Holiday Home Insurance Cyprus- 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 it’s 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 it’s 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 unheard 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 pre contract and you should thus be satisfied that you are happy with all arrangements before you sign any agreement.