What to look out for when you buy House insurance in Greece!
Written by Stavros Tsichlis, Insurance Advisor at Insurance-Greece
Greece ranks first in European earthquake activity and fifth globally. House insurance in Greece is not a luxury but rather a necessity, providing peace of mind that property will be protected during disasters.
Six Key Considerations for House Insurance Coverage
1) Choosing the Insurance Firm
This is the most crucial decision. Homeowners should investigate the company’s financial record, claim handling timeframes, and solvency margins. The Bank of Greece will revoke licenses of poorly performing insurers in the future.
2) Understanding Rebuilding Costs vs. Property Value
Land value should not be included in insurance calculations, as it isn’t subject to theft, windstorms, or fire. Commercial/sale value differs from construction/insured value. Communal areas like pools and patios should be included in coverage.
3) Content Coverage for Holiday Properties
Many insurers restrict coverage if properties remain unoccupied beyond specified periods. Policies typically exclude jewelry, bank checks, watches, and cash.
4) Legal Action Rights
Insurers may pursue legal action against third parties responsible for damage to recover compensation paid to policyholders.
5) Deductibles and Excess Amounts
Low premiums may hide substantial out-of-pocket costs. Some insurers offer “no-excess plans,” making this an important discussion point with advisors.
6) Multiple-Policy Discounts
Bundling car, house, health, and life insurance with one provider can reduce overall costs.