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Property insurance
Who is property insurance intended for?
What are the benefits?
What are the benefits?
What losses does property insurance cover?
ake sure the insurance sum is sufficient to restore your property to its original condition!
Make sure that unexpected events such as natural disasters, a burst water pipe, or a burglary do not cause significant financial losses to your property.
The coverage also includes outbuildings and elements of yard improvement and landscaping on your property, such as fences, paving, plants, and fruit trees.
The policy also provides technical assistance – a locksmith can help with jammed doors, and a plumber can assist with a water pipe leak. In addition, a Compensa consultant will gladly help you find a solution at the time of the incident.
Living in an apartment, household mishaps can affect not only yourself but also several nearby neighbors. The most common accidents in apartments are related to water leaks, which may cause damage to your own or others’ property, as well as fire incidents.
Every home contains many everyday items that are not only valuable materially but also hold sentimental value. By insuring your belongings, you can protect yourself from losses caused by various accidents, such as water leaks or fires damaging your furniture and electrical appliances. Unexpected losses caused by a thief can also be a lot less stressful with coverage in place.
Compensa regularly encounters situations where accidental damage is caused to other people or their property. For example, you might accidentally flood a neighbor’s apartment, break a neighbor’s window, or, while riding a bicycle or rollerblading, bump into a passerby – and it could even be your child who causes it. In such cases, liability insurance can protect you from losses you may cause to someone else’s property or health.
When thinking about your family members, we want to provide additional insurance protection that offers support if someone living in the insured home suffers an accident resulting in permanent bodily injury. This could occur, for example, in a traffic accident, while skiing or snowboarding, sustaining an injury at work, or riding an ATV. The insurance is valid throughout the territory of the Republic of Latvia and can be purchased together with property insurance.
In addition to your primary residence or apartment, we also offer insurance for your holiday home.
In addition to home insurance, we offer coverage for losses to your property occurring during construction work that requires a building permit, even if you have just started building your home.
Fire safety rules at home
AM I FOLLOWING THE BASIC FIRE SAFETY RULES IN MY HOME? (in Latvian)
Compensa offers its clients a special service – 24/7 Home Assistance Service support. This service is provided to every Compensa client who included it in their insurance policy.
The Compensa Home Assistance Service is available around the clock and is designed to provide urgent assistance in unexpected situations.
Homes are usually unique, so when unforeseen incidents occur that make a home uninhabitable, it is important to address the consequences as quickly as possible to return to your normal daily life.
Some examples of when the Compensa Home Assistance Service can be an invaluable support:
- Locksmith services – broken keys, jammed locks, lost or stolen keys. In such situations, no one wants to be locked out, but not everyone has a locksmith’s phone number handy, nor do they know the cost. Compensa Home Assistance Service will handle the problem free of charge.
- Plumbing services – a plumber can be essential in various situations, such as clogged or burst pipes, problems with household appliances, unexpected leaks, or issues with risers, etc.
- Carpentry services – a carpenter can be indispensable in situations like broken doors, damaged window frames, broken stair steps, or railings.
- Drying and cleaning services – essential if your home has been flooded, or if neighbors accidentally cause water damage.
- Moving and relocation services – assistance with household item relocation.
- Support and consultation by phone – life brings various situations, and not every household problem requires calling emergency services or the police. So where do you turn for help? In such cases, the Compensa Home Assistance Service acts as a one-stop solution – you can call, explain your situation, and the responsive Compensa customer service specialists will either send help or clearly guide you on what to do next.
Important to remember! This service is available to every Compensa policyholder who has chosen it in their home insurance policy (it will be indicated in the policy). All services offered by this department are available throughout Latvia, 24/7, without holidays. Therefore, if an incident occurs with an insured home, the first thing to do is call the Compensa Home Assistance Service at the provided number. Assistance will be provided both in cases covered by home insurance and in cases where no insurance claim has arisen.
- If the loss was caused by fire or explosion, immediately call the State Fire and Rescue Service at 112 or 01.
- If a theft, robbery, or attempted theft has occurred, immediately report it to the State Police at 112 or 02.
- If there is a heating or sewage system failure or a water leak, inform the emergency service, building manager, or property management office.
- As soon as possible, but no later than 3 days after the incident, contact Compensa. You can do this by calling 8888 or submitting a claim form.
Without Compensa’s written consent, after an insurance incident it is not allowed to:
- Start repairing or restoring the damaged property, except for work necessary to immediately prevent further loss.
- Assume obligations on behalf of the Insurer or make any promises regarding compensation payments.
- Dispose of the insured/damaged property without Compensa’s permission.
What to do in case of a property insurance claim? (in Latvian)
After an incident, you must immediately, as soon as possible, but no later than 3 working days, notify Compensa in writing about the incident and its circumstances by completing the claim form available at www.compensa.lv.
You need to submit:
- an insurance claim form;
- receipts, reports, protocols, demands, and other documents necessary to determine the extent and circumstances of the loss.
After receiving your claim, a Compensa expert will contact you and, taking into account the circumstances and the terms of your policy, will inform you about the next steps in the process.
You can submit the documents in the way most convenient for you – by completing the form on the Compensa website, sending the documents by email to atlidzibas@compensa.lv, filling out the form in person at a customer service center, or sending the documents by mail. All methods are accepted; the key is to act as quickly as possible once the insurance event has occurred. This way, your claim will be processed faster, and the consequences will be addressed sooner.
You also have the option to choose or create the insurance program that best fits your needs.
Choose the basic coverage or complement it with valuable add-ons for complete financial protection!
The electrical system in your home supplies and distributes electricity, so it is important to check it regularly. According to Cabinet Regulation No. 238 “Ugunsdrošības noteikumi,” electrical inspections must be carried out at least once every 10 years.
Furthermore, Cabinet Regulation No. 238 “Ugunsdrošības noteikumi” requires that the chimneys of heating equipment be cleaned at least once a year.
To ensure safety:
- Check wires and outlets to ensure they are not damaged or worn;
- Do not overload the electrical network by connecting too many devices to a single outlet;
- Use high-quality power strips with built-in overload protection;
- Perform insulation resistance measurements at least once every 10 years and fix any detected issues;
- Do not place electrical appliances in direct sunlight;
- Unplug devices when not in use or if the property will be unoccupied for an extended period;
- Install smoke detectors in every room;
- Clean heating equipment chimneys at least once a year, unless the manufacturer specifies otherwise, preferably using a professional chimney sweep.
If you need help with electrical inspections or chimney cleaning, Compensa clients can get a 10% discount through our partner, SIA “LV Group.” To receive the discount, please indicate that you are a Compensa client. You can request the service by calling 67262636 or emailing info@bmsbaltic.eu.
You have the option to choose or create the insurance program that best suits your needs.
