Useful information and sample documents

The PAD contract - what does it look like and how does it differ from optional policies?

The PAD contract (policy) is the only product designed for mandatory home insurance against natural disasters.

PAID Romania is the only insurance company in Romania that offers this product.

The PAD contract (policy) has a series of specific characteristics:

The presence of the PAID Romania logo, alongside the PAD name, in the top left corner of the policy;
The PAD policy series will always start with RA followed by a number consisting of 11 digits.

You can check the latest version here PAD contract template.(only in Ro)

You can check the version valid before 11 November 2023 here Old model contract/PAD policy.(only in Ro)

In the case where there are two or more co-owners of a dwelling, who receives the compensation in the event of damage?

The due compensation will be paid proportionally to each co-owner, depending on their respective share.

The compensation can be granted in full to a co-owner if the other co-owners express their agreement in writing regarding this payment method. The written agreement must be given in the presence of a notary or a lawyer.

How long do I have to report damage suffered as a result of an insured event?

According to Law 260/2008, you are obligated to notify the insurance company regarding damages to the insured residence as a result of a natural disaster within the shortest time possible, but no later than 60 days from the date of the occurrence of the natural disaster.

From the moment the claim file is opened, how long does a claim take to be paid?

PAID Romania makes the payment of due compensation within a maximum of 5 days from receiving the finalized insurance claim file from the insurer who concluded the policy and prepared the claim file.

For the completion of the damage file, the insurer needs documentary evidence of property rights, confirmation documents of the event by competent authorities, and any other documents/statements requested by them to determine the right to compensation and its amount. The sooner they receive these documents, the sooner thery will forward the claim file to PAID for payment.

Who compensates me in case the insured residence suffers damages caused by an event?

The payment of the due compensation is made directly by PAID Romania, based on the claims file prepared by the insurer who issued the PAD policy.

Can I be fined if I do not insure my home against natural disasters?

Non-compliance by the owners (natural or legal persons) of the obligation to insure the dwellings against natural disasters can be sanctioned with a fine from 100 to 500 lei by the town halls within the radius of the dwelling in question.

Can I take out optional home insurance if I haven't taken out a natural disaster insurance policy?

Not. Insurance and reinsurance companies authorized to take out disaster risks cannot take out optional insurance for a home that does not already have valid insurance against natural disasters.