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Property

WHAT PROPERTY CAN BE INSURED?

The insurance contract is available for houses and apartments that are:

  • Belong to able-bodied individuals or legal entities,
  • Are not under a mortgage, or that are under a mortgage, but do not have any other existing insurance contracts,
  • Residential or used as a rental property.

We insure:

  • Foundations of a building: Walls, ceiling, roof, etc.
  • Interior design and engineering facilities: including heating and ventilation, bathroom, floor and ceiling covers, etc.
  • Movable property: including furniture, electrical utilities and household appliances as well as “Valuable properties” (paintings, items made from precious metals or stones)
  • Liability Insurance. Within the framework of this insurance contract, damage caused by third parties is the following:
    • Third-party injuries and death,
    • Damage and destruction of property of third parties.

WHAT DOES PROPERTY CLASSIC INSURANCE COVER?

  • “Fire” Fire related property damages.
  • “Explosion” – damages or loss of a property caused by gas pipes, explosion of boilers or other containers, or any other technologies.
  • “Water damage” – damage or loss of a property caused by water or other liquids flowing from plumbing, sewer, heating, air conditioning, or ventilation machines.
  • “Mechanical damage” – damage or loss of a property caused by crash of different transportation means, flying objects or their parts, cargoes or other object falling from flying means and damages caused by construction works (by a third party).
  • “Illegal actions of third parties” – theft, vandalism or intentional damage to a property.
  • “Natural disasters” – damage or loss of a property caused by an earthquake, wind, storm, hurricane, lightning strike, flood, volcano eruption or natural underground fire, landslide, etc.
  • “Short circuit” – damage or loss of a property caused by a fire emerged from power voltage fluctuations or short electrical circuits.
  • “Glass breakage” – damage or loss of a property caused by a collision or collapse of interior or exterior doors and windows, glass walls and stairs.
  • “Animal actions” – damage or loss of a property caused by actions of mammals, reptiles, amphibians and birds.
  • “Liability insurance” – Property or physical damage to a third party (including neighbors) while using the apartment/house.

INSURANCE COVERAGE PERIOD

  • The contract is valid for a year,
  • The insurance contract comes into force at least 7 days after the date the contract has been signed.

HOW MUCH IS THE INSURANCE COVERAGE?

The sum insured is equal to the insurance value. The insurance value is determined by the real / market value of the property.

HOW MUCH IS THE DEDUCTIBLE?

  • In case of an earthquake, 5% of the insured sum of a property
  • In other cases, the conditional deductible amount of AMD 90,000 is applied.

WHAT TYPES OF PROPERTIES ARE NOT INSURED?

  • Property, which is under public areas or public use.
  • Wooden houses and buildings, as well as the property in them.
  • Apartments located in multi-family residential units that are under resettlement program.
  • Dilapidated buildings with depreciation of 75% or more.
  • Apartments located at emergency or demolished buildings.
  • Multi-family residential units or private houses in landslide zone.

UNINSURABLE MOVABLE PROPERTY

  • Cash in AMD or foreign currency.
  • Shares, bonds and other collateral.
  • Manuscripts, plans, sketches, and other documents.
  • Precious metals in form of bullion and expensive stones without frames.
  • Explosive and flammable materials.
  • Property that is located in the insured building, but is not belonging to the Insured or the Beneficiary (unless otherwise provided by the contract)
  • Food, beverages and cigarettes.
  • Domestic and farm animals.

WHAT ACTIONS NEED TO BE TAKEN IN CASE OF AN ACCIDENT

  • Take all reasonable means to prevent further damage and reduce the amount of damage to the insured property
  • The Claimant should inform the Insurer about the event with signs of insurance accident within 2 (two) hours after the moment the Claimant became aware of the insured event.
  • Within 2 (two) hours from the moment of becoming aware of insurance accident, the Claimant should inform the relevant competent authorities about the event with signs of insurance accident.
  • The Claimant should protect the damaged insurance object for inspection, as well as ensure the entry of the Insurer’s representative into the insurance area and participate in the process of registering the accident.

WHAT ARE THE OPTIONS FOR PAYMENT?

Insurance premium can be paid in one-time or in-term. In case of term payment of the insurance premium the total insurance premium increases.

  • In case of semi-annual, by 5%
  • In case of quarterly, by 10%
  • In case of monthly payment, by 20%

WHO IS ELIGIBLE FOR OBTAINING THE INSURANCE

  • A physical person, who owns a house or an apartment.
  • A legal entity, which owns a house or an apartment

WHAT PROPERTY CAN BE INSURED?

The insurance contract is available for houses and apartments that are:

  • Residential or used as a rental property,
  • Being occupied for at least 300 days during 1 year period,
  • Are not under a mortgage.

We insure:

  • Interior design and engineering facilities: including heating and ventilation, bathroom, floor and ceiling covers, etc.
  • Movable property: including furniture, electrical utilities and household appliances as well as “Valuable properties” (paintings, items made from precious metals or stones)
  • Foundations of a building: Walls, ceiling, roof, etc.

WHAT DOES HOUSE AND APARTMENT INSURANCE COVER?

  • “Fire” Fire related property damages.
  • “Explosion” – damages or loss of a property caused by gas pipes, explosion of boilers or other containers, or any other technologies.
  • “Water damage” – damage or loss of a property caused by water or other liquids flowing from plumbing, sewer, heating, air conditioning, or ventilation machines.
  • “Mechanical damage” – damage or loss of a property caused by crash of different transportation means, flying objects or their parts, cargoes or other object falling from flying means and damages caused by construction works (by a third party).
  • “Illegal actions of third parties” – theft, vandalism or intentional damage to a property.
  • “Natural disasters” – damage or loss of a property caused by an earthquake, wind, storm, hurricane, lightning strike, flood, volcano eruption or natural underground fire, landslide, etc.
  • “Short circuit” – damage or loss of a property caused by a fire emerged from power voltage fluctuations or short electrical circuits.
  • “Glass breakage” – damage or loss of a property caused by a collision or collapse of interior or exterior doors and windows, glass walls and stairs.
  • “Animal actions” – damage or loss of a property caused by actions of mammals, reptiles, amphibians and birds.
  • “Liability insurance” – Property or physical damage to a third party (including neighbors) while using the apartment/house.

EXCEPTIONS

  • Wooden houses and buildings, as well as the property in them.
  • Apartments located in multi-family residential units that are under resettlement program.
  • Apartments located at emergency or demolished buildings.
  • Multi-family residential units or private houses in landslide zone.
  • Property, which is under public areas or public use.
  • Dilapidated buildings with depreciation of 75% or more.
  • Cash in AMD or foreign currency.
  • Shares, bonds and other collateral.
  • Manuscripts, plans, sketches, and other documents.
  • Precious metals in form of bullion and expensive stones without frames.
  • Explosive and flammable materials.
  • Food, beverages and cigarettes.
  • Domestic and farm animals.

INSURANCE COVERAGE AREA

  • Houses and apartments, which are situated in the republic of Armenia or Nagorno-Karabakh

INSURANCE COVERAGE PERIOD

  • The contract is valid for a year.

OPTIONS OF PAYMENT

  • Instantly
    • The insurance premium is paid fully at the moment of signing the contract.
  • Semi-annually (In case if the insurance premium exceeds 40,000 AMD)
    • In case of semi-annually payment, 50% of premium is payed at the moment of signing the contract and the rest is paid 180 days later.
  • Quarterly (In case if the insurance premium exceeds 80,000 AMD)
    • In case of quarterly payment, 25% of premium is payed at the moment of signing the contract, the rest 25% is paid after 3 months and so on.

In case of irregular payment of the insurance premium, the total insurance premium above is increased by:

  • In case of semi-annual, by 5%
  • In case of quarterly, by 10%

 

HOW MUCH IS THE INSURANCE PREMIUM?

For an apartment

m^2

Design and engineering equipment

Movable estate (including “Valuable property”)

Liability insurance

TOTAL

Sum Insured

Insurance Premium

Sum Insured

Insurance Premium

Sum Insured

Insurance Premium

≤50    3,000,000     6,000   3,000,000      8,400     500,000

1,000

        15,400
51-75    5,000,000    10,000   5,000,000    14,000   1,000,000

2,000

       26,000
76-100    7,000,000    13,300    7,000,000    18,900   1,500,000

2,630

       34,830
101-200   10,000,000    18,000  10,000,000    26,000  2,000,000

3,500

       47,500
≥201  20,000,000    32,000  15,000,000    37,500  3,000,000

4,500

       74,000

For a house

m^2

Design and engineering equipment

Movable estate (including “Valuable property”)

Foundations

TOTAL

Sum Insured

Insurance Premium

Sum Insured

Insurance Premium

Sum Insured

Insurance Premium
≤51    3,000,000     6,600    3,000,000      9,240 2,000,000 4,400 20,240
51-75    5,000,000     11,000    5,000,000    15,400 3,000,000 6,600 33,000
76-100    7,000,000    14,630    7,000,000    20,790 4,000,000 7,700 43,120
101-200   10,000,000    19,800   10,000,000    28,600 4,500,000 8,660 57,060
201-300  20,000,000    35,200   15,000,000     41,250 5,000,000 8,250 84,700
≥301  30,000,000    49,500  20,000,000    55,000 6,000,000 9,900 114,400

For apartments and houses used for renting, there is an extra 20% added to the insurance premium.

HOW MUCH IS THE DEDUCTIBLE

  • In case of an earthquake, 5% of the insured sum of a property
  • In the rest of cases there is no deductible

WHAT LIMITATIONS ARE THERE?

  • For “Movable property” the limit of insured sum is 300,000 AMD
  • For the whole “Valuable property” the limit of insured sum is 500,000 AMD in aggregate
  • Insurance is carried out with the “non fully proportionate” principle

WHAT ACTIONS NEED TO BE TAKEN IN CASE OF AN ACCIDENT

As soon as possible:

  • Call the insurance company, via the following telephone number: +374 10 59 21 21
  • Call Relevant Authorities
  • Take all reasonable means to prevent further damage and reduce the amount of damage to the insured property

 WHERE CAN YOU BE SERVICED?

Write an application for an insurance compensation within 3 months period at the Property Claims Settlement Center at Hrachya Kochar 35/1.

HOW CAN YOU RECEIVE A COMPENSATION?

The insured sum could be compensated by:

  • Financial assets (cash)
  • Organizing and repairing the damaged property by the insurance company through an organization that has a specific contract with the company.

BONUSES

  • If you have any existing contract/contracts at INGO Armenia Insurance company and your total annual premium exceeds 100,000 AMD, a 10% discount is provided.
  • If you have an IngoCare health insurance contract with any insurance premium, a 10% discount is provided.
  • If you satisfy both of the above-mentioned conditions, a 15% discount is provided.

Property insurance rates

Terms and conditions of property insurance against fire and other hazards (only in Armenian)

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