"Don’t choose the cheapest insurance policy – choose the one that reflects the characteristics of your property and your desired level of protection." That was the advice shared by Nina Kolchakova, Secretary General of the Association of Bulgarian Insurers (ABZ), in an interview on the Bulgarian National Radio’s Horizont before Noon programme.
The conversation was prompted by the recent flooding in the resort village of Elenite, where damage assessments and recovery efforts are underway. The situation once again raised the issue of property insurance awareness in Bulgaria.
Nina Kolchakova explained what owners of insured properties in the affected areas along the southern Black Sea coast should do:
"The first step is to notify your insurer. Every insurance contract describes what the policyholder must do in the event of a claim. If you don’t have the document at hand – don’t worry. It includes deadlines for notification and filing a claim, but in the case of large-scale disasters, insurers are understanding – even if deadlines are missed. No claim will be refused."
Once access to the affected homes is restored, an inspection must be carried out and a claim filed. For minor damages, this can often be done remotely without an in-person visit. However, in the case of Elenite, damages are likely to be significant.
"The insurer will definitely carry out an inspection when conditions allow. In mass claim situations, delays are possible due to a shortage of loss adjusters, but everyone will be served. Once compensation is determined, it is transferred to the client’s bank account within 14 days," Kolchakova explained.
Given the growing frequency and severity of natural disasters, Nina Kolchakova expressed concern that, unlike global trends toward increasing insurance coverage, public interest in Bulgaria remains low. Each disaster brings a short-lived spike in demand, which quickly fades.
"The reasons vary – from national attitudes to a lack of trust in insurers," she noted, adding: "There is still a widespread belief that insurers don’t pay – when in fact, they are the only ones who do."
Kolchakova stressed that while the state may provide emergency social assistance, real compensation for losses is only available with insurance. Standard property policies in Bulgaria cover natural disasters and fire, but other risks – such as earthquakes, theft, burglary and vandalism – must be explicitly added at the client's request.
She also highlighted the importance of choosing the right insured amount:
"A policy does not always reflect the full value of the property. People often go for the cheapest offer, without realising that it means lower compensation. It’s essential to review all coverages and make sure they correspond to the actual value of the property and your expectations in case of a claim."
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