Recent wildfires in Montenegro have exposed the urgent need for safety measures, including property insurance, to protect citizens’ lives and belongings. According to Branko Barjaktarović, director of the Insurance Supervision Agency, data from September last year indicates that only 10% of homes in Montenegro are insured against fire.
Of the approximately 396,000 residential properties counted in the latest census, only about 10% have basic fire coverage, which includes risks such as fire, storm, hail, lightning strikes, and a few additional hazards. Homeowners can also extend coverage to include catastrophic risks like earthquakes and floods. Despite the recent fires, many citizens reportedly do not plan to insure their homes, believing that such disasters will not affect them.
The process of obtaining fire insurance is straightforward and affordable. Policies can be purchased directly from Montenegro’s five insurance companies, through their nationwide agents, or via independent insurance brokers. While precise figures are not yet available, Barjaktarović expressed hope that at least some properties affected by recent fires were insured, allowing households to rebuild their homes, outbuildings, supplies, and other covered assets.
