AZE.US
Many homeowners in Azerbaijan still do not insure their properties, even though mandatory real estate insurance can cost as little as 30 manats, or about $18.
Experts warn that avoiding this relatively small payment can lead to much larger losses in the event of a fire, flood, earthquake, explosion or other emergency.
Insurance specialist Shahin Ismayilov told Demokrat.az that public interest in mandatory property insurance remains very low in Azerbaijan.
According to him, one of the main reasons is that many people see insurance as an unnecessary extra expense rather than protection against serious financial risk.
“The cost of mandatory property insurance is 30 to 50 manats. Despite this, many citizens consider it unnecessary to pay this amount and insure their property. However, when an insured event occurs, a person can avoid a major financial burden,” Ismayilov said.
He added that low incomes, the large number of undocumented homes, distrust toward insurance companies and weak public awareness campaigns also contribute to the problem.
Ismayilov said insurance companies themselves are not doing enough to promote property insurance.
“It seems as if insurance companies are not interested in property insurance and are not doing anything serious to develop or promote this area,” he said.
Mandatory property insurance in Azerbaijan covers several risks, including flooding, fire, earthquakes, explosions, interference by third parties and other incidents.
Experts say every homeowner should be interested in protecting their property, especially in a country where many families rely on one apartment or house as their main asset.
A small annual insurance payment may help prevent major losses later. Without coverage, homeowners may be left alone with the cost of repairing or replacing a damaged property.
For many families, that could mean losing not just money, but the security of their home.
AZE.US