Balcia Offers Home Insurance War-Risk Cover With No Separate Compensation Limit

Insurance company Balcia, which also offers technology insurance in Latvia, has added military-risk cover to its home insurance, with no separate compensation limit. The company says this sets it apart from other insurers in Latvia. The source is a sponsored article, and the claims come from the company itself.

Why the issue has become pressing

The company points to drone incidents in the Baltics, recent events in Lithuania, and cell broadcast alerts about a possible air threat sent out in several municipalities in central Latvia. Such alerts do not in themselves mean that property has been damaged, but they prompt people to think about protecting their homes. When choosing a policy, it is therefore worth checking whether it covers damage from drone debris, missiles, projectiles and blast waves.

Edgars Korzāns, Balcia's Business Manager for Latvia, says insurers must keep up with changing risks and widen home protection to include risks arising from military and political events.

What no separate limit means

Compensation for losses caused by these risks is not capped by a sum set aside only for military-risk cover. The amount is determined by the restoration value of the insured property, the insured sum for movable property and the terms of the insurance contract.

What the cover includes

The cover applies to losses that may be caused by military drones, missiles, debris, projectiles and blast waves, as well as warfare, terrorism, sabotage, riots, insurrection and a coup. Whether a specific event is covered is assessed under the contract terms.

The cover is available when buying Balcia's Home Insurance. New customers can include it in their policy straight away, while existing customers can buy a new policy with this cover. The company urges people to read the policy terms before choosing.