Home insurance in Cyprus is important for owners and renters of houses, apartments, buildings, and holiday homes to protect their property against damages, theft, and more. After all, a property typically is the most valuable investment one has.
Following the Cyprus insurance overview and tips article, the real estate specialists at Property Experts Cyprus now examine home insurances in Cyprus in detail.
Home or property insurance is among the most common and recommended insurances besides health, life, and disability insurance. While home insurance is not mandatory, the vast majority of property owners have it.
Home Insurance in Cyprus
To begin with, house insurance generally offers financial protection in case of a (natural) disaster, accident or loss. This can be a fire, break-in, leaking roofs, burst water pipes, storm damages, third-party liability, and much more.
Depending on your insurance plan, home insurance covers
- damage and loss to the home’s structure and value
- damage and loss to the home’s content (furniture, appliances, valuables, etc.)
- combined policies (common)
Tip: The annual premium for your home insurance can be reduced by deducting the land value as in most cases it doesn’t make sense to insure the land.
Generally, insurance typically either covers the cash value of damages or the replacement value.
Homeowners will typically select combined home insurance policies in Cyprus, while renters often just select to insure a home’s content. Furthermore, building insurance in Cyprus usually includes liability insurance for homeowners in Cyprus to keep them free from third-party claims.
For holiday homeowners, home insurance policies in Cyprus may include emergency travel costs, loss of rent, inoccupancy, and more – depending on the insurance company.
Having home insurance gives you peace of mind, and is a typical requirement for taking out a mortgage in Cyprus. Without insurance cover, you are responsible to pay for any replacements or repairs in your home or of your belongings in the case of unexpected events.
Factors Affecting Home Insurance Premiums in Cyprus
The cost of house insurance usually depends on various factors, including
- Value of the property: higher home value => higher rates
- Year of construction: newer homes often more modern (latest plumbing, electrical and other furnishings) => cheaper rates
- Property size: more damage can be caused in larger homes => higher rates
- Property location: premium areas => higher rates
- Number of primary inhabitants: more people equal more liability and => higher rates
On average, Cyprus homeowner insurance rates can be calculated with 2.50 Euros for every 1,000 Euros of property value.
Property Damage Coverage for Cyprus homes
Depending on your home insurance company, policies, and individual agreement, the following aspects (excerpt) are typically covered under different packages – from basic to premium.
Home Structure / Building
- Storm, Lightning
- Explosion
- Smoke
- Damage caused by vehicles
- Earthquake
- Inflation adjustment
- Flood
- Gas, water, oil, fuel leaks
- Unrest, strike, lockout
- Vandalism
- Tree falling, debris
- Electrical malfunction
- Theft, attempted theft
- Accidental damage
Tip: In terms of earthquakes, houses in the South of Cyprus are typically made with lots of steel and according to EU-regulations, which makes them resilient even to stronger earthquakes.
Content
- Furniture
- Appliances
- Valuables
- Cash, credit cards
- Illegal use of credit cards
Now, let’s examine the specific steps to take if worst comes to worst.
Step-by-Step Guide to Making a Home Insurance Claim in Cyprus
In case of damage, theft, or mishap in your home, take the following steps.
- Call the police (199/112) and file a report
- Call your insurance agent to discuss next steps
- Take photos as documentation and evidence
- Take reasonable actions to minimize damage and recover missing items
- Submit the insurance claim in written form (adhere to the policy details for format, deadline, attachments like bills, photos, etc.)
- If repairs are not urgent, make sure to have the insurer’s approval before authorize work
Next, let’s take a look at different aspects to keep in mind when selecting house insurance coverage options in Cyprus.
17 Tips for Choosing the Best Home Insurance Policy in Cyprus
There are countless home insurance companies in Cyprus. Among the largest and most reputable house insurance companies on the island are Gan Direct and TopQuotes.
While there are many insurance providers on the island, the real estate experts at Property Experts Cyprus know the most reputable and reliable companies. We are happy to advise you based on your individual circumstances and connect you to the insurance provider that is right for your personal situation.
When selecting an insurance provider and policies keep the following aspects in mind, so that you have someone reliable and knowledgeable by your side during stressful moments in life.
- Select a company that specializes in home insurance
- Get at least two offers for comparison, ideally more
- Check the companies’ customer reviews and online ratings, ask people you know for their experience
- Consider how long the insurance provider has been active on the market and how many insurances they have sold to-date
- Carefully read the terms and conditions of the policy, e.g. insurance exceptions, filing multiple claims
- Assess the short-term and long-term cost-effectiveness of the policy
- Visit the insurance company’s office in person, if possible, to assess their customer service, reachability, and friendliness
- Study the insurance providers’ claim refusal rate and policies
- Review the regulation on deductibles (the first amount of claims that you have to pay out of your own pocket before the insurance takes effect) and discuss to adjust this in line with your personal situation
- Check with Insurance Association of Cyprus, the insurance regulator on the island, to see if there are any complaints or notes about the company
- Consider the duration of claim processing and payout
- Assess the company’s cap for claims
- Consider if the insurance provider speaks your language in addition to the local language
- Check if claims and requests can be made online or via an app
- Consider payment options and intervals of insurance contribution
- Ask your insurance agent for discounts and incentives for home insurance in Cyprus, e.g. no-claims bonuses, multi-policy discounts
- Consult with a real estate specialist like Property Experts Cyprus to assist you in the process of finding the ideal home insurance for you
This brings us to the end of this article on local and expat home insurance options in Cyprus – whether this is your primary residence, second or holiday home.
The Takeaway – Home Insurance Cyprus
Knowing that your home is protected in case of unexpected events gives you peace of mind, especially if you have a family and/or people under your care. Shield and protect your home and family in emergencies, accidents, and mishaps.
From theft and burglary coverage for Cyprus homes to natural disaster insurance for Cyprus homes – your trusted home insurance provider will have your back.
In Cyprus, there are more than 600 insurance providers for various kinds of liabilities. Contact the island specialists at Property Experts Cyprus to connect you to the top insurance companies for home insurance in Cyprus that is right for your personal situation.
