So, let’s go!
Before going to Cyprus to buy property, let’s first understand how insurance works in the country and also where insurance is available.
There are a lot of different types of insurance in the country, but most of them are offered by government insurance companies and many companies that are part of big companies. The insurance companies in Cyprus also have different types of policies to suit the needs of different people.
For example, if you are a single person, you can go to the insurance company of your choice and choose one of the following insurance policies:
Burglary, Damages and Theft of Property; Disease/Fever, Property Damage, Property Loss and Loss of Insurance; Damages of Personal, Personal Injury, Personal Property or Commercial Damage; Damages of Personal Property; Damages for Loss of Property. If you are a couple and you have kids, you can also choose to go for an all-inclusive policy, that includes both medical, maintenance, and theft insurance.
1) Cyprus Insurance Brokers – a group of real estate agents, brokers, and attorneys in Cyprus who provide comprehensive and affordable insurance, legal and policy advice. 2) How to Get Insurance for Cyprus Property – A YouTube video by the author about how he got the idea to write this article. 3) What to do if you have lost your home. A book by one of our clients who was planning to invest in Cyprus property and has written the following book: Cyprus Property: What to Do If You Have Lost It.
Common lies told
1. Insurance companies won’t insure you for property in Cyprus. This is a lie, they do have insurance for the property but they are not covering the damages you could suffer. Here are the reasons why: Insurance companies are very expensive in Cyprus. In my opinion they will not even insure you if the property is worth less than 1 million. But they will cover you for property up to 1 million if there is a high value. Insurance company usually won’t pay for damages to a vehicle in the event that it is damaged.
The most important things to do
1. Start with buying your home
You don’t have to buy it immediately. You can wait until you are ready to live in it. You can always find another place to live if you prefer. But if you have no place to go, you need to start now.
2. Prepare the property
Plan for the worst. Have a budget. Look around the property. Look at the pictures on your computer. Look at other houses in the area. You should have some idea how much money you have in the bank. If you don’t have any, you can get it from your insurance company or bank. If your car was stolen and you did not have it in the bank, then get it back from your insurer. Don’t be a dumbass and ask your insurance company if they will take back your car.
Why must I know about that topic?
What is Cyprus Property?
Let me start by explaining the name Cyprus Property, that’s a kind of property. The name, “Cypriot Property” was chosen because it represents the whole country. The whole country means the whole country of Cyprus, and you can find a lot of properties in Cyprus. Now this is a property which is called property and not a person.
Cyprus Property can be considered as a kind of real estate, where a family is living and which is used as a base for a business. A lot of people think that Cyprus Property, is an investment in real estate, but Cyprus Property is very much more. The main purpose of the property is not to make a profit. But, it’s to give you freedom of choice.
Causes for the current popularity
Cyprus Property is not easy to get insured for:
1) Because of the small number of insurers in Cyprus, there are no insurers at all for Cyprus property. That’s why it’s impossible to get insurance for Cyprus property. 2) Because the insurance policies don’t cover all of the costs of the property, there are always expenses for the upkeep of the property. This is why the prices of some buildings in Cyprus are higher than those in other countries. There is also the cost of the upkeep. If the property has not been maintained properly, there is a high probability that it will fail. 3) It can be very difficult to find a qualified person to provide you with insurance cover.
Keep the following 8 advantages in your mind
No more money worries
You don’t have to worry about money anymore. It will be covered by the insurance, even if you get bankrupt. And the best thing is that you will not have to pay a huge amount of money. I am going to show you that you can afford any amount of insurance, and even pay a small amount. For example, a policy with 20,000 insureds will cover your property with 200,000, which is less than the value of the insurance. How much is 200,000? If you have a house worth 100,000, and you buy a house worth 20,000, you will pay only 60,000 (if you don’t pay the price increase).
Here’s what to do directly
Get insurance for Cyprus Property
If you live in Cyprus or visit a place where there is a possibility to buy property for a reasonable price, you need to have an insurance policy. There are few things you have to do to get a cheap insurance policy for Cyprus property.
1. Get the cheapest insurance
The cheapest insurance policy is that the policy that will cover you for you when you are traveling in Cyprus for a longer period of time. It is also called an extended policy. The average price of insurance for Cyprus Property is 2-3% of the value of the property. So, if you need insurance for more than 20,000€ then it should cost you between 2-3.5%.
The fundamental downsides
1. You have to pay monthly insurance fees.
The cost for the first 3 months of your home in Cyprus is around 2500 euros. It is higher in the longer term when you will move to a new place, it depends on your age, your lifestyle and other factors. I did some research on the insurance for the first year and found that the price can go up by 20% after that. It is better to check the rates of other insurers in your country before choosing the insurance for Cyprus. 2. There is a limit on how many houses you can own in one household in Cyprus. You may need a separate home for each person in your house, however if you have one house and two people living in it, you may have problems with your insurance. There is a maximum of 3 rooms in a house, no exceptions.