Property Insurance on the Republic of Cyprus
The Republic of Cyprus is an urban, Mediterranean island nation divided into two
areas – North Cyprus and South Cyprus. The facilities for tourists and new
residents are commendable and attract many to the island who are interested in
purchasing vacation homes. The Republic of Cyprus joined the European Union in
2004 and, since then, the economy has grown steadily, with many new homes being
built. New home owners on Cyprus are required to have property insurance to
protect their investment. It is vital to insure property, at a minimum, for the
costs of rebuilding the main house and outbuildings, site clearance, contents
replacement, and payment of other fees, in case of fire, wind, water, and other
kinds of damages. The contents should be insured for their full replacement
costs, with depreciation only taken into account for clothing. Costs of property
insurance on Cyprus vary widely; purchasing the least expensive may leave the
homeowner insufficiently insured.
There are many insurance companies on Cyprus; it’s important to compare costs
and coverage carefully before purchasing property insurance. Here are ten major
property insurance companies on the island.
The Bank of Cyprus
The Bank of Cyprus offers one year of free property insurance if the property
loan is made through the bank. It offers comprehensive coverage for fire, storm,
theft, and so forth.
Intasure Property Insurance Specialists
Intasure Property Insurance Specialists has its website at www.intasure.com
They focus on the needs of specific people, such as vacationers, and markets for
holiday homes and let properties. They are a global property insurance provider,
who prepares all documents in English. Comprehensive benefits include: fire,
storm, flood, theft, and leaks. The insurance policies have a 50 pound
deductible and some restrictions on occupancy and letting. There is legal
liability for domestic employees available. Policies are underwritten by Norwich
Union and backed by United Kingdom service and support. Intasure Property has a
public liability of two million pounds. In order to qualify for a policy, the
holder must live in the United Kingdom for six months of the year; not
necessarily consecutive months. With house alarms and no prior claims, a
preferred age and excess level could earn 40% off a policy’s price.
Andrew Copeland Insurance
Andrew Copeland Insurance has it’s website at:
http://www.andrewcopeland.co.uk/ovprop.htm. Its property insurance is
underwritten by Lloyd’s. All documents are provided in English and sub-lets are
allowed. Theft, malicious damage, fire, flood, broken pipes, storms, impact with
vehicles, subsidence, landslide, and earthquakes are covered. Andrew Copeland
Insurance also offers free legal advice to its customers.
Pafilia Property Developers and Insurance
Pafilia Property Developers and Insurance has its website at:
http://www.pafilia.com/EN/property_services/property_insurance.html. It
promotes its extremely prompt responses to claims as its major selling point.
Its motto is: “After- sales service to a higher level” and it offers a wide
range of after-sales services to the buyers of its homes. It will make claims in
a homeowner’s absence for convenience. Property developers, such as Pafilia, put
only minimal information about property insurance on their websites. It is
better to phone or actually request a quote online to get more information.
B. Portwood and Company, Ltd., Insurance Brokers
B. Portwood and Company, Ltd., Insurance Brokers has its website at:
http://www.portwood.co.uk/landlord-insurance-quote.htm. This company covers
a wide range of tenants who own or let holiday homes on Cyprus. Sub-lets are
allowed. It offers only one type of policy for homes. The maximum insurance
offered for buildings is 500,000 pounds and for contents 50,000 pounds. To
insure at this level, the cost is 1,680 pounds per year with a 100 pound excess
for buildings that are let out. It is difficult to get an exact quote such as
this online, unless one has the address of a property to be insured.
Devon Direct Insurance Services Ltd.
Devon Direct Insurance Services Ltd. has its website at:
http://www.aquariusproperties.com/aqua/properties/Insurance on
Property_Abroad.asp.
Devon Direct Insurance is underwritten by Lloyd’s. It offers coverage for
accidental damage to underground pipes, the standard wet and dry damage
coverage, earthquake damage coverage, and loss of rent up to 10% of the sum
insured, as well as emergency travel costs if there is a major claim. Accidental
damage to buildings and domestic staff is optional. The company has a public
liability of £1 million. It also offers a 24 hour, 365 days a year claims’ help
line, with bi-lingual staff.
Ethniki Hellenic General Insurance
Ethniki Hellenic General Insurance has its website at:
http://www.nbg.gr/en/ind_hous_01.asp?P_ID=2&ord=2, which is the site of the
National Bank of Greece. This is a foremost, worldwide insurance company which
offers property and casualty insurance for low premiums. They promote their fast
and easy procedures in the event of fire, earthquake, breakage of pipes, or
burglary.
Property Prime
Property Prime has its website at:
http://www.propertyprime.com/insurance.shtm. It offers property insurance to
customers buying its homes, free of charge, as part of its customer services.
Property Prime promotes insurance for all basic structures, its excellent
service, and flexibility to meet buyers’ needs.
Insurance for Holiday Homes
Insurance for Holiday Homes has its website at:
http://www.insuranceforholidayhomes.co.uk/home.html. Its policies are
underwritten by Lloyds. Coverage includes: flexible buildings and contents
coverage, loss of use, legal liability for domestic staff, public liability, and
accidental damage to oil pipes, underground cables, underground water supply,
and gas pipes. This company advertises the ease of handling claims, not through
foreign agents, but using English agents who will serve as liaisons with the
overseas claims adjusters. They also tout simple to understand documents and
high levels of identity security.
These ten are the major property insurance companies offering coverage in The
Republic of Cyprus. Check out each one carefully and compare coverage, benefits,
deductibles, and prices before making a decision on which one to contact when
purchasing property insurance for your vacation home on the island of Cyprus.
