The Insurance Value of the Property and Its Usual Price in the Czech Republic[Pojistná hodnota majetku a jeho obvyklá cena v podmínkách České republiky]

The aim of the article is to quantify the insurance values in the new price category of selected family houses from the perspective of selected insurance companies. The aim is also to determine their usual price, analyse differences in new prices as determinants for calculating the capital sum, and evaluate possible impacts on the policyholder / the insured party. The quantification is carried out as of February 21, 2022. The article presents definitions of important terms concerning valuation in the area of insurance. The article uses three model cases of existing family houses located in the Moravskoslezsky Region of the Czech Republic. There shall be compared new prices calculated by the insurance companies GČP, KOOP and ALLIANZ, usual/market values, and purchase prices as stated in the land register. Using the insurers' internal calculating methods, differences in new prices of identical family houses were discovered - with the insurance KOOP stating the highest prices in case of all houses. There are differences between the new price set by the insurance company and the reproduction price set by the decree. The new prices set by the insurance company ALLIANZ are closest to the reproduction prices of family houses. A new price as high as the usual price/market value or the purchase price is definitely not recommended. It seems appropriate to arrange a capital sum in the amount of the reproduction price set by the valuation decree with a possible increase. After an insurance contract is concluded, the policyholder should monitor the development of family house prices and respond to changes by adjusting the sum insured in the insurance contract.