Home Insurance Prices in Cyprus and Buying Home Insurance in North Cyprus

There are plenty of home insurance options in Northern Cyprus to protect your belongings and your home. Home insurance policies offering coverage for a wide range of risks—from fire and earthquakes to lightning strikes and floods—are available at very affordable prices. In this article, you’ll find information on what home insurance is, which companies offer home insurance in Northern Cyprus, and home insurance prices in the TRNC.

Home insurance is a type of insurance that provides coverage against adverse events such as fire, earthquake, flood or water damage, theft, broken glass, hail, or lightning—situations that pose a risk to the insured property. Contents insurance, on the other hand, is an insurance product that provides compensation if the items inside the home are damaged due to the reasons listed above.

In addition to insurance companies that provide coverage through separate policies such as theft insurance and fire insurance, in Northern Cyprus, home and contents insurance is typically offered as a package policy. In other words, with a home insurance package you purchase, you can protect both your home and your belongings at very affordable prices. Moreover, coverage isn’t limited to your own home. These policies also cover damages you may cause to your neighbors’ properties or belongings.

In addition to all this, although it is not the subject of this article, apartment insurance and community insurance policies are also available in Cyprus for the use of common areas. If you’d like more detailed information on this topic, you can check out our articles.

Cyprus Home Insurance Prices (2020)

Based on current figures for 2020, you will encounter a wide range of prices when seeking home insurance in Cyprus. The primary reason for this is the coverage provided by your policy and the value of the property you are insuring. Therefore, details such as the value of your household belongings, the size of the property, the neighborhood it’s located in, and the floor it’s on all determine the cost of your insurance.

On average, for a home valued at £100,000, an annual home insurance package costing around £30–40 will be sufficient to cover your home and its contents. Average home insurance package prices in the TRNC are at this level.

Why should I get home and contents insurance?

Although burglary is a very rare occurrence in Northern Cyprus due to low crime rates, hail damage caused by climate change or lightning strikes have recently become common natural occurrences. In addition to all this, a fire breaking out in your home due to a momentary lapse of attention in daily life is a likely accident. It is also a significant risk to your savings. Furthermore, if you compare the potential financial losses you might face in a worst-case scenario with the home insurance package prices offered, you’ll realize that these policies are advantageous for you.

Pay attention to these points before purchasing home or contents insurance in Cyprus

We also have some recommendations to help you choose the insurance that best suits your needs before purchasing home and contents insurance or combined package policies:

• Ensure the accuracy of the information you provide when purchasing insurance. For example, if you declare the value of your belongings or property below their actual value, the compensation you receive will be limited by the policy limits, so you won’t be paid the full value. Similarly, if you overestimate the value, excess insurance applies, and payment is made based on the value determined by the appraiser.
• Some insurance companies provide free services such as glass repair, locksmith services, and ambulance services as part of this policy. Be sure to review these details.
• If your home contains valuable paintings, be sure to mention this before purchasing the insurance and ask whether these works of art are included.
• Home insurance policies are based on the construction value of the home, not the sale price. Additionally, if you wish to insure your home based on the sale price, be sure to inform your insurance agent.
• If you’d like to get discounted home insurance, keep an eye on the seasonal campaigns offered by insurance companies in the TRNC.

Frequently Asked Questions About Home and Contents Insurance:

We have listed the companies that sell home insurance in Northern Cyprus and their names below. You can access the list of insurance companies in the TRNC here.

You must insure your home and belongings at their actual value. If you are unable to calculate this value, you can also seek assistance from an insurance agent in Cyprus.

Since insurance policies are issued in the policyholder’s name, their validity may vary depending on the specific policy you purchase. You should contact your insurance company for more information on this matter.

In 2020, you can insure an average home valued at 100,000£ in the TRNC, along with 40,000£ worth of contents inside, for an annual premium of approximately 30–40£.