Real estate insurance in Cyprus is a crucial step for protecting your property against unforeseen circumstances. Insurance options include residential property insurance, landlord insurance, and commercial insurance.
Contents
Types of Real Estate Insurance in Cyprus
Residential Property Insurance:
Building Insurance: Covers damage to the structure of the building from events like fire, vandalism, extreme weather, floods, and natural disasters. It may also cover temporary living expenses if you are unable to live in your home due to an insured event.
Contents Insurance: Protects personal belongings in the home, including furniture, appliances, and valuables such as jewelry and artwork. It is important to declare valuable items worth more than €3000 with receipts and certificates.
Liability Insurance: Covers expenses related to accidents and injuries occurring on your property.
Exclusions: Standard policies do not cover damage caused by sewage backups, natural wear and tear, mold, pests, power failures, or actions by the military and government.
Landlord Insurance:
Includes standard building and contents insurance, plus additional coverage like loss of rental income if the property becomes uninhabitable due to an insured event. It is a mandatory requirement for obtaining a rental license through the Cyprus Tourism Organization (CTO) and includes liability insurance with a minimum limit of €100,000.
Commercial Property Insurance:
Protects business properties, including buildings, their contents, and external structures like signs and fences. Policies usually cover losses from theft, explosions, fires, vandalism, burst pipes, and storms. Earthquakes and floods can be included as additional coverage.
Factors Affecting Insurance Costs
The cost of real estate insurance depends on various factors:
- Property value
- Year of construction and condition of the building
- Size and location of the property
- Number of permanent residents
- History of previous insurance claims and current state of the property
The average cost of property insurance in Cyprus is about €2.5 per €1000 of property value.
Key Steps When Choosing a Policy
- Determine the level of coverage that suits your needs and the value of your property.
- Compare offers from several insurance companies, considering their reputation and customer reviews.
- Carefully review the policy terms, including exclusions and limitations.
- Consider the premium costs and choose the most advantageous and affordable offer.
Additional Information
In Cyprus, property insurance is a mandatory requirement for obtaining a mortgage and a rental license. Regular evaluations and updates to insurance policies are recommended to avoid underinsurance or overpayment for excessive coverage.
Real estate insurance in Cyprus provides financial security and protection from unforeseen events, making it essential for all property owners on the island.
Leading Insurance Companies in Cyprus
Real estate insurance in Cyprus is a crucial step for protecting your property from various risks. The market has many insurance companies offering a range of services. Here are five leading insurance companies providing real estate insurance in Cyprus:
Gan Direct
Gan Direct offers a wide range of insurance services, including real estate insurance. Their policies cover buildings, contents, and personal belongings, with additional coverage options available. The company is known for its prompt service and readiness to help in emergencies. Gan Direct
Pitsas Insurances
Pitsas Insurances provides various types of real estate insurance, including for homeowners, landlords, and tenants. The company has a good reputation and offers online services, making the policy acquisition process quick and convenient. Pitsas Insurances
Minerva Insurance
Minerva Insurance offers diverse types of insurance, including real estate insurance. Their policies cover major risks such as fire, flood, theft, and earthquakes. Minerva is known for its prompt processing of insurance claims. Minerva Insurance
Intasure Property Insurance Specialists
This company specializes in real estate insurance, including holiday homes and rental properties. They provide comprehensive policies covering fire, flood, theft, and other risks. Intasure offers documents in English, convenient for foreign clients. Intasure Property Insurance Specialists
Bank of Cyprus
Bank of Cyprus offers real estate insurance, including a free annual policy for clients who take out a mortgage through the bank. Their policies include protection against fire, storms, theft, and other risks, making them an excellent choice for those seeking comprehensive insurance solutions along with banking services. Bank of Cyprus
Additional Insurance Companies
Besides the mentioned ones, several other insurance companies are worth considering:
- Ethniki Insurance: Provides a wide range of insurance services, including life, property, and health insurance. Known for professional service and reliability. Ethniki Insurance
- Altius Insurance: Offers individual and commercial insurance solutions, including health, life, and auto insurance. The company is distinguished by high-quality service and a variety of products. Altius Insurance
- Prime Insurance: Specializes in high-quality insurance products with a personalized approach to clients. The company also focuses on training its insurance consultants. Prime Insurance
- Top Quotes Insurance: Offers a unique way to purchase insurance, representing all leading Cypriot insurers. The company provides the best quotes, allowing clients to choose the most favorable conditions. Top Quotes Insurance
Choosing an insurance company in Cyprus depends on your specific needs and preferences. It is recommended to compare offers from several companies, pay attention to their reputation and customer reviews, and thoroughly review policy terms before signing a contract.
