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Shkruar nga Pamfleti
After planning to increase the property tax, the government has decided to apply compulsory earthquake damage insurance to every dwelling in the Republic of Albania, except those made of adobe or reeds.
According to the draft law issued for consultation by the Ministry of Finance, citizens will be obliged to provide annual housing insurance every year, including social housing and those in the process of legalization. The insurance policy will be issued by a special fund that will be owned by the finance ministry. According to the draft law, the mandatory earthquake insurance policy covers damage to the insured property, caused by one or several earthquake events occurring during the validity period defined in the contract.
Excluded from compulsory earthquake insurance coverage are all bodily injuries including death, claims for compensation for moral damages, items inside the dwelling of the insured object, expenses related to the removal and relocation of waste, financial losses from business interruption and missing profit. The insurance policy is only valid for one year and in the event of an earthquake, the compensation is paid within 9 months at a value determined according to government methodologies.
There will be measures for entities that do not buy the premium. Those who do not provide housing do not receive service in e-Albania or in QKB. The amount of insurance will be determined by government decision, but if we refer to the current housing insurance market, the price is 1 euro per square meter per year. Thus, a 50 square meter apartment has a policy of 50 euros, or another with an area of 100 euros has annual insurance of 100 euros.
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