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.