After purchasing your home in Montenegro, one of the next most important things to consider is property insurance. Especially if you do not plan on living in the property permanently, but even if you are, any number of things could happen at any time unexpectedly.
Things like fires, flooding, burglary etc. can happen any time and in any country so we always recommend being prepared and finding a good insurance company who can help you cover your specific needs. Also around 40% of Montenegro’s territory is within a zone of anticipated seismic activity meaning that the country is periodically affected by small earthquakes. Though these are almost always small and do not cause damage it is still always safe and recommended to have protection in the form of property insurance.
Property insurance policies in Montenegro
When taking out an insurance policy in Montenegro, it is quite easy and convenient; this is because the procedure is the same for everyone regardless of whether you have citizenship, a residency permit, whether you live abroad etc. With some insurance companies, policies can also be taken out and paid for from abroad online.
In Montenegro there are different policies depending on whether your property is an apartment or a stand-alone house/villa. Insurance companies do not cover the market value of the property, they always cover the value of the building/construction of the property.
Apartments usually need a smaller policy as, unlike a house, there are not as many features to insure. Whereas an insurance policy for a house or villa can cover anything from furniture to swimming pools in the garden to the type of fencing bordering your property.
Which documents are needed for property insurance?
- Copy of passport or ID
- Address of the property
- Size/area of the property
- Year of construction
- Information about whether the property is an apartment or villa and if it is inhabited or not
Insurance policy rates
In general for properties that are occupied permanently, insurance policy rates are levied at approximately 1€/m2 annually and this is around 50% more for properties that are inhabited only occasionally or for up to a certain amount of months per year.
Insurance companies
There are a number of insurance companies in Montenegro however we would recommend looking into using one of our top 3 which are: UNIQA, Lovcen or Sava Montenegro.