Many expats purchase properties in Greece both for permanent residence and also for holiday or secondary homes. It is critical to ensure that your property is well cared for, maintained and of course, secure. Insurance is a critical point firstly in giving you peace of mind, and secondly, in ensuring that your home and financial asset is protected against events such as robbery or even natural disasters such as bushfires.
Home Insurance in Greece: The basics for expats
Each home insurance package is different and it’s always important to tailor the insurance package you choose to your needs and risk profile. However, generally speaking, most home insurance coverage or insurance will cover natural disasters, theft, fire and accident / public liability (important if you use cleaners or other personnel such as visitors). There are many different insurance providers in Greece which you can engage with directly. There are also insurance agents in Greece who provide insurance brokerage services. Even in small towns there are agents and they are skilled in finding you the best deal as well as following up claims and other items.
A good idea is to read reviews, get a few quotes, and make sure you read understand the scope of the insurance and what it covers.
Should you engage a local insurance company or well-known multinational insurer?
This choice generally depends on who has the best coverage. Sometimes, some brochures prefer to use international insurers which they know, or even domestic ones. We recommend, when you go through the process of getting a few quotes, you should get them from both local and international insurers. This also applies to health insurance. In our view, it all comes down to the coverage and terms of the insurance rather than where they are based.
We have a network of insurance brokers in different regions which we can refer you to for assistance with your insurance coverage.
What to consider when deciding on the level of coverage you require?
Deciding on what you want covered through your home insurance is also very important. Some factors to consider include:
- Covering the dwelling including the structure of your home
- What is your intended usage of the property?
- Other structure in addition to the home such as garden sheds or garages?
- Covering you inventory and personal property such as furniture, art works, jewelery and electronics.
- Coverage for the costs of demolition and clean up
- Coverage for liability such as if there is accidental damage of injury on your property?
- Flood and earthquake insurance (a risk in Greece).
What factors influence the cost of insuring a home in Greece?
The common factors that influence the cost of insuring your home or holiday home in Greece include:
- The location of the home. Athens compared to a remote Greek Island have different risk profiles. Bushfires are also a concern in Greece particularly for houses in mountain areas that need insuring. They often have higher premiums.
- The home value: higher coverage is required for higher value homes.
- The deductible is important as there are generally higher premiums when you have a lower deductible.
- The construction of the house or apartment is also critical including the year constructed and also any upgrades or maintenance.
Protecting your assets in Greece
Insurance is critical so that you have protected your asset from a risk and monetary perspective, but also so that you give yourself peace of mind. Our team has a network of insurance brokers who specialise in helping expats from overseas and abroad insure their homes and other property in Greece. It’s a common requirement for expats living in Greece as well as residents and non-residents overseas with houses and other assets in Greece to need to insure their homes. There are also some soon to be released tax incentives for ensuring your home has insurance.
Client testimonials
The Tsaks Consulting team are excellent. We needed to arrange home insurance for our holiday villa in Greece. The value is reasonable and we needed to ensure the insurance reflected that and mitigated any risk. We worked closely with on Tsaks Consulting’s insurance partners and he was great. Help helped us understand what was covered and what wasn’t covered and also advised us on the best insurance company to go with not only on a cost perspective but also claims efficiency. We were happy with the service overall and would recommend Tsaks Consulting to put you onto the right insurance partner.
Jenny B | Insurance Client | Greece and England
The Tsaks Consulting team is excellent and a great service provider if you have a holiday house or some other property in Greece that you want to insure. Their insurance partners helped us every step of the way, from looking at which risks we wanted to cover and finding the best, most effective policy. It’s easy to do, particularly if you are based overseas and they provide a great service that is responsive and tailored. They are the best (in my view of course).
Caludia V | Expat | Greece and Canada