Property insurance in North Cyprus
Whether your property in North Cyprus is your main residence or a vacation home, adequate home insurance is a necessity. Choosing the correct insurance company for a foreign home, on the other hand, does not mean you have to forego the safety of the UK insurance system. Dealing with a UK-based agency guarantees that all of your policy documents are written in English and customized to the needs of the local market. There are different kinds of insurance in North Cyprus.
Several insurance companies in the United Kingdom provide house insurance in other countries. Always check with the Financial Services Authority to see if your insurance is licensed and regulated. Check to see if the organization has expertise in insuring properties in North Cyprus, as well as the security of the insurance underwriter. If you live in North Cyprus, your residence requires both building and contents insurance.
Buildings insurance for North Cyprus homes protects your home’s structure in the case of extreme calamities like fire, storms, earthquakes, and floods, which may all cause significant damage. Make sure that any outbuildings and structures, such as elevators, fuel and water tanks, swimming pools, generators, and satellite dishes, are covered by your buildings insurance. Check to verify if your solar panels are covered by insurance; many plans only cover theft, not unintentional damage. Do not rely only on your builder’s warranties for new homes; they are insufficiently broad, and some people see them as scarcely worth the paper on which they are written.
Contents insurance for North Cyprus residences should cover everything within your property, including damage from any of the big catastrophes outlined above. Make sure you have appropriate insurance for all of your furniture, fixtures, rugs, and other items, as well as your personal belongings. (Many people in the UK discover the hard way that they are severely underinsured when their houses are flooded.) Things removed temporarily outside the home, such as money, as well as items stored in outbuildings, such as motorcycles or garden furniture, should be covered by contents insurance for residences in North Cyprus.
Because most policies have a single article limit of roughly £3000 (this may defer depending on current exchange rates), if you have an item worth more, like antiques or jewels, you should include it individually on your policy. Remember that replacing your favorite glass vase will very certainly cost you far more than you spent for it in 1957, so obtain frequent market appraisals for valuable goods.
North Cyprus liability insurance should contain public liability coverage of roughly £7,500,000 (this may defer depending on current exchange rates), as well as employer’s liability coverage of around the same amount (to cover any employees or hired help).