The insurance premium for mandatory PAD housing policies will increase from 20 euros, as it is currently, to 130 lei, according to the draft law cited on Sunday by ZF.
More precisely, it is about the draft Law for the amendment and completion of Law no. 260/2008 on the mandatory insurance of housing against earthquakes, landslides and floods, registered at the Chamber of Deputies with PL-x no. 236/2020.
The premium update was made considering: “the increase in reinsurance costs against the background of the increase in the global demand for reinsurance in the current context of the occurrence of natural disasters at the international level; the inflationary pressures on the costs of construction materials that are taken into account when evaluating the compensations granted on the basis of PAD; the fact that since the issuance of the law (year 2008) and up to this date the premiums have not been updated, and the society has absorbed an inflation of over 55%”, it is stated in the justification of the draft law.
In addition, in the present draft law, the insured sums, as well as the insurance premium that must be paid for concluding a PAD policy, are expressed in RON, not in euros as until now.
The insured amounts will remain unchanged and will not increase like the insurance premium. The insured amounts are 50,000 lei, respectively 100,000 lei depending on the materials from which the house is made.
To enter into force, the draft law must be promulgated by the head of state and published in the Official Gazette.
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