OREANDA-NEWS. May 21, 2010. The property insurance experts of OJSC IC ROSNO state the growing demand for insurance coverage of country real estate among private clients. In the first quarter of 2010, premium written in the country real estate insurance sector went up 10% as compared to the same period of the previous year, whereas the highest growth rates are shown by the inexpensive (less than 50 thousand US dollars) buildings insurance segment, reported the press-centre of ROSNO.

According to the Q1 2010 results, premium collected from insurance coverage of inexpensive country houses and dachas increased by 25%, while the expensive buildings segment grew by only 7%. The quantity of insurance contracts grew as well: up 24% in the "expensive" segment and up 37% in the "inexpensive" segment.

The major growth of ROSNO’s country real estate insurance portfolio is provided by the clients residing in Moscow and the Moscow Region, while other regions are still facing stagnation and even slightly lowering premiums.

"One may suppose that the crisis is forcing the Russian dacha owners to display more responsible attitude to their property. Today, the Russians are no so light-headed in assessing their ability to obtain contingency funding to cover such unforeseen expenses as cottage reconstruction after fire, theft and other frequently occurring incidents. Perhaps, these motives were behind the growth (from 2,500 to 2,800 roubles) of the average premium in the inexpensive buildings segment. At the same time, the owners of expensive country real estate, while not completely abandoning the idea of purchasing an insurance policy, still seek to save money and choose inexpensive insurance coverage. The average insurance premium collected in the expensive buildings segment in Q1 2010 decreased from 24,000 roubles (Q1 2009) to 23,000 roubles", comments Mr. Artem Iskra, director of the Personal Property Insurance Department.

The most popular types of risks frequently insured by owners of country real estate remain the same: fire, natural disasters, explosion, burglary, robbery and brigandage; unlawful third-party actions, broken glass, and flood. Also popular is the property insurance coverage against such risks as falling trees and poles, and collision with transport vehicles.