Your main or holiday home is one of your most valuable assets. It has been hard won through personal or family effort and high capital expenditure. A home is more than just an asset though; it’s your own precious personal space. A life-time’s dreams are made at home; it’s the space you share with your loved ones.
How well protected is this precious space from the sudden and often destructive risks that threaten it? Home insurance ensures you have the capital you need to repair any damage to your home and also means a problem-free return to your home within a short time so that your day-to-day life is not significantly disturbed.
Just some forms of home cover include:
- Fire, explosion of any type, smoke, short circuits
- Terrorist acts, uprisings, strikes, malicious damage
- Damage due to storms, gales, snow, hail
- Flooding, broken or leaking pipes
- Theft and damage
- Vehicle collision, falling aircraft
- Broken mirrors and windowpanes
- Removal of debris
- Temporary accommodation expenses, travel expenses
- Loss of rents
- Engineers and architects’ fees
- Third party liability insurance
- Legal protection
- Technical assistance
Some of the factors that will help you think about whether you need home insurance are listed below:
- Greece is one of the most earthquake-prone countries in Europe. Earthquakes happen particularly frequently in Greece and in some cases their intensity may have destructive consequences for properties.
- Fires and arson are unfortunately phenomena that are occurring more frequently, especially during the summer months. Over recent years we have experienced particularly unprecedented fire damage in quite a few areas of the country.
- Intense weather phenomena (such as heavy rainfall and flooding) which have been observed due to a combination of climate change and human factors can cause major damage.
Unfortunately, the state is unable to compensate the victims quickly for all the damage suffered when one of the above occurs. That’s because there is no central mechanism for doing so, but also because it lacks the necessary resources.
Greece has the largest percentage of owner-occupation in Europe. Many of the homes have been acquired with home loans. As a borrower you are obliged to take out insurance for your home with the types of cover requested by the bank. Bank of Greece Circular No. 462/14-05-2013 states that you are free to choose the insurance company you will enter into the contract with as well as your insurance advisor, provided that the policy meets the types of cover specified in your loan agreement. Even if your initial policy was taken out via the bank when the loan was disbursed, you can renew your contract and submit the policy of your choosing to your bank.
Your holiday home is threatened by the same risks facing your main residence. In quite a few cases, it could face more risks if you consider that your holiday home may be located close to a forested area where the risk of fires is high, or on an island where weather phenomena such as strong winds and gales can cause major damage. You also need to bear in mind that your holiday home is an asset you can’t check on each and every day.
High value properties
If your home is built to a luxury standard and includes high value contents, then the fullest level of cover is what will help you protect it against all risks. Some of the forms of cover you can have include:
- All risk insurance, applicable worldwide
- Artworks & collections
- Jewellery and valuables
- High third party liability limits
- Forgery and identify theft cover
Before taking out insurance for high value homes it is often considered necessary for an expert to value the home and its content to ensure your valuables are properly insured. Expert reports in these cases are prepared by specialist associates and in all events with your cooperation and consent as the insured person; it goes without saying that all information is treated in the strictest of confidentiality.