Natural disasters are becoming increasingly frequent, and the damage they cause is growing more severe. We are all witnessing this—from the recent floods in the Veliko Tarnovo region to those in Elenite last year and Tsarevo before that. Property insurance is the most effective way to cope with the financial consequences of such events, as government assistance alone cannot provide adequate compensation. The problem is that only a small proportion of homeowners have property insurance, and Bulgaria remains among the countries with the lowest levels of property insurance coverage. This was stated by Kaloyan Manoilov, Chair of the Property Insurance Committee at the Association of Bulgarian Insurers (ABZ), during the Your Day programme on NOVA NEWS.
Kaloyan Manoilov advised homeowners to check whether they have property insurance and what their policy covers. If they do not have insurance, they should take out a policy that meets their specific needs. He stressed that policyholders should familiarise themselves with the terms and conditions of their insurance in advance—what risks are covered and whether additional cover should be added to ensure adequate protection. Particular attention should also be paid to the sums insured for the different risks.
It is equally important to understand what exactly is insured—whether the policy covers only the building or also the household contents, Kaloyan Manoilov emphasised. If only the building is insured, the insurer will compensate for damage to the property itself but not for damaged furniture, appliances or other household belongings. Since household contents often represent considerable value, replacing furniture and equipment can place a significant financial burden on homeowners. For this reason, Kaloyan Manoilov recommended that insurance policies also include cover for household contents.
Many policyholders are not sufficiently familiar with the terms and conditions of their insurance policies and may therefore have unrealistic expectations regarding the protection they provide. For example, they may assume that a particular risk is covered, only to discover after a loss occurs that it falls outside the scope of the policy and that no claim can therefore be paid. As a result, they may feel they have been "misled", whereas the real issue is that they were not fully aware of the policy terms and had not chosen insurance that matched their needs.
Kaloyan Manoilov also offered practical advice on the steps to take following a natural disaster.
“People should first ensure the safety of themselves and their families, then notify the competent authorities if necessary, and only afterwards contact their insurer, who will provide the necessary instructions,” he said.
He also stressed that damaged property should be left in its post-loss condition so that it can be inspected, either on site or, in some cases, remotely. Repairs and restoration work should only begin after the inspection has been completed.
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