Insurance in Latvia is what anyone in the country can rely on a backstop when things go completely awry. You can never tell when exactly an accident can occur, lose a job, fire razes down your house or any such calamities. With an insurance by your side, you can confidently say "it is well with my soul." like Horatio Spafford did. [embed]https://www.youtube.com/watch?v=UtqyL1hHIoM[/embed] Latvia is a lovely country having sandy beaches, thousands of lakes, and evergreen forests. As a resident of Latvia, it is important to take insurance as a means of better financial planning. It is important to take insurance early in making better financial sense. Accidents normally take place with no warning, and having an adequate insurance policy ensures one gets benefits that cover emergencies.

Health Insurance Latvia

The following are the individuals entitled to state-funded healthcare services:

A stateless individual granted stateless status in Latvia as well as their children by the age of 18
Asylum seekers as well as their children by the age of 18
The arrested, sentenced, or detained individuals and their children by the age of 18
Refugees as well as persons given alternative status and their children
Citizens and non-citizens of Latvia and their children by the age of 18
Citizens of European Union Member States, Switzerland, United Kingdom, and European Economic Area countries living and working in Latvia and their family members
Foreigners having permanent residence in Latvia and their children

The things funded by the state budget include emergency medical teams, outpatient healthcare, medications, reimbursable medications, and inpatient healthcare. The government taxation funds the nation's healthcare. Even though underfunded, healthcare is majorly effective in the different regions. If an individual is not EU/EEA and is ineligible for state-funded healthcare services, then it is important to take private health insurance. One can get sick any time; thus, instead of paying from pocket any time one gets sick, private health insurance comes in handy. Private health insurance is usually good as they enable one to access the best private medical facilities even when not in Latvia.

Unemployment Insurance

In Latvia, one can get unemployment benefits when the State Employment Agency (SEA) grants them unemployment status. However, one is supposed to have been insured for about 1 year and paid the social insurance contributions for in the past 1 year 4 months. The unemployment benefit is usually granted for a maximum of 9 months. The amount of benefit usually depends on their wage levels from the social insurance contributions. Also, one can apply for the benefits by:

Filling the application form in person
Posting the completed form in SSIA
Emailing the signed form having e signature to SSIA
Submitting the completed form to any of the State Employment Agency branches

The amount of insurance benefits one gets reduces after every three months. Unlike other nations such as Denmark, the Czech Republic, and Finland, where one just gets a percentage of the insurance, in Latvia, for the first three months, one is entitled to 100% of the benefits. Moreover, after three months, one gets 75% of the granted amount, and in the last three months, one gets 50% of the amount.

Car Insurance

The two types of car insurance include CASCO and Motor Third Party Liability Insurance (MTPL). The MTPL insurance is mandatory for every person owning a vehicle in Latvia. Moreover, the insurance covers damage to the third-party health as well as property caused by an accident for which the owner or driver is responsible. The insurance may be purchased for different months, including 12, 9, 6, 3, and 1. The CASCO is voluntary as it is not required by the law. The insurance thus indemnifies you as well as well as your car. It is not good to just rely on MTPL because in case you, as the driver you, are injured, then it means that you will have to pay the hospital bills from your pocket as well as repair the car. The following are the popular cases where one may use CASCO policy:

Car theft
Complete vehicle destruction
Car robbery, including stolen accessories, mirrors, roof rack, and the left cabin belongings
Collision with another vehicle
Damage caused to the mirrors, hatches, windows, and windshield
Collision with an animal
Body damage

Home Insurance

Home insurance is important for any Latvia resident as it protects one from the damage or costs caused by accidents and natural disasters. It is a good way of getting covered from unforeseen expenses when unexpected events take place. The main types of home insurance in Latvia include Liability insurance, home contents insurance, and real estate insurance. Furthermore, real estate insurance covers one’s house or flat as well as its facilities. Such cases include car collisions with gates and solar panels damaged by hail. As for the home contents insurance, it covers other things covered, including personal belongings in the house. Lastly, liability insurance covers unintentional damage caused to guests, neighbors, and other individuals.

Life Insurance

In Latvia, life insurance helps a person to make it through even during the worst financial situations. It offers financial support in the following situations:

Event of trauma as a result of an accident
If you, the insurer, becomes disabled and cannot walk anymore
For the family, in case you pass on

Travel Insurance

When coming to Latvia under the Schengen visa, one should get a travel insurance policy. The policy covers emergency medical fees or travel issues for a minimum value of €30,000. The other things covered in travel insurance include interruption because of delay or illness and stolen property or damaged luggage. Some of the insurance companies can even cover transport or travel disruption as well personal belongings.

Pet Insurance

Pets are the best; when we are around them, we get protection, companionship, love, and friendship. Thus, we have to take good care of them, especially Healthwise. Pet insurance covers medical care in case of sudden health problems, diseases, and accidents. Moreover, the insurance is good as the medical care is usually so expensive. Moreover, in case the pet goes missing, the insurance covers the expenses incurred in the search and reward up to 64 euros. Also, in case one is traveling and the pet gets sick while abroad, the insurance can cover it. However, it is important to know that policies differ from one insurance company to the other.

Family or personal liability insurance

In Latvia, the insurance protects an individual as well as their family when they are held accountable for property damage or bodily injury to a third party.

Popular insurance companies in Latvia

Balta
BTA BALTIC INSURANCE COMPANY
COMPENSA LIFE VIENNA INSURANCE GROUP SE
ERGO Insurance SE Latvijas filiāle
AAS "Baltijas Apdrošināšanas Nams"
GJENSIDIGE
AAS “SEB Dzīvības apdrošināšana"
IF LATVIA INSURANCE
AXA PPP healthcare
Seesam Insurance AS Latvijas filiāle