Tips On Buying House Insurance In Greece

  • by XpatAthens
  • Thursday, 12 October 2017
Tips On Buying House Insurance In Greece
What to look out for when you buy House insurance in Greece!

House insurance in Greece is not a luxury but rather a necessity. With the right home insurance coverage, you’ll feel comfortable knowing that, in the event of a disaster, your property is protected.

Below are 6 points to take into consideration when choosing your coverage:

1) The insurance firm

This is the most crucial decision to make! Remember that you are signing up for a potential claim that can reach many thousands of Euros in order to re-built your house.

What is the company’s financial record? What is the agreed timeframe for a claim to be handled? What is the solvency margin of the firm you are about to sign up to? You insurance advisor should be able to answer the above questions.

2) Don’t confuse what you paid for your house with rebuilding costs:

The land under your house isn’t at risk from theft, windstorm, fire and the other perils covered in your house insurance policy. So don’t include its value in deciding how much homeowner’s insurance to buy. If you do, you will pay a higher premium than you should. Keep in mind that the commercial / sale value is different from the construction cost / insured value.

On the other hand make sure you include communal areas such as your pool, garage, patios etc. Your insurance agent should be able to advise you of the right amount of coverage.

Do not add the land value in the house insurance plan as it will increase your premium!

To read this article in full, please visit: Insurance-Greece