Greece, with its historic charm, sun-drenched islands, and growing property market, has become a popular destination for local and foreign real estate investors. Whether you're a native Greek homeowner, a vacation property buyer, or an international investor, protecting your property against risks such as fire, earthquake, theft, or liability is essential. Property insurance in Greece serves as a reliable shield, offering peace of mind in a region prone to both natural and man-made risks.
This article provides an in-depth look at property insurance in Greece — including coverage types, legal obligations, market players, cost determinants, and tips for homeowners and landlords.
Is Property Insurance Mandatory in Greece?
In general, property insurance is not legally required for private homeowners in Greece. However, there are specific cases where it becomes effectively mandatory:
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Mortgaged properties: Banks require at least fire and earthquake insurance as part of the loan agreement.
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Commercial or rental properties: Insurance is often required by contracts, especially for businesses or Airbnb-type rentals.
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Condominiums: Joint areas (e.g., staircases, elevators, roofs) may be insured collectively by the building’s administration.
Despite the lack of legal compulsion, it is highly advisable to obtain coverage due to Greece's exposure to earthquakes, wildfires, and storms.
Types of Property Insurance in Greece
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Basic Fire Insurance (Ασφάλιση Πυρός)
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Covers damage from fire, lightning, explosion.
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Required for mortgaged properties.
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Often the minimum level of insurance accepted by banks.
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Comprehensive Property Insurance (Κατοικία All Risk)
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Includes a wide range of risks:
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Fire, smoke
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Earthquake
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Flood, storm, hail
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Theft and burglary
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Vandalism
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Civil liability
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Contents Insurance
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Covers moveable items within the home:
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Furniture, appliances, electronics, valuables
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Optional and often bundled with building coverage
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Liability Insurance (Αστική Ευθύνη)
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Protects against legal claims from third parties due to property-related incidents (e.g., water leakage damaging a neighbor’s property).
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Loss of Rental Income
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Important for landlords in case a property becomes uninhabitable due to a covered event.
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Vacation Home Insurance
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Special policies for secondary homes or holiday properties, often unoccupied for long periods.
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Commercial Property Insurance
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Covers business premises and can include equipment, inventory, and business interruption.
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Natural Disaster Risk in Greece
Greece is located in a seismically active zone, making earthquake coverage a crucial part of property insurance. Additionally, wildfires in regions such as Attica and the Peloponnese and heavy rains leading to floods are growing concerns.
Therefore, comprehensive insurance that includes earthquake and flood coverage is highly recommended, even if it increases premiums slightly.
Major Insurance Providers in Greece
The Greek property insurance market includes both domestic and international players. Leading companies include:
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Ethniki Asfalistiki (National Insurance)
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Interamerican
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Eurolife FFH
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Groupama Phoenix
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Generali Hellas
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Allianz Greece
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AXA Insurance
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MetLife Greece
Many providers offer English-language support, especially in areas with high foreign property ownership such as Crete, Rhodes, Corfu, and Athens.
Factors Influencing Insurance Premiums
Several variables affect the cost of property insurance in Greece:
| Factor | Explanation |
|---|---|
| Property Value | Rebuild cost is the basis for building insurance |
| Location | Urban vs. rural, earthquake zones, fire-prone areas |
| Construction Type | Reinforced concrete vs. stone or wood |
| Property Use | Primary residence, holiday home, or rental |
| Security Measures | Alarm systems, fire alarms, surveillance cameras |
| Contents Value | High-value items increase premiums |
| Claims History | Prior claims may result in higher premiums |
Estimated Insurance Costs
| Type of Coverage | Annual Premium (EUR) |
|---|---|
| Fire Insurance (Basic) | €80 – €150 |
| Earthquake Insurance Add-on | €50 – €300 (depends on zone) |
| Full Home Insurance (Multirisk) | €200 – €600+ |
| Landlord Insurance | €250 – €700+ |
| Contents Insurance | €50 – €200 |
Note: Coastal or island properties may incur higher premiums due to access, environmental exposure, or theft risks.
Policy Coverage and Exclusions
| Standard Coverage Includes | Common Exclusions |
|---|---|
| Fire, lightning, explosion | Intentional damage or negligence |
| Earthquake, flood, storm | Poor maintenance or construction defects |
| Theft (with signs of forced entry) | Theft by acquaintances without force |
| Water damage (burst pipes) | Gradual leaks, mold, humidity damage |
| Vandalism and riots | War, terrorism (unless added) |
| Civil liability | Commercial use not declared |
Optional coverage can be added for jewelry, artwork, solar panels, and more.
Claims Process
Filing a property insurance claim in Greece typically follows these steps:
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Immediate Notification: Inform the insurance provider within 8 days (or immediately in severe cases).
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Documentation:
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Photos or video of the damage
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Police report (for theft or vandalism)
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Receipts or valuations for contents
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Inspection: A claims adjuster will visit the property to assess damages.
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Evaluation and Settlement: Insurer estimates repair or replacement cost and processes payout or arranges services.
Keep all policy documents and contact numbers handy, especially if you live abroad or the property is a vacation home.
Insurance for Foreign Buyers
Greece has seen an influx of foreign property buyers from the UK, Germany, the Netherlands, Scandinavia, and beyond. Here's what you need to consider:
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Use a reputable broker experienced with expat clients.
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Seek bilingual policy documentation.
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Insure against vacant property risks, especially for holiday homes.
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Confirm whether your insurance includes natural disasters.
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Ensure short-term rentals (Airbnb) are declared if applicable.
Digital and Market Trends
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Online Policy Platforms: Increasingly common for quote generation and claims tracking.
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Bundling Discounts: Discounts available when combining home, auto, and health insurance.
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Eco-Initiatives: Some insurers provide incentives for properties with energy-efficient upgrades.
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Short-Term Rental Coverage: A rapidly growing market due to increased tourism and Airbnb popularity.
Regulatory Oversight
The Bank of Greece regulates the insurance sector. All insurers must be licensed and adhere to strict solvency, transparency, and consumer protection laws.
Consumers can consult the Hellenic Consumers’ Ombudsman for disputes or complaints.
Tips Before Buying Insurance
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Assess real rebuild value, not just market price.
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Inventory contents, especially high-value items.
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Compare providers and brokers to find the best fit.
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Ensure policies are updated after renovations or upgrades.
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Ask for clarity on deductibles and payout limits.
Conclusion
Whether you’re a resident, a landlord, or a foreign investor, securing property insurance in Greece is a wise decision that safeguards your investment from uncertainty. With the country’s exposure to earthquakes, wildfires, and unpredictable weather, a well-structured insurance policy provides not just protection but true peace of mind.
As Greece’s real estate market evolves and opens further to global buyers, so too does its insurance landscape — offering flexible, multilingual, and affordable solutions to meet every property owner’s needs.