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Insurance experts see an alarming trend - in recent years, there has been an increase in the number of cases in the country when the damage to business and personal property is much higher than the insurance companies are obliged to compensate according to the insurance conditions. Insurers recommend to review existing property insurance contracts responsibly as often as possible. However, Lithuanians still do this passively. How not to fall into the traps of insurance contracts, Marta Karpova, the development manager of the insurance intermediary company "Legator", told on the "Delfi diena" show.
Take an honest look at when was the last time you looked at your property insurance policy?
According to M. Kapova, residents usually do this after the event has already happened, and then they are often disappointed. "We see that the existing insurance amounts are no longer sufficient. If a person took out insurance 3,4, 5 years ago or even earlier and did not review the conditions during that entire period, it often happens that the insurance amount is no longer sufficient to restore the property. There are many such cases, I would say it is already becoming a trend. Although it is not interesting to talk about inflation, it definitely affects the value of real estate. Therefore, we have to assess whether the amount stipulated in the insurance contract would be enough for us today to restore the property. We recommend reviewing the conditions every year, reviewing the value of your property, whether the estimated amount is really enough to restore it in its entirety, if necessary," says the interviewer.
The insurance expert says that the insurance contract is usually concluded for one year. After a year, it must be extended or terminated. Holders of insurance contracts rarely read the new contract sent to them, pay attention to the monthly premiums, but this, according to M. Karpova, is the biggest mistake. "The insurance contract is concluded for a year. But most of the time, when renewing the contract, we don't review it anymore, we automatically receive an offer from our broker or insurance company, we look at it and evaluate mostly only the monthly payments and usually renew automatically. Whatever the conditions are, what the trends are, how we are insured, we don't look anymore," explains the expert. Watch the entire interview with the insurance specialist on the "Delfi diena" show.
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