Customers should always be focused on the idea that on the market are multiple forms of estate insurance that require investigations - either relocating to Cyprus or any other country.

After discussions with those who bought property you may observe that some of them did not apply for any of, or they only thought that they had some kind of. From those that had insurance, they dealt it without any clue about its coverage, mainly because the contracts are in a language foreign to them, and it should not surprise.

Did you know that:

- If a foreigner to whom you rented the house had a domestic accident can sue you in their country, especially for the UK citizens?
- You need an employer's liability insurance if you employ a cleaning agent?
- If you acquire an estate with the scope to invest in Cyprus or abroad, and you want to rent it out, you need the public liability insurance? The standard property insurance policies in Cyprus do not cover this case automatically.
- You are liable for any damage, even though you let your friends to inhabit your property?
You can cover your property for a higher premium against earthquakes, flooding, fire, natural disasters, etc.

A special attention should be paid to the excluded events, as some of the insurance agents exclude from start categories like summer dry fires unless a dedicated fare is paid. Also, the volcanoes and the earthquakes are on the exclusion list; incidents created by, through, as a consequence, directly or indirectly by people associated or in name of or in connection with any terrorist-related organization for this exclusion means that any use of any acts that are violent or may be interpreted as violent or with the intention to use violence in order to bring part of the whole public into fear; any damage determined by automotive traffic or any animals under control or even only owned by the insured or any other inhabitant of the premise or employees.

A special note is the duration that the Cyprus property is not inhabited. If it is not occupied continuously for a duration, the insurance policy usually does not cover the period, unless otherwise expressly mentioned in policy.

The insured person should differentiate between the replacement cost and the actual value of an estate. We advise you to insure on the replacement cost of the property, which includes all the expenses of reconstruction supposing that the same materials, quality, procedures, and accessories were used in bringing the estate at the current stage.

You should avoid reducing the premium by lowering the estimated cost but to use the actual one. As an example, if the actual cost is EUR €200,000 but the replacement cost is EUR €150,000 you will be paid back 70% of the replacement cost. In case that you over insure the estate you are paid only the actual cost of the estate.

A special attention has to be paid in the case the estate is a part of an aggregate, as a project. In this case, it is highly recommended that blanket insurance should be covering the entire aggregate, by considering the common area, the elevators, parking places, and the premium specific to the common expenses. In this way, you can afford the protection and the assurance that all the neighborhood is covered and your estate is restaurated in case of an event.

At the end of your evaluation, it has to be extended every two to three years but by running a new evaluation executed by an authorized evaluator and not considering historical aspects.

Also the following notes need consideration:

- The policy can be nullified by the insurance agent in case of a misdeception, misrepresentation, or no collaboration.
- The insurance can be suspended if the building occupation nature or any circumstance is affecting the property in a way that it is increasing the damage risks or any other events that appeared. In this case, you are required to contact the policymaker and to immediately update the policy.
- The insurance can cease also if the property is moved to any other location than those specified in insurance.

- You need to keep the insured property in an appropriate state of maintenance and to act responsibly by preempting and damage thereto.

You should also keep in mind that in case that falls under the coverage of the policy you need to:

- Take all the reasonable actions to minimize the damage
- Recover any missing property
- Report to police immediately the damage or loss due to public riot or vandalism
- Notify the insurance agent as soon as possible, offering the details of the event
- Submit the claim in written form in the format and within the time that is mentioned in policy