Real Estate Insurance Specifics In Cyprus

If you decided to purchase any real estate in Cyprus it should be certainly insured. Thus, be ready that personnel of insurance companies will check attentively and scrupulously your documents for real estate ownership: purchase/sale agreement or title of ownership issued by council of ministers of Cyprus; and if you are not a resident of the country you should submit the documents certificating your legal stay in it (the residence permit and your international passport with the corresponding marks).

Process of registration of insurance in Cyprus is rather simple, however differs in special severity of registration of all documentation, details of agreements and special attention to trifles. Therefore, be not surprised to a large number of pages and description of rather self-evident things in it.

If you underwent all testing of the company regarding legality of ownership and stay in the country, there is a process of a real estate appraisal and determination of risks. Fire is, of course, the most widespread risk in Cyprus.

In Cyprus insurance companies very strictly treat the accomplishment of all points stated in the agreement. Especially it concerns payment period for policy. If you for any reasons will be late with payment even for one day your agreement will be cancelled at once, and all payments brought by you won’t be returned. Therefore if you don’t live in the territory of the Republic of Cyprus permanently but you have the insured real estate there it is worth thinking about the order of payment to your bank or other organization which will bring it from your sources just in time.

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