House Insurance in Cyprus in 2024. Best house insurance in Cyprus.

House insurance

Home insurance is an indispensable product in Cyprus for several reasons. Firstly, the country’s geographical location makes it prone to earthquakes, and additionally, the island has seen a rise in crime and home burglaries in recent years.

When you experience a disaster at home, whether caused by a fire, theft, or earthquake, it can be challenging to afford the replacement of belongings or to repair your property alone. Your home insurance will ensure you have financial help when you most need it.

This analytical guide will explain everything there is to know regarding house insurance in Cyprus. We will present the various house insurance coverages offered in Cyprus and suggest clever ways you can save on your insurance.

Table of contents

• Types of house insurance in Cyprus
• What does house insurance cover?
• House and contents insurance in Cyprus
• House insurance exclusions
• House insurance cost
• How to save money on your house insurance in Cyprus 
• Average house insurance cost
• Cheap house insurance in Cyprus
• Compare house insurance in Cyprus
• Best house insurance in Cyprus
• Online house insurance in Cyprus
• House insurance in Cyprus quote

Types of house insurance in Cyprus

The following types of house insurance are sold in Cyprus.

Homeowners insurance

Homeowner policies in Cyprus vary, but all of them contain similar coverage.

A standard home policy is designed for those who live in and do not rent their house.

Homeowners insurance can only be acquired by the property owners and protects the building and their content from natural and manmade disasters.

As the homeowner, this insurance also goes into effect to protect you if you face legal action following an illness or injury claim made by a visitor or an employee who works in your home.

Homeowners insurance can help to pay for replacing the contents of your home and repairing or rebuilding the structure altogether.

Landlord insurance

In general, landlord insurance protects the rented property and contains personal liability coverage.

As a landlord, if you face a lawsuit for damages or injuries that are your fault, liability coverage will help to pay for the legal expenses.

For example, suppose a tenant sues you after injuring themselves on broken flooring in your rental property. In that case, liability coverage will help to pay for repairs, medical and legal fees.

Like house insurance, most landlord insurance financially protects your property from extreme weather and fire damages.

Nevertheless, standard home insurance does not cover rental homes.

Landlord insurance is required by law and must be registered with the CTO (Cyprus Tourism Organization). You need a minimum public liability limit of €100,000 to rent a property and to get a licence from the CTO.

In addition, Cypriot banks require landlord insurance if you have a mortgage.

To learn more about landlord insurance, please see our landlord insurance article. 

Holiday home insurance

Also called second home insurance, holiday home insurance covers a property not used as a main or full-time residence.

This insurance should be acquired by those who stay in their holiday home while travelling in Cyprus and rent it out while living elsewhere.

It’s an essential consideration for holiday homeowners regardless of their location and how often they visit their additional property.

Like most house insurance, holiday home policies include contents and building coverage. However, policy details vary based on several factors.

Depending on the property type, there may be differences in terms specific to short-term or long-term rentals. Likewise, requirements for bungalows may differ from mansions due to locational and structural differences.

To learn more about holiday home insurance you can read the link. 

What does house insurance cover?

Most house insurance policies in Cyprus contain the following coverage.

Building insurance (or dwelling coverage)

Also known as dwelling coverage, building insurance covers the property itself.

This insurance protects the property against damages and helps pay for repairs or reconstruction.

It can also pay for additional living expenses to cover rent somewhere else, such as a short-term rental property, after covered events destroy your house.

Covered events and damages include vandalism, fire, theft, earthquake, floods, and other natural and man-made disasters.

Contents coverage (or personal property)

This type of insurance protects your personal belongings and the contents of your property from covered damages.

Contents coverage can help pay for covered losses after a burglary or if you need to replace your items after a fire.

Loss of use coverage

In addition to building and contents insurance, loss of use coverage can be provided as an additional policy, depending on your policy.

Loss of use coverage goes into effect if you need help to pay for temporary accommodation. For example, suppose your house becomes inhabitable due to a break-in. Loss of use will pay for your short-term accommodation while builders repair your home.

Liability coverage

If someone suffers an injury or their personal property is damaged at your house (or other insured property), this coverage can shield you against costly claims.

This portion of your house insurance can help pay medical bills for any injuries, while it can also pay for legal expenses if someone sues you.

Employers liability insurance

This coverage will protect you against claims made by anyone working in your home (such as maids or babysitters) for any injuries they suffer while working or if they become unwell.

If the worst happens, your employers liability insurance will ensure you don’t have to pay out-of-pocket compensation costs.

To be covered by this insurance, your employees should be registered with the social security services of Cyprus.

Other structure insurance

In addition to the coverage above, this coverage is offered as an individual policy.

This policy protects external parts of your house that are separate from the main structure, such as a detached music studio, a garage, a barbeque area, or a shed.

House insurance exclusions

Most house insurance policies do not cover the following:

1. Wear and tear (and neglect)
2. Mould and pest infestation
3. Sewer backup
4. Jewellery or artwork (additional coverage)
5. Business equipment (additional coverage)
6. Nuclear hazard
7. Power outages
8. War (of any kind)
9. Dog bites (certain dogs)

To learn more about which areas are not covered by homeowners insurance, see our guide to homeowners insurance limitations here. 

House insurance cost

The cost of standard house insurance will vary depending on your needs and the coverage included in your policy.

The overall insurance for house cost is calculated by considering the following factors:

• The rebuild cost
• Monthly rental income costs
• The value of insured contents
• The year of construction (i.e., the age of the building)
• The building’s construction materials (e.g., concrete, masonry)
• The total built-up area and if the property has been renovated
• Claims history (any previous and current claims)

How to save money on your house insurance in Cyprus 

You can take a few steps to get cheap house insurance, including the following.

• Boost security
• Buy a safe
• Assess and renew
• Avoid instalments
• Increase the excess
• Consider a combined policy
• Get specialist insurance
• Work with an insurance company 
• Choose an all-risk policy
• Bundle your employee’s contract
• Document your belongings 
• Declare expensive items separately
• Declare your property’s reconstruction value 

Boost security

Security systems and high-quality locks on your windows and doors will help lower your premiums. You could reduce your home insurance costs by installing smoke and burglar alarms.

Buy a safe

The cost of the insurance decreases significantly if you keep your jewellery and fine arts in a safe.

Assess and renew

Consider getting a new quote when your house insurance policy comes up for renewal. You can change your coverage to help you find the best deal available.

Avoid instalments

You can usually cut the cost of home insurance if you can afford to pay your premium upfront. If you opt to pay monthly instalments, you will incur interest.

Increase the excess

You’ll usually pay a lower premium if you raise the excess (the amount you contribute towards a claim). If possible, make sure you only pay as much excess as you can afford.

Consider a combined policy

If you need value for money, you might find the best house insurance for you is a combination of contents and building coverage. You are likely to get a discount if you get a combined policy.

Get specialist insurance

Work with an expatriate insurance company if you are an expat because they can provide you with specialised insurance for expatriates.

Work with an insurance company

Do not acquire your insurance from intermediaries (i.e. lawyers, accountants) because they always charge an intermediary fee.

Choose an all-risk policy

An all-risk policy covers 25% more claims, which makes up for the higher price.

Bundle your employee’s contract

An employer's liability policy is obligatory if you hire a house maid. Her policy can be covered under your home insurance at a lower premium.

Document your belongings

Create an itemised list that documents all of your belongings for your home’s content insurance application. Your insurance will cost less and prepare you in case of a claim.

Declare expensive items separately

Provide the insurance company with invoices presenting the expensive item’s market value. For example, fine art, jewellery, and carpets. The insurance might be slightly more expensive, but you will get paid in the case of a claim.

Declare your property’s reconstruction value

For insurance purposes, declare the reconstruction value of your property.  This value is lower than your property’s market value. 

Average house insurance cost in Cyprus

The annual average house insurance costs in Cyprus are as follows.

• Simple insurance policies: €250
• All risk insurance policies: €320

Cheap house insurance in Cyprus 

Our basic packages are the cheapest home insurance contracts available in Cyprus. These packages include basic coverages such as fire and theft damage.

Even if you enquire about our cheapest packages, our consultants will carefully analyse your needs with you and help you find the coverages you want.

Firstly, the most important thing we need to do is to sell you the correct contract.

If this is your second home and you rent it for a few months, then you need holiday home insurance and not home insurance. 

It’s also worth noting that the cheapest contract can be the most expensive option overall because it excludes risks more likely to occur.

For example, insurance companies in Cyprus should not sell insurance contracts that do not include fire, theft and earthquake, as these are common and expensive risks in the country.

Compare house insurance in Cyprus

Insurance underwriters assess and determine the cost of house insurance. They evaluate and analyse the risks of insuring your house and belongings.

Cyprus cooperates with both local and international underwriters. Only international underwriters provide all-risk contracts.

At Pitsas Insurances, we cooperate with international and local underwriters to provide you with the best house insurance.

All-risk contracts

These contracts cover all risks and perils with few limits.

In contrast, all other contracts (named perils coverage) explicitly name the perils they cover, which applies to loss arising out of listed causes. As such, many perils are not covered.

Best house insurance in Cyprus

We have the largest variety of home insurance policies from all insurance companies in Cyprus, and we also have dedicated home insurance packages for expatriates.

Our packages have the lowest deductible rates on all coverages.

In addition, our packages do not have higher deductible rates for damage caused by earthquakes. 

Our comprehensive insurance packages cover risks that are not covered by other insurance packages (such as landslides). 

We have the highest claim satisfaction ratio and 95% of the claims we receive are compensated. 

We provide advice on how to handle claims and quick claim payments, of which 90% are paid within ten working days. 

Online house insurance in Cyprus

Pitsas Insurances provides its services online while also serving clients physically across offices in Cyprus. However, you don’t need to visit these offices to sign an insurance contract.

To acquire house insurance, we can send you an application form electronically, and you can also sign the document electronically.

After receiving your details, we will prepare your official quotation. If you have any questions, we can discuss your quote through a free video conference online.

If you would like to proceed with the quotation, we will accept an email from you asking us to proceed.  

Once we receive your confirmation and finalise your contract, we will send it to you via email. 

House insurance quotes

Pitsas Insurances is part of the renowned group of companies, Amazon Group Services, that employs many civil engineers who can estimate a rough cost of the rebuild value of your home.

Why insure your home with Pitsas Insurances?

• Low excess rates on earthquakes
• Competitive quotes
• Comprehensive contracts
• Clear terms and conditions
• Special offers for holiday homes
• Cheap house insurance
• Tailor-made insurance packages
• Additional coverage to include employers liability

House insurance in Cyprus quote 

To get a personalised quotation for house insurance in Cyprus, complete our online questionnaire.

House insurance FAQ

Does house insurance cover roof leaks?

Most house insurance policies offer coverage for roof leak disasters caused by an unexpected event, such as falling debris during a storm or falling trees.

However, there are limitations to most house policies if the roof leak was caused by wear and tear and lack of maintenance.

Leaks that result from a lack of care are deemed as negligence, as it’s your responsibility to maintain the state of your roof.

When making a claim, disputes could arise if an insurer decides that an insured event caused the damage, but your roof was not in good condition.

In other words, your insurance provider might argue that your roof wouldn’t have suffered damage if it was kept in a state of good repair.

For example, extreme weather and wind caused roof tiles to blow away, which was said to result from negligence as the roof hadn’t had regular maintenance.

You should contact your insurance providers as soon as possible to counteract this issue if your house has sustained weather damage. You should record evidence of any maintenance work to prove you have been keeping your roof in good repair.

What is unoccupied house insurance in Cyprus?

Unoccupied house insurance can cover your home or property if it's left empty for longer than your standard house policy allows.

Standard house insurance policies typically cover an empty house for one to two months, but the time frame varies, so you must read the policy wording to be sure.

Unlike standard policies, specialist unoccupied house insurance can cover a vacant property from three to twelve months, which can be extended.

Compared to standard home insurance, unoccupied house insurance tends to be more expensive because insurers consider vacant houses a higher risk.

Including the bigger risk of burglary and vandalism, vacant houses have other forms of building maintenance to consider.

For example, suppose a pipe bursts, causing a leak. If no one is around to fix the leak, the damage could be far worse than if it was noticed and fixed immediately.

For more information about house insurance, you can visit our website.

Pitsas Insurances Team