The survey “Home Insurance – Consumer Awareness 2024” was conducted for a second consecutive year by MoitePari.bg in cooperation with the Association of Bulgarian Insurers (ABZ). It provides valuable insight into consumers’ attitudes and awareness of home insurance, particularly among the working-age urban population—the main profile of respondents.
This year’s edition makes it possible to track changes in property insurance consumption compared to 2023. The findings reveal several positive trends, including a growing share of people with home insurance and rising trust in insurers. A contributing factor to this development is likely ABZ’s active communication and information campaigns on property insurance.
Key Highlights from the 2024 Survey
The proportion of people with home insurance is growing
A total of 66% of respondents said they currently have home insurance, with most of them (88%) purchasing it voluntarily rather than due to a bank requirement for a mortgage (12%). The data confirms a positive trend: coverage rose from 59% in 2023 to 66% in 2024.
The main reasons cited were peace of mind and financial stability for the family (65%), followed by the growing frequency of natural disasters (8%) and the affordability of home insurance (6%).
Consumers are willing to spend more on home insurance
Nearly half of respondents (47%) now spend between BGN 80–150 per year on property insurance, compared to 33% in 2023. In contrast, those paying BGN 40–80 dropped from 36% in 2023 to 21% in 2024. This suggests that more people are moving toward policies with broader coverage. Spending between BGN 150–300 annually (BGN 13–25 per month) remains steady at 22%.
More consumers rely on insurer advice when choosing a policy
Half of respondents (50%) said they base their choice of insurance on recommendations from insurers (companies, brokers, or agents), up from 36% in 2023. This increase indicates growing consumer confidence in insurance professionals. By comparison, 15% rely on their own research, and 9% on recommendations from friends or family.
The myth that “insurance companies don’t pay claims” is fading
Distrust in claims payment remains a challenge, but the trend is improving. In 2023, 27% of those without insurance cited disbelief in compensation as their reason, while in 2024 this dropped to 15%. Nearly half of respondents (48%) reported filing a claim, and of those, almost 90% received compensation—results similar to 2023.
Consumer awareness remains insufficient
Although 72% of respondents believe they are familiar with their policy details, a significant proportion are not: 25% are only somewhat familiar and 3% admit to not being familiar at all. Insufficient awareness is also among the top reasons for not having insurance: 15% say difficulties in choosing the right policy prevent them from insuring their homes.
Why don’t consumers take out home insurance?
Excluding those who do not own property (31%), the leading reason is simply “hoping nothing will happen,” cited by 16% of respondents. Other reasons include difficulty choosing the right insurance (15%) and distrust in compensation (15%). These attitudes remain concerning, particularly against the backdrop of more frequent natural disasters.
The full survey “Home Insurance – Consumer Awareness 2024” is available in Bulgarian.
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