In Italy insurance is an important part of human life and business. The fear of loss is a constraint on trade and business growth. Insurance is important to the Italian residents as it provides protection in case of a sudden loss such as fire or illness. Also, other forms of insurance such as life insurance give families continuity after the premature death of a breadwinner in continuing with their livelihood.
Health Insurance Italy
The Italian National Health Service covers all the residents as well as legal foreign residents. The value-added tax revenues and corporates collected with the central government funds the health insurance. After the collection, it is distributed among the various regional governments that are in charge of delivering care.
The services covered by the health insurance include:
- Hospice care
- Primary care
- Home care
- Maternity care
- Outpatient specialist care
- Inpatient care
- Preventative medicine
- Pharmaceuticals
Besides, the prescription drugs in Italy are basically divided into three tiers with regards to cost-effectiveness and clinical effectiveness:
- Tier 1 (Classe A): This includes all the life-saving drugs as well as chronic conditions treatment.
- Class C (Tier 2): It entails the drugs for the other conditions, and the Servicio Sanitario Nazionale (SSN) does not cover it.
- Tier 3 (Classe H): It entails the drugs which are only provided in a hospital setting.
Private insurance is good for anyone who needs privacy and short wait times when visiting a hospital. For one to qualify for private insurance, they should have a permit to stay in Italy in case they are non-residents. The requirements of medical insurance include one covering up to 30 000 euros, legitimacy of staying in the Schengen area, and the exact coverage period. If one chooses to continue with private health insurance, then one should mainly invest in INA-Assitalia Insurance. It costs around 49 euros for 6 months and 98 euros annually, and it offers urgent medical assistance in the Emergency room.
Unemployment Insurance
There are different unemployment benefits in Italy, including INASPI, DIS-COLL, and ISCRO. INASPI is usually provided in case of involuntary redundancy to the employed individuals. It includes administrative bodies, fixed-term workers, cooperative members, and apprentices. DIS-COLL is a cash benefit provided in case of involuntary redundancy for the employees in a typical employment contract registered, although with a separate pension scheme. Indennità straordinaria di continuità reddituale e operative (ISCRO) is a cash benefit for self-employed individuals in Italy. However, they should have a VAT registration to cover the partial loss of income risk.
The NASpl and DIS-COLL are normally provided in cases of voluntary resignation. There are some unique cases in which it may be provided, such as when one resigns during maternity leave or for just cause. Besides, one may claim NASpl if they are apprentice, artist, cooperative member, or worker with dependant working relationship. Also, they have to lose jobs involuntarily. As for DIS-COLL, one should be a worker in a typical employment contract. It is paid for a maximum of four months. Claiming ISCRO is, however, unique because one should have been paying contributions for about 4 years. It should be paid in a separate pension scheme.
The general requirements for NASpl and DIS-COLL include:
- Willingness to work
- Unemployment state
- Working capacity
- Have paid at least 1 3 weeks of contributions in the previous four years before the commencement of the unemployment period
- Accrued at least 30 days of actual work in 12 months before the commencement of the unemployment period
Car Insurance
Any individual with a car in Italy should have at least third-party liability insurance. Importantly, one does not need to have an Italian driver’s license for them to be insured like other European nations like Denmark. The third-party insurance provides compensation in case a driver (you) causes material damage to another car or in case a road accident leads to the death or injury of another person.
Persona autovetture or personal accident policy is also important. It covers the insured party with compensation in case of personal injury, disability, or death. Moreover, Danni autovetture or vehicle protection insurance protects one in case of an accident caused by self or another individual. It may entail partial or total loss. It also provides cover in case of a collision with the wild animals, natural phenomena, vandalism, and theft.
Home Insurance
Buying a property in Italy is believed to be a secure and easy procedure as compared to other nations across the world. When renting or busying a house, it is important to insure it as the future is unknown. Insurance covers events such as natural disasters.
When in an apartment, it is important to insure the contents of a house. The other things covered include service charges, fire, and flood. For rented property, one should have third-party liability insurance. It insures one against the tenant risks, including damage to an apartment because of explosion, fire, or flood. The size of the property is one of the factors considered when calculating insurance.
Life Insurance
Life insurance is one of the largest in the European market. It covers one in his or her lifetime as long as the policy terms are met. Besides, the insurance helps with income replacement, assisting with estate planning, offering supplemental income. Generally, the insurance offers protection with no expensive investment component add-ons or cash value.
Travel Insurance
When traveling to Italy, as an ex-pat, one should take travel insurance. It covers medical expenses as well as emergency assistance in case one falls sick while on holiday. Moreover, it insures personal luggage and possessions, cancellation cover, legal expenses, and personal accident and activity cover.
Pet Insurance
Our beloved animals give as they give us company. Pet insurance helps in covering a cat or even a dog against accidents and vet expenses. The affection, appreciation, cuteness, and loyalty of the pets make us love them more and want more protection for them.
Pet insurance covers the veterinary care costs in case of an accident or illness. Also, it covers the expenses linked to the death of a pet. Some of the insurance companies even cover the pet’s stay in a cattery or kennel in case one is hospitalized, third-party liability cover, and legal expenses.
Legal Insurance
In this insurance, “the insurer is obliged to pay for legal and expert’s expenses necessary to the insured for the defense of his interests in judicial fora, in any kind of proceedings.” It covers one, whether the case or brought by them or other parties to court. Thus, it assists in protecting an individual as well as the family against the influence of unexpected legal expenses.
Popular insurance companies in Italy
- COOP LOMBARDIA SOC. COOP. Milano
- INTESA SANPAOLO VITA SPA Torino
- CREDITRAS VITA SPA Milano
- UNISALUTE SPA Bologna
- AVIVA ITALIA SPA Milano
- HOGAST ITALIEN COOP ARL Bolzano
- MEDIOLANUM VITA SPA Basiglio
- AVIVA LIFE SPA Milano
- ASSICURAZIONI GENERALI SPA Trieste
- AXA MPS ASSICURAZIONI VITA SPA Roma
- POSTE ASSICURA SPA Roma
- SOCIETA’ CATTOLICA DI ASSICURAZIONE SPA BREVEMENTE ANCHE CATTOLICA ASSICURAZIONI SPA Verona
- AON SPA INSURANCE & REINSURANCE BROKERS Milano
- Unipol Gruppo
