Property Insurance in Bulgaria
If you have bought a property to rent out, then you do need to give careful consideration to contents insurance. There are a number of both local and international insurance companies in Bulgaria. The process of applying for insurance can seem more complex when compared to how it is dealt with in the UK. However, this is primarily because you will need to provide a more detailed account of the risk that you want to cover.
What can I Expect to Pay for Contents Insurance?
This can vary significantly due to the difference in buildings, contents and risks to be covered. You can typically expect to pay between 400-450 Leva annually (excluding theft cover) for an average two/three bedroom apartment - but you should obviously shop around for the best deal.
How Can I go About Taking Out Insurance and Finding a Company?
If you are renting out your property then use a property management company to assist you with the insurance. They will generally know the best insurance companies to use and will already have experience in this area. You would need to sign a contract with the property management company that gives them the ability to sign contracts (such as insurance contracts) on your behalf. This takes the burden away from you and puts it into the hands of the professionals.
If this route is not appropriate then you can consider approaching one of the insurance companies on a high street in one of the major cities, for example, in Sofia or Varna . Alternatively, you can approach some of the internet forums where a growing community of foreign nationals share their experiences - and you will find people who are already living in Bulgaria who have taken out insurance and can share the details of their experience, contacts etc. with you. This kind of 'community' is invaluable when you are very much in the dark as to how things work in a foreign country.
