An apartment can now be insured for damages from fire, explosion, lightning, and earthquake.

Depending on the option chosen by citizens, the price for partial or full insurance ranges from 3,500 to 10,000 Albanian lek.

The formula to calculate the policy is linked to the area where the house is located and its size, which means that the premium can be more expensive or cheaper.

However, the price for a 100 square meters apartment reaches 5,000 Albanian lek.

Home insurance has been voluntary, but an earlier proposal aims to make it mandatory only for earthquake damages.

The draft law does not specify a price, but reference prices offered by insurance companies show that families will pay around 5,000 Albanian lek per year for their apartment.

With this proposal, old buildings made of clay or bricks, structures with fiber-cement panels, and buildings with movable foundations will not be covered.

The obligation to purchase earthquake insurance also applies to social housing units for rent and housing units in the legalization process.

For needy social strata, the premiums will be covered by the state budget.