
At the end of last month, more than 125,000 Romanians had insured their homes through Euroins, necessarily insuring the risks of earthquakes, floods and landslides. In case of damage, they can receive compensation of up to €20,000 from PAID. For larger losses, money can be reimbursed up to 500,000 lei from the Insurance Fund (FGA), if the house has additional insurance in Euroins.
What compensation for housing can be paid regardless of the bankruptcy of Euroins
The Pool of Insurance Against Natural Disasters (PAID) announced on Friday that Compulsory Home Insurance (PAD) against three perils of natural disasters: earthquake, flood and landslides is being extended only by insurance companies.
Payment of compensation is handled exclusively by PAID, so the bankruptcy of the company through which such an insurance policy was sold, such as in the case of Euroins, “does not affect the validity of the insurance or the documentation of the claims of the registered beneficiaries.”
- “For this reason, the PAD remains valid until expiry, regardless of what happens to the policy distributor. PAID is stable in terms of solvency indicators, has its own funds and owns the largest reinsurance program in Central and Eastern Europe, worth one billion euros. said PAID CEO Nicoleta Radu.
With respect to the indemnification toolkit, PAID will arrange for experts to be sent to beneficiaries in situations where the policy distributor is unable to do so. In this sense, the company provides the public with a short number 0219930, which can be called non-stop from any network.
- “We will make sure that there are no syncopes in the settlement of claims and will do everything to take direct payment of the files from the Insurance Guarantee Fund. We are fully confident that payment terms will remain reasonable and that all claims will be paid,” Nicoleta told Radu.
How many Romanians have PAD insurance through Euroins
“At the end of February this year, there were more than 125,000 valid PAD policies sold/sold by Euroins,” Cosmin Tudor, PAID development director, told HotNews.ro on Friday.
What it means? Generally, the insurance company that sells you a compulsory PAD policy will also sell you additional insurance as a package if you want your home insured for more than €20,000, including other risks such as fire or flood from neighbors
This is according to insurance brokers contacted by HotNews.ro typically, 95% of mandatory PAD policies have additional policieswhich means that perhaps a significant proportion of the PAD 125,000 policies sold by Euroins also have optional insurance from the same insurer.
- Representatives of Euroins and ASF contacted by HotNews.ro could not provide precise data on this matter before the publication of this article.
In these cases, in the context of the ASF’s decision to withdraw the authorization of Euroins, Romanians will have to turn to the Insurance Fund (FGA) if they have to recover damages exceeding 20,000 euros.
How many damage files were opened by Euroins after the Gorzh earthquake and how many have already been paid
PAID officials say that during the recent Gorja earthquakes, Euroins damage inspectors did very well with the damage file instruments.
“For the Gorzh earthquake, for example, Euroins opened 83 damage files for PAD, of which 30 files have already been paid. In the case of PAD policies, claim files are processed at the first stage (confirmation, document processing) by insurers who were also intermediaries in the sale of the policy. 30 out of 83 files is a very good percentage one month after the event,” Cosmin Tudor told HotNews.ro.
Currently, more than 1.9 million houses are insured under a mandatory policy against natural disasters. This can be arranged directly on the paidromania.ro website, through partner companies or through insurance brokers.
Not everyone with insured homes receives compensation when disaster strikes
As a reminder, PAID can pay, on the basis of mandatory policies (PAD), a maximum of €10,000 or €20,000, depending on the annual premium paid of €10 (for houses made of adobe, tiles, etc.) or €20 (houses made of more stable).
If someone has losses that exceed this amount, the difference must be paid by another insurance company, if the owner has taken out optional home insurance in addition to the mandatory one.
In a series of recent articles, HotNews.ro notes that not all Romanians who have insured their homes receive their money when disaster strikes. People need to be very careful about so-called exclusions – clauses in contracts that say when compensation is denied, clauses that are usually bigger than situations where you get your money.
Last year, more than 240 claims were made against insured and earthquake-damaged homes, of which payments were made in only 119 cases. in 27 cases, people were denied compensationincluding on the grounds that the plaster did not fall due to the earthquake, according to official data sent to HotNews.ro.
I explained in a separate article what exclusions or “traps” may appear in mandatory home insurance and the reasons why some are denied compensation.
The data is presented exclusively by HotNews.ro shows that in 2021, Romanians submitted 26 complaints to the Financial Supervisory Authority (ASF), of which 11 related to non-payment of compensation, while last year there were 13 complaints, of which 5 related to non-payment of compensation.
Read more:
- ‘Your plaster fell off, but not from the earthquake’: payouts against claims denied for homes damaged by last year’s earthquakes
- “Traps” in mandatory home insurance: why some people are denied compensation
- The state that does not do what the state says: even city halls do not insure their houses against earthquakes, floods and landslides
- Romanians would be even less likely to insure their homes if they did not have loans. Some consider it a disguised tax – What does the ASF correspond to?
Source: Hot News

Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.