Guide to Holiday Home Insurance Cyprus
Introduction -
the island of Cyprus is currently one of the most popular places in the European
Union for those looking to
buy a holiday home
, a second home Cyprus is an Island of
legends and the strategic position of the country, at the crossroads of three
continents has probably been the main reason for its turbulent history
throughout the ages. Cyprus boasts an all year enjoyment of the warm
Mediterranean sun, and has been popular as a Holiday destination for many years,
following the end of thirty years of separation, many new developments are
springing up , especially on the north side of the island. Cyprus is the
third-largest island in the Mediterranean and is located off the southern coast
of Turkey and the western coast of Syria. Mount Olympus towers down over the
whole Island. This beautiful country enjoys perhaps the best type of
Mediterranean climates with about 340 warm and sunny days. Although it is a
relatively small island, there are still plenty of opportunities to acquire a
holiday or second home and now with development starting on the north of the
island, there is more property to choose from.
Insurance Risks in Cyprus - sourcing overseas property insurance is
relatively straight forward and you should be able to obtain a policy that
covers all the usual perils you would expect to see under a standard home
insurance policy. Unfortunately many people who have bought properties in Cyprus
in the past have not bothered with property insurance as they believed that
either it was difficult to obtain a policy written in plain English or that
Cyprus because of its Geographical location would be free of the weather perils
experienced in more northern European countries. AssetSure are
able to offer Cyprus holiday home insurance.
Although not happening on a regular basis, Cyprus does occasionally experience
bad weather and it is not unknown to for it to suffer from severe flooding. As
well as this, climatic conditions have caused a number of serious fires in the
past which have affected holiday homes. By definition, a holiday home is left
unattended for elongated periods and this can help contribute to more serious
losses which can often be averted or minimised if someone is in occupation as is
the case in a normal home. Insurance should thus be considered essential, even
on an island that enjoys such a wonderful climate and policies are now available
from the United Kingdom, written in plain English with trained English staff
waiting to help you with any questions or claims. Cyprus holiday home
insurance policy wording should contain all the usual perils you would expect to see under a
fairly typical home insurance policy, all the main perils such as as Fire &
Flood and Storm should be provided as standard. If you are intending to use your
second home as a holiday et, then not only will you have to make sure that your
property can comply with all the local legislation relating to let property, but
you will have to insure that your insurance provider knows that your intention
is to receive paying holidaymakers. By informing your insurance provider of your
intention to let the property, they will be able to make sure that the correct
form of liability cover is included under your policy wording. Liability sums
insured will vary from policy to policy but you can expect to receive between 2
and 5 million pounds worth of cover. As with you standard home insurance policy,
you should be free to pick you sums insured for buildings & contents. The usual
rules apply and you should insure for the full reinstatement cost of the
building and the full value of your contents.
How to Buy a Holiday Home in Cyprus - purchasing property in Cyprus is
now quite straight forward, but still some confusion arises relating to
additional documentation that is required to be produced to substantiate a
purchase. The good news is that from 2004 onwards, UK purchasers no longer had
to provide additional documentation, prior to this date, the following was
required:-
-
Non Cypriot citizens require permission from the Council of Ministers to acquire
property in Cyprus. This is a fairly lengthy process and can take anywhere
between 8 and 14 months to complete. In view of this somewhat lengthy time,
buyers who are fairly confident of obtaining the necessary permission can buy
the property and move in ( refusal for a UK citizen is almost un heard of)
-
Buyers are required to obtain two certificates from their home country, these
are quite straightforward, the first must come from a person in authority
confirming good character and no criminal record. The second should come from a
financial institution such as a bank confirming a good financial standing.
The actual sales process itself, is fairly straight forward, once you have
located a suitable property a verbal offer is made to the owner usually via an
estate agent who should also communicate on your behalf any other requirements,
such as contents to be included in the sale or any " finishing off" work or
repairs that the property requires. Once this has been formalised, you are
normally required to pay a 1% deposit via your solicitor which should ensure
that your property is removed from the market. This deposit is held until all of
the searches have been concluded. This deposit is often paid via your solicitor
and held while the contracts are drawn up and title searches are conducted.
Obtaining an hiring a good solicitor cannot be emphasised strongly enough, he or
she will be able to carry out all the necessary checks and make sure that your
interests are taken care of. In Cyprus it is normal only to sign the one
contract , there is not normally a precontractt and you should thus be satisfied
that you are happy with all arrangements before you sign any agreement.
So if you are seeking holiday home insurance cyprus quote for a property in
popular cities like Gazimağusa, Larnaka, Lefkoşa or Lefkosia, why not see if
we can help? In addition, Assetsure provide overseas property insurance
and holiday home insurance for other countries including Australia,
Austria, Belgium, Bulgaria, Brazil, Canada, Cape Verde, Chile, Croatia,
Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Egypt, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania,
Liechtenstein, Luxembourg, Malta, Monaco, Montenegro, Morocco, Netherlands,
New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South
Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates,
United Kingdom (UK) and Venezuela.
