Guide to Holiday Home Insurance Lithuania
Introduction -
Lithuania was the first state of the former USSR to declare Independence in
1990. it has a fast growing economy and in 2009, its pretty capital city,
Vilnius becomes European city of Culture. This will mark a special chapter in
the history of Lithuania, as a thousand years earlier in 1009 history first
records mentioning the country. This Baltic state leads the way for potential
property price gains, currently city prices are amongst the lowest of the major
European capital cities although prices have increased considerably in the last
few years. Many new apartment blocks are being built in and around the major
cities and it is expected to that they will sell quickly as Lithuanians are keen
on property purchase.
Geographically, Lithuania is officially at the centre of Europe and is located
on the eastern shore of the Baltic Sea and shares borders with Latvia in the
north, Belarus on the east and south, and Poland and the Kaliningrad region of
Russia on its southwest. Most of the focus for arriving visitors and holiday
makers is on the capital city, although the city of Kaunas is also proving
popular and it has the advantage of cheap air fares courtesy of Ryan Air.
Vilnius, the capital is an important historical, cultural and scientific centre
of Eastern Europe, it has one of the of the largest old towns in Europe which is
a wonderful place to visit, it manages to combine modern day facilities with a
magical Old world feel not unlike Prague. There are lots of narrow winding
streets to explore and get lost in and around and some fabulous shops. Looking
down on the city, you will notice that it is stunningly beautiful, with the
pretty red roof topped houses interspersed with must greenery. On a Clear day,
expect to see many hot air balloons filling the sky, a pastime much loved by the
city inhabitants It is a busy centre with many bars and restaurants and street
markets offering a never ending range of artefacts made out of amber, a
substance for which the country is famous.
Insurance Risks in Lithuania - the rest of Lithuania is also very pretty,
property prices are still quite modest, out side of the main cities, it is
sparsely populated and it has much rolling countryside and scenic forests and
lakes. In the last few years, property investors have been turning their
attention to Lithuania and holiday or second home insurance is now available
from the United Kingdom. Policies will contain all the usual perils you would
expect to receive from a Lithuanian holiday home insurance policy including liability
insurance if it is your intention to let your property. It is expected that the
European city of culture award will entice many visitors to the country and
demand for rental property is likely to be high. Although, Lithuania, is not a
country beset by natural disasters, it has experienced the odd tremor, it
September 2004, a powerful earthquake took place in the centre of neighbouring
Kaliningrad and this was felt in many parts of the country. Flooding can be an
issue although in recent years, the actual amount of insurance money paid out
for claims has been relatively small but taking steps insure you have adequate
flood insurance is essential. Major flooding in Lithuania is usually a s a
result of melting snow, and although snowfall makes the capital look even more
beautiful in the winter months, it can cause problems during a thaw. Ice jams on
the major rivers, the Neris and the Nemunas can also cause problems
Historically, these rivers have repeatedly flooded the cities of Vilnius and
Kaunas,and many other locations located near by. However, today, much time,
effort and indeed money has been spent trying to protect the capital city from
flooding, Vilnius is protected by the Vileika-Minsk water system built in the
upper water course section of the Neris. Since this was constructed in 1976, no
serious flooding has occurred in Vilnius and the Neris is not known to seriously
flood other populated areas along its banks.
The Holiday Home Market in Lithuania - Surprisingly, home owners ship is
high in this country and the relatively small population are all aware of the
benefits of the property of home ownership. Without doubt, the bulk of overseas
interest has been in the capital city. Vilnius is the largest city in the
country and has the biggest supply of workforce. Many Lithuanians have moved to
the capital to seek work and it is reported that as much as 16% of the
population live in the capital. The city has much to offer and most educational
institutions are settled here, and the as 40% of the population are below 30,
its quite a lively place. Vilnius is rapidly accelerating away from other towns
in the country and as much as 40% of the countries internet usage comes from the
area.
Buying a Lithuanian Holiday Home - Buying a property in Lithuania,
is relatively straight forward, there are no restrictions on foreign investment
although, you may find you are unable to buy land, like many other Baltic
states, Lithuania utilises a notary system for property purchase although you
should also employ your own solictor. When your offer on a property is
accepted, you will be required to pay a deposit of approximately 1,000 Euros.
Following this initial payment, it is customary to put down a further 10%. Be
warned though. that once you have made the deposit, there is is no cooling-off
period: . The final contract for purchase must be signed by both the purchaser
and vendor in the presence of the notary. The notary will then register the
title deed with the authorities who can have the whole process complete in as
little as 4 weeks.
So if you are seeking an holiday home insurance quote for a property in cities
like Vienna, Salzburg or Innsbruck, 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.
