Insuring the purchased property is one of the requirements for obtaining credit in Cypriot banks. Even if you have the funds to pay the full amount due for your property with one installment, it would still be wise to buy insurance at the same time.
On principle the system of real estate insurance in Cyprus is virtually identical to the systems in other countries. However, indeed, there are peculiarities. Moreover, it would be good to know, what insurance events property owners usually have to deal with.
Try to resist the temptation to save a few Euros and first of all determine the balance between what you save and the accurate list of insurance risks that are important for you.
Real estate insurance agreement in Cyprus is done in a way so that it takes into account absolutely all nuances. The final form of an insurance agreement includes the full cost of housing, and the approximate cost of furniture, appliances, equipment, jewelry and the like, all described in the special graphs of the contract. This ensures without a doubt that in the case when an insured event occurs, the property owner, who timely and properly insured his/her property in Cyprus, and everything what was in it, will receive full compensation claimed of the property value at the time of the insurance.
While insuring your property in Cyprus you do not have to be a citizen Cyprus, your citizenship can be of any country, and you can have a different permanent place of residence.