The benefits of home insurance in Cyprus
Firstly, let’s dive headfirst into what home insurance is.
- Is the financial security against your property/home that safeguards your interest in case of damage and losses that are inflicted on it.
- In Cyprus especially, should not be considered a luxury, but a necessity that every home-owner should have.
So, why do you need home insurance in Cyprus? Let’s look at the benefits:
1.Protection Towards Home Restructure
In cases where your home is damaged due to incidents such as fire, earthquake, flood, or any similar natural disaster, then you will be compensated when wanting to repair or rebuild your home from the damages that have been caused.
This will be a huge financial relief for you and your family, as you won’t have to dig into your savings to afford the renovation of your home.
2. Living Cost Coverage
Continuing from point 1, in the case that your home is damaged due to a natural disaster or a manmade one, your insurance cover will reimburse you for the rent, hotel room, restaurant meals, and other incidental costs you incur while waiting for your home to be renovated or rebuilt.
Another financial relief as you won’t have to worry about where you will have to stay whilst you are making your home habitable again.
3. Protection Towards Personal Belongings
Another advantage that comes with home insurance cover, is the protection of your personal belongings against theft or natural disasters.
You’re covered by insurance to replace those items.
4. Protection against Third Party Liability
In the case that your neighbour or any other third party guest gets hurt or experiences loss/damage on their property because of you, your home insurance policy has got you covered for them.
So, who should have and invest in insurance? Well, anyone and everyone who owns a home in Cyprus!