Residential Property Insurance

Why property insurance?

Purchasing a residential property is one of the most important events in your life and at the same time is a significant investment. You need to protect your property to be confident that it is safe from a variety of unpredictable events and risks.

Insure your apartment or house and be confident that it is protected from potential risks. Make sure it’s

Safe around you…

Package of insured risks

Property insurance package covers the following risks:

• Fire, lightning, gas explosion
• Water damage
• Earthquake
• Theft and robbery
• Illegal actions by third parties

The package does not include the following risks:

• Flood, gale, storm, hurricane, hail
• Landslide, landfall of mountainous/rocky landmasses

You can insure your property for the full amount of the property’s market value or any portion of it* (with the exception of insurance of property purchased with a loan provided by HSBC Bank Armenia cjsc whereby insurance for the full amount of the property market value must be purchased).

Benefits

• You can get the full package of financial and insurance services in the branches of HSBC Bank Armenia cjsc. Purchasing the insurance policies of one of the leaders of the Armenian insurance market – Cascade Insurance icjsc from our branches will save your time and efforts.
• In case of an insurance accident the skilled professionals from Cascade Insurance icjsc will support you ensuring processing of your claim and reimbursement of damages caused to you.

How much will it cost

Property insurance annual policy rate is 0.23% of the sum insured.

The annual insurance rate for property purchased with loans provided by HSBC Bank Armenia cjsc is 0.19% of the sum insured during the term of the loan agreement.

The following deductibles apply to the property insurance:

• 1% of the sum insured, minimum AMD100,000
• In case of earthquake, 2% of the sum insured

The following documents are required for purchase of residential property insurance:

• Copy of the passport of the insured
• Copy of the property owner’s passport if different from the insured
• Copy of the property ownership certificate

Copy of the property valuation act (if available), if not available, insurance premium is calculated based on property market value.

Important note

HSBC Bank Armenia cjsc acts as an agent of Cascade Insurance icjsc and provides the insurance product on behalf and terms of Cascade Insurance icjsc. Insurance claims have to be submitted to Cascade Insurance icjsc. HSBC Bank Armenia cjsc does not bear any responsibility with respect to payment of insurance compensation.