Is Your Greek Home Insurance Valid? Many Overseas Owners Are Unaware Of This Hidden Clause

You paid for home insurance on your Greek property and believe that you have coverage.

There is a little-known provision in many home insurance policies (the vacant clause) that could have invalidated your coverage while your property is empty. It usually states that if your property remains vacant for 30 to 60 days consecutively, the insurance company will either reduce coverage or eliminate it completely. 

• Greek diaspora property owners based in Australia, Canada, the U.K., the U.S.A. and elsewhere
  
  
• Property owners with a Golden Visa who are away from Greece frequently
  
  
• Seasonal owners with homes in Greece that sit empty for extended periods of time
  
  
• Any owner that relies upon a neighbor or family member to “check” on the property when they are away.
  
  

This last point is particularly relevant. Informally making arrangements with a family member does not constitute documentation of oversight. In the event that you file a claim and your insurance provider requests evidence that the property was being monitored during the time of the loss, a text message from your neighbour will not suffice.

• Vacant Clause - Exceeding the 30 to 60 day threshold will allow the insurance company to either reduce or invalidate coverage.
  
  
• Theft/Vandalism - These are often the first items that insurance companies drop once a vacancy limit is exceeded.
  
  
• Water Damage - Undetected leaks caused by burst pipes and boilers can turn a minor leak into a totally gutted apartment.
  
  
• Wildfire/Storm Damage - Greece’s vulnerability to wildfires and storms makes unmonitored properties extremely susceptible to damage.
  
  
• Claims Notification Deadlines - Depending on the type of claim filed, some Greek insurance policies have a requirement that claims be notified to the insurance provider within eight (8) days of the insured discovering the damage; whereas, in cases involving theft, the police must be notified within twenty-four (24) hours. In cases where no one is checking the property, it is likely that the opportunity to file a timely claim will pass.

• Option 1 - Notify your insurance provider and ask them to issue a vacancy endorsement. This is going to cost you more money than simply having a standard insurance policy. However, this option still requires that you document reasonable efforts to monitor the property.
  
  
• Option 2 - Utilize a property oversight service. By utilizing a third party to conduct regular inspections of your property, you will create a paper trail documenting that your property is being actively monitored and is not abandoned. This provides you with an insurer-approved method to demonstrate that your property is being maintained while you are away and allows you to file a claim should something occur.

Founded by Giannis Zisis, Home Watch Athens is a dedicated property management service for overseas owners in Athens - built around the specific challenges faced by Greeks abroad, international property owners, and Golden Visa investors who can't be there in person.

Monthly Property Inspection - The core service provided by Home Watch Athens includes monthly property inspections. Each visit includes:

• Leak inspection and moisture check of doors, windows, balcony and terrace
  
  
• Flush all faucets and toilets
  
  
• Check electric panel visually
  
  
• Collect mail and forward
  
  
• Send photo report to client via WhatsApp immediately after completing the inspection

Members of Home Watch Athens may also take advantage of additional services including:

• Payment and tracking of utility bills
  
  
• Coordination with insurance provider for renewals and claims
  
  
• Supervision of contractors and maintenance
  
  
• Cleaning and preparation prior to arrival
  
  
• Representation at building meeting

All of these options are made possible through a single, trusted keyholder providing full accountability and eliminating the need for clients to coordinate with relatives or chase down contractors from another part of the world.

 

How long before my insurance is invalid?
Insurance policies typically contain a 30-60 day consecutive day vacancy clause. Please review your policy documents to confirm the applicable time frame.

Will my insurance cover me even if my property is furnished?
Partially. Furnished properties can assist with insurance coverage but will not supersede a vacancy clause once the specified time has passed.

Can a home watch service keep my insurance coverage valid?
Yes. Documented property inspections establish the proof of active oversight expected by insurance providers. Additionally, a documented property oversight service will ensure that any necessary notifications are fulfilled in the event that something happens to your property while you are away.

What is the best way for Golden Visa holders to manage their property?
Combining a compliant insurance policy with a documented property oversight arrangement will protect your investment and satisfy compliance requirements associated with your residency program.

Your Greek property is currently vacant between visits; it is time to take action – before you need to file a claim and discover that your coverage did not apply.

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