Azerbaijan Insurers Association talks real estate insurance compensation figures

By Trend

The cost of compulsory real estate insurance (residential and commercial) in Azerbaijan varies within 30-50 manat ($17-29), the Azerbaijan Insurers Association told Trend.

According to the message, the cost of real estate insurance for one year is 50 manat ($29) in Baku, 40 manat ($23) in Sumgayit, Ganja and Nakhchivan and 30 manat ($17) in other districts of the country.

“In case of an insured event, the compensation up to 25,000 manat ($14,705) is expected to be paid to the owner of the real estate registered in Baku, up to 20,000 manat ($11,764) in Sumgayit, Ganja and Nakhchivan and up to 15,000 manat ($8,823) in other districts of Azerbaijan,” the Association said.

Some 12 insurance companies have the licenses to render the compulsory real estate insurance services.