Survey finds 40% of Hungarian real estate could be underinsured

Weather

Roughly 40% of Hungary’s real estate insurance contracts may not provide fully comprehensive insurance, a survey published today by local insurance company Genertel Biztosító Zrt. reveals.

The survey found that 70% of Hungarian real estate is covered by home insurance contracts, but only 20% of those contracts were checked in the last year to determine whether they are sufficient.

The survey noted that more than 60% of the contracts were signed in the past one-three years, and if renovations took place during this period, it would lift the value of the properties, so the full value may not be covered.

“The value of an apartment can significantly change due to renovation and modernization,” said Zoltán Lengyel Senior Executive of Genertel Biztosító Zrt. Therefore, according to Lengyel, it might happen that a property will be underinsured if the owners do not adjust their insurance contracts to the new apartment’s conditions.

The results of the survey also revealed that the 61% of Hungarians interviewed were not aware of whether their insurance provides full protection.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

BFK developing regional cycling strategy City

BFK developing regional cycling strategy

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.