Frequently asked questions about this product.
How will I correctly calculate my house’s value for insurance purposes?
First of all, it needs to be stated that for insurance purposes your property’s purchase price is irrelevant. To correctly estimate its value, you need to first subtract the value of the land and subsequently estimate the building’s construction value. The question you need to ask yourself is how much it would cost to reconstruct my house in case of its total destruction. A rather effective way to make an approximate estimation of that is to multiply the square footage of covered spaces by the average costs of construction as given by the Cyprus Statistical Service. You will also need to separately calculate the cost of any additional constructions (e.g. outdoor flooring, grill, pergolas, fences or a pool).
How do I insure myself properly?
After you have correctly calculated the reconstruction costs of your house, you will then need to calculate its content value. What interests us is the value of objects when you first purchased them and not their current value. In case of valuable objects such as jewellery you will need to prepare a detailed list containing photographs, certificates and proof of purchase.
I have taken out a loan and the bank claims I need to insure myself with them?
The bank cannot actually make you sign an insurance contract with the insurance company they are in partnership with. The Cyprus Competition Authority ensures the borrower’s right to find the insurance contract that better responds to their needs in terms of both coverage and cost.
Do you provide accidental damage coverage?
This coverage is defined as the accidental cause of damage to your property by either you or your family. Our premium plans include this type of coverage.
Does my house insurance cover my car in case of fire?
No. If you, however, want the car parked in your garage to be insured for both fire and theft, you will need to purchase comprehensive car insurance or Third party, Fire and Theft insurance.
What do I need to look out for when buying insurance from the bank?
You will need to add content insurance to your policy, which is something the bank often neglects to ensure.