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Friday 22.09.2017 | Name days: Maigurs, Mārica, Māris
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BTA: flooding of neighbour’s property can cost a lot

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUAlthough civil liability insurance volumes have increased relatively rapidly over the course of the past several years, only 34% of holders of real estate property insurance policies, according to information compiled by BTA Baltic Insurance Company.

«At the same time, the number of accidents involving flooded property of neighbours remains high. The extent of damage caused by such accidents can reach dozens of thousands of euros,» BNN was told by the insurance company’s representatives.

BTA’s experience shows that clients often forget about civil liability insurance when choosing the appropriate type of insurance, or pick it on a whim.

«Flooding of a neighbour’s property can cost a lot of money. Unfortunately, people often consider that only after something has already happened. In January, for example, an apartment flooded the property below it, causing damages worth EUR 25,700. The chosen limit of the CTA insurance policy was only EUR 1,000,» BNN was told by BTA insurance product manager Raivis Strauss.

He notes that such situations come up often. This is why he urges residents to consider more expensive insurance policy to avoid paying more in the future.

According to BTA experts, CTA insurance limits in Latvia are not nearly as valuable as those in Western Europe, where often limits for private persons are measured in millions. «It is good, though, that limits tend to increase in Latvia too. In 2016, BTA clients picked CTA insurance limit at EUR 200,000. Five years ago, the highest limit was EUR 30,000.»

And yet the majority of BTA clients pick CTA insurance with limits up to EUR 5,000.

«It should be noted that people who consider insurance in a long-term perspective pick more expansive insurance coverage, securing better protection from all kinds of losses. It is also noteworthy that longer insurance periods also mean added CTA insurance coverage for private properties,» Strauss notes.

He explains that this means more people are becoming more aware of the importance of insurance, which slowly increases the popularity of voluntary forms of insurance.

According to information from BTA, flooding of neighbours’ apartments are the most common form of accidents suffered by apartment owners – 94% of all insurance claim cases are associated with damages caused by leaks of liquids from another person’s apartment.

Ref: 224.109.109.2091


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  1. Linda says:

    that’s what household and buildings insurances should be covering!

    Thumb up 0 Thumb down 0

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