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Do not wait for problems to arise before reviewing your insurance arrangements. Once you have a problem, it is already too late. Being poorly insured is risky whereas being over-insured is expensive.
Many insurance products are available in Russia, and it is advisable to compare the market before taking out an insurance policy.
If you are unclear about your cover or your needs whilst being in Russia, you might wish to check your existing insurance arrangements in your country of origin. This is important if you want to avoid double coverage.
Home insurance is divided into buildings insurance and contents insurance.
A buildings insurance policy protects you against damage to your building. This may cover the costs of rebuilding your property from scratch or the costs of certain exceptional repairs. On the other hand, a contents insurance policy covers your personal belongings only.
As for all insurance policies, it is up to you to decide how generous you want your cover to be, what the excess amounts are, which unexpected expenses are covered (e.g. alternative accommodation or legal costs), etc.
Typically, you only need buildings insurance if you own your home. However, you might need contents insurance, regardless of whether you own or rent your home.
Going away from home
If you expect to be away from your home for more than one month, you should let your insurer know. Failure to do so may result in a claim being rejected if something happens to your home whilst you are away.
Home insurance exclusions
Check if something is excluded from your home insurance policy. If you live in a high risk area (e.g. with regard to floods), your insurer may require you to pay extra to be covered on some risks that your insurer would otherwise exclude.
By law, you must have car insurance if you drive a car in Russia, and your policy must include at least third party cover. This should insure you against potential liabilities for third party death or bodily injury, but not damage or theft of your own car.
If you need your vehicle to have more than just third party cover, you might wish to take out a comprehensive vehicle insurance policy, which should also cover your own medical payments and car damage.
Regarding health insurance, expatriates may take out an international cover from an insurer in their home country. International covers tend to be more expensive, but they are straightforward and they can spare you the need to have separate insurance policies (i.e. one in your home country and one in Russia). Expats who frequently cross borders are more likely to need an international cover to achieve peace of mind.
Health insurance is strongly recommended insofar as expats generally need to pay for their medical bills in Russia, either because they are not entitled to free healthcare services from the Government, or because they would rather go private to be sure they get quality.
Life insurance can be particularly helpful if your family is financially very dependent on you, as it may guarantee a lump sum payment to your family if you die.
Do assess carefully the burden of retaining foreign life insurance while you are resident in Russia. Do also check the geographical extent of your existing life insurance policy when you move across borders.
If you run a business in Russia, you must have personnel insurance and public liability insurance.
Personnel insurance protects you in case one of your employees has an accident or an illness in connection with his/her employment duties.
Public liability insurance covers you against certain third party claims against your business. This may also include legal costs.
Sections in FINANCIAL CONSIDERATIONS IN RUSSIA:
» Money Transfers for Expats in Russia
» Foreign Exchange for Expats in Russia
» Banking for Expats in Russia
» Pensions for Expats in Russia
» Investment for Expats in Russia
» Wealth Management for Expats in Russia
» Property Investment for Expats in Russia
» Insurance for Expats in Russia
We value input from our readers. If you spot an error on this page or have any suggestions, please let us know.
If you are considering moving to Russia or are soon to depart, you can find helpful information and advice in the Expat Briefing dedicated Russian section including; details of immigration and visas, Russian forums, Russian event listings and service providers in Russia.
From your safety to shopping, living in Russia can yield great benefits as well as occasional drawbacks. Find your feet and stay abreast of the latest developments affecting expats in Russia with relevant news and up-to-date information.
Working in Russia can be rewarding as well as stressful, if you don't plan ahead and fulfill any legal requirements. Find out about visas and passports, owning and operating a company in Russia, and general Russian culture of the labour market.
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