The top 10 largest home insurance payouts for fully insured properties in Romania exceeded RON 6 million in the first nine months of last year, according to an industry analysis provided by the National Union of Insurance and Reinsurance Companies of Romania (UNSAR) shows.

Fire was the cause of most of all these claims, reaffirming its devastating financial impact on households. Alongside earthquakes, it remains one of the greatest concerns for Romanian homeowners.

"Every day, 19 homes are affected by fires. Romania is also among the most earthquake-prone countries in Europe. As we mark 48 years since the 1977 earthquake, home insurance is no longer a choice - it is a necessity. Yet only 2 out of 10 homes are fully insured," said Alexandru Ciuncan, President & CEO of UNSAR.

The increase in home insurance payouts over recent years highlights the growing exposure of properties to multiple risks. "Fully protecting one's home should be a priority for every responsible homeowner," emphasized Alina Bărbulescu, Property & Asset Insurance Specialist at UNSAR.

In Romania, full home coverage is available only through a voluntary insurance policy, which can be purchased only if the property is already covered by a mandatory PAD policy. These voluntary policies provide extended protection, covering losses caused by natural disasters, fires, explosions, storms, falling objects, flooding due to plumbing failures, heating system malfunctions, and damage to electronic appliances.

As far as the earthquake risk is concerned, a staggering 82% of Bucharest residents believe the city is not ready to withstand a major earthquake, according to a recent survey performed by the Bucharest Community Foundation. Despite acknowledging the risk, 45% of respondents have taken no protective measures, even though they know they should. Currently, only 23% have sought information through courses or guides, and just 15% have developed an earthquake response plan. The findings reveal a crisis of confidence, a lack of preparedness culture, and an urgent need for action.

Forty-eight years after the devastating 1977 earthquake, fear of seismic events remains a major concern. 59% of Bucharest residents consider earthquakes a significant threat, ranking them as the second-highest concern after personal health issues (70%). Additionally, 57% feel vulnerable in the face of a major quake.

As homeowners face increasing risks, securing comprehensive insurance coverage remains the most effective safeguard for protecting both property and financial stability. As such, efforts to increase awareness and improve financial literacy should be not only continued but intensified.