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Property insurance safeguards your home and belongings against damage or loss caused by external events like fire, burglary, water leaks, natural disasters, and more.
Natural disasters such as earthquakes, lightning strikes, storms, floods, heavy rain, hail, and heavy snowfall
Damage caused by water leaks and failures in engineering utility systems
Fire-related losses
Damage caused by accidental or illegal acts of third parties, such as theft, vandalism, robbery, neighbor’s repair work, or collision with a vehicle
Damage caused by electrical supply interruptions and power surges
Other risks include collisions, vehicle impacts, explosions, landslides or earth slips, and icing of above-ground utility systems
The property itself — any building, separate apartment or room, or structure (such as a garage, tower, or hangar), including installed plumbing, utility systems, and electrical wiring
Land plot components and landscaping features, including shelters, mailboxes, fences, garden fireplaces, swimming pools, gates with automation, greenery, paving, and more
Windows and their framing
Personal property including furniture, appliances, everyday items, electronics, collections, artworks, unique belongings, TVs and satellite antennas, sports and hobby gear, as well as bicycles and baby strollers
Domestic animals including pets, farm animals, poultry, and bee colonies
Solar panels and wind turbines
Infrastructure including engineering networks with buildings and technical equipment, hydraulic structures, transportation routes, and related facilities
Buildings and structures under construction, including construction materials at the construction site
Materials and expenses incurred for room renovations during the rental or leasing period
Working capital, including finished goods and stock
Manufacturing and technological equipment, office supplies, household and agricultural inventory, and other fixed assets and equipment
Computer software
Goods or property accepted from third parties for processing, repair, storage, or similar services
Insurers often offer the option to include additional risks in the policy — for example, calling in a specialist and receiving help at home in case of an unexpected event; renting alternative accommodation during repairs after an accident in the apartment; coverage for damages caused in common areas. It is also possible to include insurance for movable property taken outside the home, such as allowing 3-5% of the insured sum’s value to be located outside the residence — for instance, a bicycle or tablet.
Materials used in the construction
Site location
Insured property value
The condition of the insured property — premiums increase for properties in poor technical condition
Loss probability — policies cost more when the risk of loss is greater
Deductible — the lower the deductible, the higher the policy price
Date of last repair and other relevant factors
Disclose to the insurer full and truthful information that affects the evaluation of the insured risk and is essential at the time of entering into the insurance agreement
Provide detailed and accurate details about the insured item’s value and makeup
Disclose to the insurer any existing contracts affecting the insured property
Take care of the property responsibly to reduce the chance of risks occurring
The contract terms often include specific safety requirements. The property must be constructed according to the approved project without undocumented deviations. Utilities should be replaced on time, doors must always be locked, keys securely stored, windows closed, electrical devices switched off, snow cleared from the roof, and stoves never left unattended, among other precautions.
Insurers often include specific limitations and requirements in the insurance terms that clients must follow. If the requirements stated in the policy are not met, the insurer may reduce or deny the payment of compensation!
Insurance terms also specify exclusions — risks that are not covered, as well as cases where compensation may be reduced or withheld.
The greatest risk threatening properties, and the main reason people in Latvia insure their real estate, is fire, followed by theft. Fires are often caused by uncleaned, improperly constructed, or damaged heating equipment or chimneys. Heating devices and equipment should be inspected and cleaned twice a year, while chimneys should be cleaned every 1–2 years, depending on the material
One of the most common mistakes people make in Latvia when purchasing property insurance is insuring for too low a sum. For example, if an apartment or house is worth €60,000 but is insured for only €20,000 — three times less (a 3:1 ratio) — the insurer will pay compensation proportionally based on this ratio. So, if the loss amounts to €12,000, the insurer will only pay €4,000
It’s important to read the terms and assess the risks. Some insurers offer policies covering a wider range of risks, while others have narrower coverage. Additionally, pay attention to the deductible, which can vary for each type of risk
It’s important to check details like wind speed — for example, at what speed the insurer defines wind as a storm. Strong winds can break windows or tear off parts of the roof. For instance, if the insurer’s policy defines a storm as wind speeds of 21 m/s or higher, but on that day the nearest meteorological station recorded only 17 m/s, then the damage is likely due to a poorly installed roof. In such cases, the claimant may not be entitled to compensation, or the payout may be reduced
Ignoring the statutory rules for explosion/fire safety and building/operational standards
Damage caused by rain, sewage, or other liquids entering the premises due to structural wear, substandard construction or repair, or defects by the manufacturer, supplier, or builder
Damage or loss caused by illegal acts of the client, their family members, or visitors, including situations where the insured event resulted from their intentional misconduct or gross negligence
Damage resulting from incorrect use or upkeep of the property, including deterioration and corrosion
Coverage may not apply if the insured property is situated outside the address stated in the policy or is left exposed outdoors in an open area when the insured event happens
Damage caused by war, riots, strikes, or similar events, as well as measures taken by government bodies, administrations, and municipalities
Damage caused by nuclear explosions, radiation, environmental contamination, poisoning, and related events
Contact the relevant emergency services immediately, and if needed, notify the police, building management, and ambulance.
Take all possible actions to safeguard the property and prevent additional damage. Carry out urgent steps to minimize loss, such as airing rooms and relocating unaffected items to secure locations.
The damaged property should remain untouched for loss evaluation, except when action is needed to avoid additional damage.
Once feasible, notify the insurer, fill out the claim, and agree on a time for the loss adjuster to visit the location, if needed.
Compare offers from multiple insurers, choose the right policy for your needs and budget, and get timely reminders when it’s time to renew.
Brokers are independent — they compare offers from multiple insurers and help you find the best price and conditions for your specific needs.
Brokers focus on what’s right for you — not just the lowest price. They’ll help you understand exactly what’s included in your policy and what’s not.
In case of an accident, your broker handles the claim and stands by your side with the insurer.
Compare offers from multiple insurers, choose the right policy for your needs and budget, and get timely reminders when it’s time to renew.
Brokers are independent — they compare offers from multiple insurers and help you find the best price and conditions for your specific needs.
Brokers focus on what’s right for you — not just the lowest price. They’ll help you understand exactly what’s included in your policy and what’s not.
In case of an accident, your broker handles the claim and stands by your side with the insurer.
