Renters insurance in Cyprus in 2024. Best quotes.
Renters insurance in Cyprus
Sometimes referred to as tenant insurance, renters insurance can cover theft and content damage in a rented property.
Whether you rent a flat, house, or even student accommodation, acquiring renters insurance is advisable to protect your possessions in case of a covered accident.
We aim to explain why you should consider renters insurance throughout this guide. Specifically, we will examine the following topics about renters insurance in Cyprus.
Table of contents
- What is renters insurance?
- Do I need renters insurance?
- What does renters insurance cover?
- Renters liability insurance
- What is not protected by renters insurance?
- How to file a renters insurance claim
- How much is renters insurance?
- Best renters insurance Cyprus
- Online renters insurance in Cyprus
- Cheap renters insurance in Cyprus
- Apartment renters insurance
- Renters insurance in Cyprus quote
- Renters insurance FAQ
What is renters insurance?
Renters insurance is typically designed for renters to protect their belongings inside of a rented home.
Most standard renters policies include a standardised group of coverages with additional options for extra protection.
A renters policy typically has three types of coverage that help protect you, your personal belongings, and your living arrangements from covered losses.
We will cover how each type of coverage works throughout this guide.
Do I need renters insurance?
It’s a wise move to get renters insurance. Even if your landlord possesses building or home insurance, it doesn’t mean your belongings are protected as a tenant.
By default, the landlord’s insurance doesn’t cover their tenants. Here are some scenarios when you would need protection.
- Your flat was burgled.
- Your belongings were damaged in a fire.
- A pipe bursts in your block of flats, causing water damage to your belongings.
- One of your guests tripped and sustained an injury in your house and filed a claim against you.
While building insurance and repairs are primarily your landlord’s responsibility, you have some responsibilities as a tenant.
You would require a renters insurance policy to cover the above and other similar disasters involving your possessions inside the property.
What does renters insurance cover?
Renters insurance covers damages and losses following unexpected events and accidents, otherwise known as covered perils.
It’s impossible to prevent all hazardous situations, such as injury, theft, or fire, and that’s when renters insurance steps in to help. It can help you pay for repair and replacement costs following these events.
You will find the following coverages in a standard renters policy.
Personal property renters insurance. This portion of the insurance covers your belongings (up to your policy limits), such as household items, electrical devices, clothing, and furniture. It can pay for the cost of repairing or replacing your stuff.
Liability renters insurance. This coverage protects you if you are found responsible for a guest’s injury or if you accidentally damage their belongings when they visit your home. It can pay for repair or legal costs. We will cover this insurance in detail below.
Renters liability insurance
A lawsuit could bankrupt you if you are sued by someone injured on your property.
The liability portion of your renters policy covers you for actualities such as the above. It will pay out to cover the costs of bodily injury or accidental death on or off your property.
Renters liability insurance also covers accidental damage caused to others’ belongings.
It might also help pay for injury expenses if your dog bites someone.
Most renters insurance typically covers legal representation if a claim is made against you.
Scenario. Suppose you start filling your bathtub with water, then get distracted by a phone call.
By the time you come back, your bath has overflowed. The water seeped through the ceiling, damaging fixtures and fittings in the apartment beneath yours.
The renter downstairs sues you. Your policy would cover your legal bills plus the money awarded to your neighbour to pay for the loss of fixtures and fittings.
What is not protected by renters insurance?
Personal property coverage in your insurance package may not protect everything you own.
Certain belongings, such as valuable jewellery or fine arts items, have limited coverage under most renters insurance policies.
In general, you won’t be covered for the following items.
- Antiques
- Valuable jewellery
- Collector items
- Valuable artwork
You may be able to add extra coverage to your renters policy to help protect your valuables (jewellery, artworks etc.)
Your insurance company can help determine if you need this coverage.
In addition, a renters insurance policy does not cover your belongings against all events.
- Infestations and mould. Most renters insurance won’t cover negligence, mould, mice, bedbugs, and other infestations. You can get specialised coverage to cover such issues.
- Your roommate’s belongings. Most renters insurance won’t cover the belongings of other people you live with unless you share a policy with them (but not all insurance providers allow that). In most cases, it’s best to have your own renters policy.
- Loss of use renters insurance. Typically, loss of use relates to a landlord’s coverage and is not included in renters insurance.
Your policy may not cover other hazardous events, so always review your policy documents.
How to file a renters insurance claim?
Here are some tips you can use if you need to file a renters insurance claim.
- After the issue, contact your insurance provider immediately to report the claim. Let them know if any emergency repairs are needed.
- Document what happened and note any damaged items in writing. Take photos or videos of the damage. Make sure you take photos before any repair work begins (if applicable).
- In case of a theft, you should accurately report the stolen items and communicate what happened to the police.
- Your insurance consultant will question you about the damage. You can also ask questions about your policy’s coverage and limits to understand the next steps of your claim.
- Don’t forget to protect your belongings from further damage, if applicable.
Key takeaways
Renters insurance is sometimes known as tenant insurance. It can help to pay for theft, injuries, and fire damage.
A renters policy typically covers personal property insurance and liability coverage.
The liability portion of renters insurance can cover you if accidental damage is caused to another person’s belongings or someone gets injured on your property.
You can receive legal representation with renters insurance for alleged or actual claims.
Renters insurance contains exclusions. You may need additional coverage for certain belongings, such as antiques, valuable jewellery, collector items, and valuable artwork.
Renters insurance usually does not cover pest infestations, other tenants’ belongings, and flood damage.
How much is renters insurance?
The cost of renters insurance depends on various factors and how much coverage you need.
In general, the following factors affect the cost of insurance for renters.
- Your previous and current claims history
- The value of your insured belongings and contents
- The type of property (e.g., maisonette or block of flats)
- The monthly amount you pay (for relocation expenses)
- The value of your portable items (i.e., jewels, laptops, smartphones, professional equipment)
Best renters insurance Cyprus
Pitsas Insurances can help you find the best renters insurance in Cyprus. If you are searching for an affordable option, we can help you to find cheap renters insurance.
Our packages are beneficially comprehensive, covering many risks (such as landslides). In addition, we have the highest claim satisfaction ratio, making us one of the best choices for insurance in Cyprus.
95% of claims we receive are compensated and 90% of those claims are paid quickly within 10 working days. We additionally provide free advice for all of our customers on how to handle claims.
Online renters insurance in Cyprus
It is possible to buy an insurance contract with Pitsas Insurances entirely online and you can receive free quotes and inexpensive contracts in a matter of minutes.
To begin the process, we will send you an electronic application form which is signable online.
After receiving this form back from you, we will prepare your personalised quote.
To proceed with your quote, all you need to do is email us and we will finalise your contract before sending you a copy via email.
In addition, if you have any questions throughout the process, you can arrange a free video call with us.
Cheap renters insurance in Cyprus
Our basic insurance packages are some of the cheapest contracts you will find in the whole of Cyprus. All basic coverages include damages such as fire and theft.
Our consultants will analyse your needs with you for free to make sure you find the correct coverage you’re looking for.
The cheapest renters contract might work out more costly in the long run since it excludes risks that are more likely to occur. For example, fire, theft and earthquake damages must be included as part of contracts in Cyprus.
Apartment renters insurance
Pitsas Insurances have specific packages for insuring apartments. We can help you get the most affordable renters insurance in Cyprus.
Why get renters insurance with us?
- Low excess rates
- Comprehensive contracts
- Clear terms and conditions
- Tailor-made insurance packages
- Additional coverage and customisable options
Renters insurance quotes
Without renters insurance, you could face unnecessary financial stress in the event of theft or damage to your belongings.
Pitsas Insurances can help you avoid stress and insure you with specialised renters insurance.
Renters insurance in Cyprus quote
For more information about renters insurance, please visit our website.
To get a personalised quote for renters insurance in Cyprus, complete our questionnaire.
Renters insurance FAQ
Here are frequently asked questions about renters insurance.
How much personal property coverage shall I get?
Consider everything you own to calculate the amount of personal property coverage you need.
The value of your possessions quickly adds up. You need to calculate how much it would cost to replace your belongings in case they get damaged or destroyed.
When buying renters insurance, you can choose what type of personal property coverage you want. You should consider the following.
- Set appropriate coverage limits. Compiling a list of your belongings can help you assess their total value and help you determine how much content coverage you need. Personal property coverage is usually divided into replacement costs and actual cash value.
- Replacement cost. This will provide enough financial compensation to replace your covered items, not including financial depreciation.
- Actual cash value. This accounts for depreciation and covers belongings up to their current market value. As such, the compensation you receive for your phone, for example, may not be enough to buy a new one.
Does renters insurance cover theft?
Yes, renters insurance usually covers theft of your belongings, whether you’re at home during the burglary or not.
For example, renters insurance would pay to replace your covered possessions if someone broke in and stole them from your home.
Remember, your insurance provider will subtract your deductible from your payout. So if the stolen item isn’t valuable, filing a claim might not be worth it.
Does renters insurance cover water damage?
Yes, renters insurance can cover water damage, depending on the circumstances. You will be covered for water damage if it results from a peril named in your policy.
For example, water damage caused by a broken pipe will likely be covered, but water damage from a flood usually isn’t (unless you have specialised flood insurance).
In addition, flooding caused by sink and drain backups is covered by a separate policy.
Does renters insurance cover fire?
Yes, renters insurance covers damage caused by accidental fire. Renters insurance does not cover fire if you intentionally caused it.
Fire damage is one of the most common covered perils of this insurance. Also referred to as named perils, other covered peril examples are vandalism, windstorms, and hail.
Pitsas Insurances Team