Home Insurance in Greece

What Does Home Insurance Cover in Greece?

Home insurance in Greece usually covers (among others) a few important things:

The Building

Insurance typically pays for fixing or rebuilding your house if it’s damaged by fire, earthquake, flood, or other risks like storms or vandalism. Another common option for foreigners buying a home in Greece are "all-risk" plans, which offer the most complete coverage.

The insurance company will pay all the costs for the reconstruction of the building to the condition it used to be before the damage took place.  It does not cover the foundations of the building. The compensation depends on the construction value declared, which has to be accurate.  A construction value declared lower than the actual one will result in a compensation proportionally lower. A value higher than the actual one will have no negative result but no positive either!

Contents of the House

This covers your furniture, appliances, electronics, clothes, and other personal items from possible risks, like fire, water, theft, and more. Similar to above, you can cover all possible risks with an all-risk plan. If you wish your contents to be covered, be sure to request it, since this is not covered automatically.

Third-Party Liability Claims

If someone gets hurt or his goods are damaged due to the use of the house or your ownership (like a guest tripping on a step, damages from electric wires, or his goods getting burned or damaged because of a fault of the house) this helps pay for any claim raised against you. It’s important to be protected if accidents happen. This coverage is not automatically offered as well, so be sure to request it if you wish to be covered.

This coverage is even more necessary if you intend to have your property rented either on a permanent or temporary basis.

"Airbnb Insurance Plans"

You might have heard some insurance providers or brokers use this term. This is an insurance plan that is ideal if you own an Airbnb in Greece. "Airbnb plans" cover your own property from many possible risks, including some damages occurred by your tenant. Moreover, it covers Third Party Liability or if goods are damaged due to the use of your house.

A Note on Burglary Insurance in Greece

Some plans do not include burglary coverage if you don't live permanently in your Greek home.

Request this coverage from your insurance provider and if they can not offer it, you should look for an “all risks” plan. Even in this case, the insurance company may ask for specific security measures in order to cover theft and burglary.

Steps to Get Home Insurance in Greece

Here are a few easy steps for buying home insurance in Greece:

1. Look for Your Insurance Provider

Many companies sell home insurance in Greece. You can search online, ask friends for recommendations, or even ask the locals. Compare what they offer and how much it costs. Don't just choose the first one you see – shop around! Our suggestion is to cooperate with a broker or agent located in Greece.

A local, experienced representative who cooperates with several different insurance companies will be valuable for you as a foreigner buying a home in Greece. They will be able to advise you in the best way that suits your needs. This will be true not only when you first buy home insurance but also at the stage of a claim, when it helps to have a local partner with your best interest in mind.

Direct sales from insurance companies or through an internet site could result in poor service with a person you have never contacted or several different people at a time.

2. Talk to Insurance Companies or Brokers

You can talk to insurance companies directly, or you can talk to an insurance broker. A broker works with many different companies and can help you find the best insurance for you.

They can explain the available options in simple terms. Be sure to choose someone who speaks fluent English or another language you feel comfortable with, and check his/her experience and expertise.  Be sure that the broker you choose cooperates with several companies and is adequately experienced.

Which Insurance Providers Are Available in Greece?

Several esteemed and trustworthy insurance companies operate in Greece. Some are international, and you may know them in your country as well. Some examples are Nationale Nederlanden (NN), Ergo, Generali, Allianz, and Achmea (active in Greece under the name InterAmerican).

3. Tell Them About Your Home

You’ll need to give the insurance company information about your home, like its location (is it near the sea? in a city?), how big it is, how old it is, what it’s made of (wood? stone?), if it has any special features (like a swimming pool or a security system), and other specifications.

4. Get a Price Quote

The broker or the insurance company will give you a price quote based on the information you gave them. This is an estimate of how much you will pay.

5. Read the Papers Carefully 

Before you buy any insurance, read all the papers carefully. Make sure you understand everything. Pay attention to the small print. Ask questions if you need to.

6. Pay for the Insurance

Once you choose the insurance which is most suitable for your needs, you’ll need to pay for it. You can usually pay once a year, or sometimes in smaller payments. Then, you receive your insurance policy. We recommend having your broker clearly explain to you how it works, what it covers, and what is not covered.

How Much Does Home Insurance Cost in Greece?

The cost of home insurance depends on a few things:

How Much Your Home is Worth

The premiums depend on several factors.  They depend on the risks you wish to cover, the insured values of the house, the contents, third-party liability, the location, and other factors. More expensive homes cost more to insure. The price will be determined by current construction values.

Where Your Home Is

Homes that are in a quiet, safe neighborhood, usually cost less. Other geographic factors also affect the price of insurance, depending on the area of Greece.

What Kind of Coverage You Want

More coverage usually costs more. If you want to insure everything you own inside your home, it will cost more than just insuring the building.

How Old Your Home Is and What It's Made Of

Newer homes that are built well generally cost less to insure. Older homes might need more repairs, so they generally cost more to insure.

Security

If your home has a security system, you might pay less for insurance because it's less likely to be broken into.

It's best to talk to your broker or insurance company to get an exact price for your home insurance. They will need specific details about your property.

Common Questions About Home Insurance in Greece

How Do I Choose The Right Insurance Provider in Greece?

Your insurance provider should be experienced and trustworthy.  He/she has to have years of experience and a good reputation. He/she should be fluent in English or any other language you understand well.  He/she has to cooperate with several different insurance companies and be able to offer you more than one option. It is extremely important as well for your insurance provider to build a relationship with you, so that you feel comfortable communicating with him or her easily and at any time.

How Do I Choose What Kind of Insurance Coverage I Need?

All-Risk Coverage vs. Other Plans

The best insurance for your needs, as non-permanent residents in Greece, is the all risks coverage.  It costs a bit more, but it gives you peace of mind while living far away. Other insurance plans will offer coverage for specific risks only. The usual insurance plans with specific risks covered are also very good, however they can not cover broadly for all possible risks.

Deductibles

Be sure to compare each offer and their deductibles.  A deductible is the amount of money you pay out of pocket before your home insurance coverage kicks in. It's the portion of a damage you're responsible for, and the insurance company covers the rest (up to your policy limits).

The higher the deductible, the lower the premium. Every insurance company has different kinds of offers and comparing can be tricky. This is where the services of a good broker are valuable.

Third-Party Liability

More than that, you have to consider third-party liability coverage.  This is very important for every property. You may have neighbors whose property can be damaged from a damage that occurred in yours, like water leakage or fire. Third-Party Liability also applies to visitors or tenants get hurt on your property.  If you plan to rent your house either permanently or temporarily, you should consider a high amount of third-party liability coverage.

Do I Need to Have Home Insurance in Greece?

No, it’s not required by law, but it’s a very good idea to have it. It’s like having a safety net for your home. Moreover, if you have your house covered by an insurance policy covering fire, flooding and earthquake, you receive a discount on your property tax. 

Can I Get Home Insurance in My Home Country?

Buying insurance for your home in Greece is technically possible from a provider in your home country. However, it will likely be more expensive. Likewise, on a practical note, if you need to call when you make a claim, you may get faster and more expert service from a local agent who is familiar with the Greek market and speaks the Greek language. Also, many village homes in Greece don't have addresses. Greek insurance companies are used to this system, but foreign insurers might be confused if there's not an exact street address.

What if I Don’t Have Home Insurance?

If something happens to your home and you don’t have insurance, you pay for everything yourself. The good news is that in Greece, premiums are relatively low and cover a high amount. A good insurance policy gives you peace of mind, so you can be sure you can continue enjoying your Greek home, even if damage occurs, being compensated quickly and efficiently by a trustworthy insurance company.

How Do I Make a Claim?

If something happens to your home, call your broker or insurance company right away, even if your are not sure that this specific damage is covered or not. They will tell you what to do.

Usually they ask you to send some pictures and a technical report with estimated repair costs.  If the damage is significant, a surveyor will visit your house to assess the damage. Don’t fix anything, and don’t throw away anything before the surveyor or the broker or the insurance company tells you to do so.

Can I Pay for my Insurance a Little Bit at a Time?

Most companies will let you pay monthly or every few months. This can make it easier to manage the cost. Again, the payment plans at different insurance providers may vary.

How Do I Renew My Insurance?

Usually, insurance policies in Greece are renewed automatically, unless you or the insurance company decide for a reason not to renew. If the insurance company decides not to renew, they are obliged to let you know in writing at least one month earlier.

Usually, your broker or your insurance company will contact you before your insurance expires, so that you can renew it in time. Other companies will have an auto-renew feature. Be sure to reconsider your policy every year or every other year, as the insured values may change based on the current cost of construction.

What Else Is Unique About Insurance in Greece Compared to Other Countries?

Unlike in many other countries, it is quite necessary to have insurance that covers earthquakes in Greece. This is not included automatically and has to be requested additionality. If you want to make sure you are covered in the case of an earthquake, all-risks coverage is the best option. Some areas can not be covered against earthquake.

What if My Building Was Built More Than 50 Years Ago?

If your home in Greece was built before 1960 or without a building licence, it may not be possible to insure it against earthquakes. In some cases, your insurance company can ask for an additional inspection report by a civil engineer. Be sure to ask your insurance broker or provider for more details.

Home insurance can be extremely valuable for foreigners buying a home in Greece. Be sure to find a local, trustworthy expert who has your best interest in mind.