, and 15,000 manats in other cities and regions.
In the Republic of Azerbaijan, buildings, residential and non-residential premises, residential houses and buildings, apartments, as well as state property, are subject to mandatory insurance.
