Author: Edith Dixon

How to get insurance for Cyprus Property

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.

Further information

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

Falsely:

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.

How to check insurance for property for sale in Cyprus

What is insurance for property?

First of all, it’s a fact that there is no one insurance that covers property for sale in Cyprus. Instead, there are different insurance companies and they provide different benefits to the buyer or seller. For example, if the property was stolen or if the owner could not pay his mortgage, there will be different insurance available. In addition, there are various types of insurance available that provide you coverage against your property theft and other damages caused by someone else or yourself. For more information on insurance, please visit this website.

What is the different types of insurance available?

Most insurance companies have a “fixed” or “variable” rate that is set depending on the type of property, the amount of the insured, and how much damage was caused.

What the future will bring for you

1. Insurance is going to become more expensive. This will mean that you might need to get an additional insurance to protect your property. So, it is a good idea to have a strong insurance to cover any potential problems that may arise. 2. You might have to deal with an attorney or an insurance broker who will advise you on buying a property in Cyprus. 3. Your property might be subject to extra taxes, or your income will be subject to higher taxes due to the property’s value.

If you want to find out about insurance for sale in Cyprus, you can contact the Insurance Brokers association to know more about their services. About the Author We are a freelance journalist in Cyprus.

What people should worry about

1. Is my insurance cover complete? How much is it? Do I have to fill in a form? Do I need to take insurance with my property to be sure that it is in good condition? I am in a hurry to get started with a property sale and I don’t want to take a chance of not getting the right insurance coverage. 2. How much is my insurance coverage? 3. I’m not sure if there are any extra costs with my insurance? Are there any extra charges that I need to pay? 4. Where can I find a guidebook for my property? What are some good online resources? The first thing you should check is whether your insurance coverage is complete.

What you ought dodge

The property for sale in Cyprus must be free from any debt (or interest) of any kind. If you are going to sell a property in Cyprus for more than 500,000 US Dollars or about 20% of its value, you are bound by some kind of contract of purchase and sale, so please be sure. The property must be not subject to any other liens on the property. If it is, it means the buyer (or the seller) cannot sell any part of it, even if he has some money (or any other interest in it) or even if the buyer wants to. If a creditor wants to collect something from the seller and that is the only way the creditor can collect it, that’s what you must do: you must not sell your home (or the house where you lived for most of the last 20 years) for anything other than what you paid for it.

How we researched this information

1. I have done more than 250,000 property searches in the country for people who want to buy real estate. 2. I was the most helpful when it comes to help people to find the right property. 3. In my opinion, all the information in this article is 100% accurate. So, you can check it right now for free and get the full insurance coverage for your property in Cyprus! 1. This is an average property in the city of Nicosia in Cyprus. You can buy the house for around $5,300,000. 2. This is a nice villa in the Nicosia area of Cyprus. It’s just a place for your family. If you have kids who have to attend the schools in this area, you can pay the school tuition for your kids. 3. This property is not for sale in the same street as the one that’s listed on the internet.

How to check insurance for property for sale in Cyprus, why is this interesting to learn

1. It is a common knowledge that You don’t need to buy a house in Cyprus or any other country because You will have an insurance policy. This is a very important fact that you should learn. 2. The only problem is to know which one to buy! So let’s see how you can make an informed decision about a property in Cyprus. 3. If you are buying a property for sale, then you can choose the kind of insurance policy from the following. 4. You can choose any insurance policy that has the “Garantee”, “No Liability” or “Total Loss”. You will see them in the list of insurance policies that are available in Cyprus. 5. For those that want the complete guarantee, then the following policies will be available: 6. “The Guarantee” means that your property will be protected from any accident or loss that would affect the value of the property.

The important advantages

1. Get rid of the problem of not knowing whether your property is insured. This problem occurs with the majority of properties for sale in Cyprus. Even when the property is registered and the title deed is given, people often don’t know that the property is not insured because they are not aware that they should check for insurance if they buy this property. 2. You can rent out the property as a temporary rental. This may or may not be a problem for people who are not planning to live there for the long term but they should still do it if you don’t want to sell it as soon as you can.

Reports

We are a group of people who love to travel, enjoy the beauty of places we go to and to learn about history, cultures and traditions. We live in a city where the price of renting out a house is low, but we still want to find good deals and to enjoy the beautiful countryside, we are looking for property for sale. If you’re interested in buying a home, you probably know that home is a personal investment and is not for sale very often. But what do you do when you don’t have a good deal and you have to sell your house in the very beginning of your ownership? That’s when you have to consider how much insurance is required. When people talk about getting insurance for property they are often asking us if it’s required. Well, yes, it is required.

Best insurance for Cyprus real estate

I will not tell you which insurance will be best for your situation. I am a self-confessed insurance junkie and I decided to compare different insurance products available in Europe and try to find out if i would recommend any. As always, this article is not a substitute for a consultation with a professional. If you can not afford to go to the best insurance agency in your country, I suggest that you should get a life insurance. The insurance you buy in your country will be of better quality and you can use it in your next life. I have to say, my experience is that the quality of life insurance in Europe is at least twice of what we get in America. So, if you live in Greece, you should check with different agencies about different insurance plans for you.

Checklist on Best insurance for Cyprus real estate

Buy a good and affordable car

Car insurance for Cyprus is pretty expensive. However, I strongly suggest to get your own insurance at least one month. You can buy an insurance in a few different ways:

Through the broker – The broker has a lot of influence over your insurance. The best way to buy a policy in a place like Greece or Italy is through the broker. You pay for a one-year contract. You pay to pay with a bank transfer. There are also other ways to buy a policy, such as insurance through a bank or credit card company, but it’s not the cheapest way. But, if you are a geographer, you can write a story about all these ways of buying insurance. The brokers are the best, but they are not the only way of buying insurance for real estate in Cyprus.

Keep those 4 upsides in mind

1. Affordable rates

Cyprus real estate insurance is much cheaper than the insurance for other countries. For instance in England, if you have the right insurance, you would pay about £500. But in Cyprus, the price of insurance for an apartment in a building of any kind of value is about £30. If you look at the prices of houses and apartments in other countries, you’ll find the same.

2. Guaranteed protection

In case of damage to the property, it is guaranteed by the insurance company that you will have the insurance policy for as long as you live in that place. For instance, a house in England will be insured for a period of 20 years. So, you can insure your apartment and your house for the same period, and they will pay you the same amount of money for both. In Cyprus, it’s not so straightforward.

The 4 important downsides

If you can’t buy your house, then you will have to live here and rent, which is a disaster. There is an insane shortage of housing in Cyprus. And in case you think that’s the way things are in the rich country, then I will tell you something else. There is no job in Cyprus for the young, because there is no real demand in the economy. In any case, most of the young people leave the country to work in the United States or Europe, because they can’t find work here. What kind of life will you lead if you rent your home? Your life is going to be difficult. There are many reasons why the house owner can’t afford to buy a home. You may be renting a place because you don’t like the price, but the price is not an obstacle for the insurance company. The company is not interested in the price. The house owner doesn’t want to sell to a bank for a cheap price.

Some people think wrongly about it

1. You have to have insurance for the whole of your vacation.

You can go to Cyprus as an individual and have only 1 policy that covers your whole trip. This is the most common scenario. For example, if you are going to New York and you decide to have a car and some money , then you are not covered. In the following article I am going to explain the different kinds of insurance that are available to you in the Cypriot insurance market, so that you can find the right policies that fit your situation and needs.

2. Insurance doesn’t cover the costs of travelling as a couple (or even for 1 night) There are many situations where you can’t afford to pay your travel insurance and you will get a fine for doing so, and there are plenty of articles on the internet that discuss how you can buy a travel insurance for yourself in Cyprus.

What to anticipate in the distant future

1. The number of real estate agents in Cyprus is only going to increase. 2. The price of property has started to increase as the economic recession in Cyprus has increased the demand for real estate. 3. The demand for home mortgages is going to increase. 4. The number of houses has been declining. 5. There is no possibility for the owners of house to sell it in the future. 6. There are huge number of young and old people living in the same house, and they are not willing to leave it without the money. 7. The house is in the middle of a major public sector project in Cypriot capital. 8. There is a high probability that the house will become the scene of protests in future. 9. The house is located on a main road, which will cause traffic jams if the price rises. 10. The house has an exceptional security level. The real estate agent was not the only one to receive the threats. One of the owners has already received death threats on social media. 11. The bank which provided the mortgage did not act promptly, which would have affected the quality of the mortgage. This might have caused some problems in the future. 12. The real estate agent’s mortgage was secured with another mortgage. This means that the real estate agent has lost the whole deposit.