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If fines have been delayed, why should I insure my house?

After long delays and, finally, the introduction of mandatory household insurance, the authorities come up with two important changes for this year: the applying of the fine is postponed until July 15th, 2011, and those who have bought voluntary insurance do not have to also buy the mandatory policy.

The result? The rate of mandatory insurance underwritings has decreased from 10,000 policies a day to 1,000, and the sale of voluntary insurance is practically blocked. Companies have used the mandatory requirement as a lauching ramp for selling voluntary policies but, at present, we face a situation somewhat similar to that existing before July last year - a little over 15% of homes are insured nationwide (voluntarily). Most people say they buy such a policy only if there is a fine, if the bank is forcing them or as a result of damage.

Certainly, the number of people aware of the need for household insurance has increased year by year, but the increased number of unemployed and the decrease of incomes, under the circumstances of the economic crisis, are negatively affecting their affordability to buy insurance. If we add to this the fact that, for now, no one is making us pay fines, we ask ourselves the question: "Why should I insure my house?".

It would be pretty naive to imagine that the over 5 million homeowners that have not insured their house will rush in the next six months to buy voluntary household insurance.

After all, judging by the questions coming from the population, but also by the press voice, the fine is the main incentive for buying such a policy, rather than protecting the house and the property gained through a lifetime work. But what will happen if we face flooding or landslides this spring again? Who do we ask for compensation if we have flooded our neighbour or if our goods have been stolen from our house?

Both mandatory and voluntary insurance are available, cheap and useful solutions for protecting the households, against the risks faced by them. So, do we expect until we are threatened with a fine to buy insurance or do we voluntarily buy insurance, so that we will not "fine" ourselves afterwards?

Author: Oleg DORONCEANU on 10.02.2011

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