Property insurance Cyprus in 2024. Affordable property insurance in Cyprus.

Cyprus property insurance

This comprehensive guide to property insurance in Cyprus will examine the features of various types of policies available on the market and when you might need them.

We will also compare the best property insurance in Cyprus and share tips on making your insurance premiums more affordable.

Table of contents

• What is property insurance?
• Types of property insurance in Cyprus
• Property insurance cost
• Affordable property insurance
• Property insurance quote
• Compare property insurance
• Best property insurance in Cyprus

What is property insurance?

Property insurance is an umbrella term for a collection of insurance that provides coverage for property owners, including liability protection.

Property insurance goes into effect to protect the insured property owner (or renter, depending on the insurance) in the event of covered damages or theft.

It can also provide financial compensation to another party if they suffer an injury on your property.

Types of property insurance

Property Insurance Cyprus. Property insurance is an umbrella term for several separate policies, such as the following:

• Personal property insurance: homeowners insurance, holiday homes insurance, renters insurance, and landlord insurance.
• Business property insurance: Commercial property insurance or business property insurance.

Personal property insurance in Cyprus

We will briefly cover the various types of personal property insurance available in Cyprus.

Home insurance (homeowners insurance)

Home or homeowners insurance protects your home and personal belongings from covered losses and damages.

Most home insurance plans are “package policies”. These plans contain various coverages designed to protect your property from damages and protect you from liability.

Although home insurance policies differ across insurers, most share similarities and include common coverages.

What does home insurance cover in Cyprus?

Your home insurance policy can help to pay for the repair and replacement of your belongings following a covered loss or even rebuild your home from scratch.

Covered damages usually include earthquakes, floods, fire, water leakage, or theft.

Property insurance also includes third party liability coverage. It can pay for hospital and legal fees if a third-party injury on your property results in the need for medical treatment and a lawsuit.

Most home insurance policies contain the following coverage.

• Home’s content
• Home’s structure
• Loss of use
• Third party liability insurance
• Home liability insurance
• Employers liability insurance (for the housemaid)

Home’s content

This coverage protects your personal belongings and the contents of your home.

Home’s content coverage can help to pay for content or belongings replacements and repairs. Covered damages include certain weather events, fire, and theft.

Home’s structure

This portion of your insurance protects the structure of your home. Home structure insurance, or dwelling coverage, covers property damage and helps to pay for reconstruction and repairs to the property structure.

It can also help to pay for temporary living expenses for emergency accommodation if covered events damage or destroy your home, and you need to stay elsewhere temporarily.

Covered damages include vandalism, fire, extreme weather, earthquakes, and floods.

Loss of use

This type of insurance is sometimes included as part of a property package or available as separate coverage.

If your home becomes inhabitable due to covered damages like a burglary, loss of use coverage can help you pay for temporary accommodation while your house is undergoing repairs.

Employers liability insurance

This portion of your insurance protects you against work-related employee claims from anyone working in your home (such as a maid or babysitter).

Employers’ liability insurance can help to pay for their medical expenses if they sustain an injury while working for you or their pain and suffering if they become unwell.

Liability insurance or third party liability insurance

Third party liability insurance protects you from liability for covered events and can help to pay for medical bills to treat injuries and legal expenses if you are sued.

For example, suppose a visitor trips while at your residence and injures themselves. Without this coverage, you may have to pay out-of-pocket costs for medical fees and legal expenses if they file a claim.

Liability insurance is essential coverage. In the last five years, there has been a 250% increase in the number of lawsuits initiated by house guests in Cyprus.

Property all-risk insurance

The term “all-risk” as part of an insurance policy refers to insurance covering any risk the policy does not explicitly omit.

For example, suppose an “all-risk” policy does not explicitly exclude floods. In that case, any damage from flooding will be covered by the policy in the event of a flood.

Pitsas Insurances Home Insurance

If you would like to read more about home insurance in Cyprus, including more details about what it covers and its exclusions, see our guide to home insurance here.

Holiday home property insurance

Holiday home insurance is specifically designed to protect your holiday home from unforeseen loss and damages.

Holiday homes are more prone to theft, weather, and water damage, especially as they’re unoccupied for extended periods.

In addition, holiday homes that are frequently rented out to guests are at a higher risk of damage than standard homes.

What is holiday home insurance?

Holiday home insurance is tailored to people who own an additional property they use for holidays and temporarily rent it while not there.

Holiday homes, or additional or second homes, can include many property types, such as apartments, villas, maisonettes and houses.

Holiday home insurance provides the following coverage.

• Building insurance
• Contents insurance
• Third party liability insurance
• Employers liability insurance

Even if you infrequently let out your property to friends, holiday home insurance is an essential choice.

Pitsas Insurances Holiday Home Insurance

To learn more about holiday home insurance in Cyprus and what it can do for you, see our guide to holiday home insurance here.

Landlord property insurance

If you own properties you rent out as a holiday home owner or a landlord, short-term or long-term, you will need more than a home insurance policy.

Landlord insurance includes landlord-specific coverage, such as tenant default insurance. It protects your rental property in ways that a home insurance policy cannot.

For example, if your rental property is inhabitable due to a weather event, landlord insurance can compensate you for loss of income, whereas standard home insurance won’t.

Landlord insurance can also protect you against damages and injuries sustained on your property through dwelling and liability coverage.

What is landlord property insurance?

Landlord insurance is specifically made to cover the perils that landlords face when renting properties.

Covered perils include accidental fire, weather events, third party accidents and bodily injury.

Your policy covers the property and your personal property, like standard home insurance, but also offers additional coverage.

Like home insurance, landlord insurance provides liability, building, contents, and employer’s liability insurance.

However, loss of rental income is a specific and additional type of coverage that only holiday home and landlord insurance provide.

Do I need property insurance for landlords?

Most mortgage lenders will encourage you to have landlord insurance if you are financing the property or have a mortgage.

In addition, it is legally required of you. You need to have a minimum limit of public liability of 100,000 euro when renting a property in Cyprus to gain a rental licence through CTO (Cyprus Tourism Organization).

Without landlord insurance, you may have to pay out-of-pocket costs for damage and legal expenses, which could bankrupt you.

What does landlord insurance exclude?

Like most types of insurance, landlord policies have limits, such as:

• Government action and war
• Neglect and mould infestation
• Sewer backup and water damage

Pitsas Insurances Landlord Insurance

To read more about property insurance for landlords, see our guide to landlord insurance here.

Renters property insurance

Whether you rent a house, flat, or a student dormitory apartment, renters insurance can protect your place and possessions in case covered accidents occur.

Renters insurance, sometimes known as tenant insurance, can cover expenses related to bodily injury, damages, theft, and more in a rental property.

What is renters property insurance?

Renters insurance is specifically designed to protect tenants and their belongings. Most standard policies include a group of coverages and come with options for extra protection.

It typically includes three types of coverage that help protect you as a tenant, your personal belongings, and your living arrangements from covered losses.

Do I need renters insurance?

Even if your landlord possesses building or home insurance, it doesn’t mean your belongings are protected as a tenant.

In general, landlord insurance doesn’t cover tenants.

Here are some scenarios when you might require insurance as a tenant.

• A fire in your block of flats damaged your belongings.
• Your flat was burgled, and your possessions were stolen.
• One of your guests tripped down the stairs in your apartment and was injured.
• A pipe burst in your block of flats causing extensive water damage to your living room.

While building insurance and repairs are primarily your landlord’s responsibility, you have some responsibilities as a tenant.

Having renters insurance to cover the above and many other disasters might be a lifeline.

What does renters insurance cover?

Renters insurance covers unexpected and accidental events, otherwise known as covered damages and perils, such as injury, theft, or a fire.

You will find the following coverages in a standard renters policy.

• Liability renters insurance
• Personal property renters insurance

Liability renters insurance. This coverage can help pay for legal costs if a guest injures themselves at your place or you accidentally damage their belongings and face a lawsuit.

Personal property renters insurance. This portion of the insurance can pay for repairing or replacing your belongings (up to your policy limits) if covered losses damage your personal property.

Pitsas Insurances Renters Insurance

You can learn more about these coverages in depth in our guide to renters property insurance here. 

Commercial property insurance Cyprus

Commercial property insurance, otherwise known as business property insurance, is essential coverage for a business, whether you own a building, lease it or remotely work from home.

Commercial property insurance is often one of the primary coverages in a business owner’s policy (BOP). It covers your building, its contents and exterior fixtures.

Standard commercial property insurance protects your company from theft, explosions, fire, vandalism, burst pipes, and storms.

What does commercial property insurance cover?

Commercial property insurance covers your company’s building, its contents and part of its exterior. It covers the following:

• Documents
• Exterior signage
• Furniture and decor
• Fences and landscaping
• Electronics and computers
• Other people’s personal property

Most commercial property insurance excludes earthquakes and floods unless those events are included as additional coverage.

Insurance for commercial property cost

The amount you need to pay for commercial property insurance depends on numerous factors, including the value of your building and business assets.

Insurance commercial property

Risk factors also influence the rate of your premiums. The following factors affect the cost of commercial property insurance.

• Location
• Rebuild costs
• Value of insured contents
• Occupancy and use of property
• Fire and theft prevention methods
• Construction materials (e.g., concrete)
• The age of the building/ year of construction
• The total built-up area and renovation factors
• Claims history (any previous and current claims)
• Type of property (such as bungalow or apartment)
• The number of floors and types of rooms (e.g., basement)
• How many days the property is left unoccupied (if applicable)

When searching for the best commercial property insurance to purchase, prepare your documents before applying for a quote.

Commercial Property Insurance in Cyprus quotation

To find out more about insurance on property, such as commercial buildings, see here.

Property insurance cost in Cyprus

Personal property insurance cost

Underwriters assess the following risk factors to determine the cost of personal property insurance.

• The total area of the building
• The rebuild cost of the property
• The value of your home’s content
• Year of construction (the age of the building)
• Type of rooms (basements are a high flood risk)
• The type of property (i.e. detached house, apartment etc.)
• Your claims history and whether you had any claims in the past
• Type of construction materials used to build the house (e.g., concrete, masonry)
• Whether renovations occurred and what type (e.g., electrical wires, plumbing installation)
• The proximity to the sea, cliff, forest, riverbank, lake, seafront, reservoir, quarry or any other excavation site, remote area, or adjacent within a wooden area
• How many days the property is unoccupied (vacant properties face a higher risk of damage going unnoticed and theft. The higher the risk, the higher the premiums)

Landlords and holiday home insurance cost

In addition to the above, the following factors affect the cost of landlord and holiday home insurance.

• Monthly rental income from the property
• Whether it is a short-term rental or long-term rental

Average property insurance cost in Cyprus for individuals

The annual average property insurance cost for private properties in Cyprus is as follows:

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

Commercial property insurance cost in Cyprus

The annual average commercial property insurance cost in Cyprus is as follows:

• Simple policies: €210
• All risk policies: €420

The value of any professional equipment and whether the property is sub-leased to other companies will affect the premium rate.

Factors that reduce the premium of property insurance Cyprus

The existence of any of the following factors reduces the premium of house insurance.

• A deductible or excess
• A built-in or bolted safe to store your valuables
• A fire alarm that you have access to ²⁴⁄₇
• Flood detectors in the kitchen and where your water tank is located
• An intruder alarm system connected to a security company or your mobile phone

You can also reduce your premium by acquiring multiple insurance contracts with the same company. In addition, your premiums will be reduced if you are allowed to include an “excess” on your insurance.

Affordable property insurance

The insurance market is highly competitive in Cyprus, and due to the competition between insurers, property insurance premiums rarely differ.

If the premiums between insurance plans are drastically different, the plans are not comparable.

To reduce the cost of your insurance, and instead of opting for an undesirable plan, we recommend opting out of optional coverages or increasing the deductible if you can.

You may not need the optional coverages offered to you, making them economically unnecessary.

Another way to save on your property insurance is to acquire another contract with the same provider, such as an auto or medical policy.

You will be rewarded with discounts for choosing several insurance contracts from the same company, ensuring you get affordable property insurance.

Property insurance quote

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

Insurance for property

You can complete our questionnaire to get a personalised quotation (or the most competitive quotes) for house insurance in Cyprus.

Property Insurance Cyprus

Pitsas Insurances is part of Amazon Group Services, an award-winning group of companies that employs many civil engineers who can help you roughly estimate the rebuild value of your home.

Compare property insurance

When comparing property insurance in Cyprus, you will be offered different policy types provided by many different underwriters.

Insurance companies in Cyprus work with local and international underwriters.

Notably, international underwriters provide more comprehensive coverage and have a significantly higher home claim payment rate of over 90%.

Cyprus-based underwriters usually provide more competitive rates, but their coverages are less comprehensive, leading to a significantly lower claim payment rate of around 65%.

In addition, only international underwriters provide all-risk contracts. All other contracts explicitly name the perils they cover, with many unexpected perils that are not covered.

At Pitsas Insurances, we cooperate with both international and local underwriters, enabling us to offer you various property insurances available in Cyprus.

Best property insurance in Cyprus

Pitsas Insurances can easily acquire the best property insurance policies in Cyprus, no matter what type is required.

Specifically, we provide all of our clients with the following benefits.

• Low excess rates
• Comprehensive contracts
• Special offers for holiday homes
• Transparent terms and conditions
• Additional coverage: employers liability for maids
• Tailor-made and customisable insurance packages

Property Insurance Cyprus

Speak with one of our insurance agents today about property insurance Cyprus to find the best deal on your property insurance.

Pitsas Insurances Team