- Earthquake insurance the most popular optional home coverage
- Islands invest more in home insurance
- Increased interest in home insurance following extreme weather phenomena
“Building and Contents” insurance is the most popular home insurance plan in Greece, island residents opt for more comprehensive insurance packages, and earthquake coverage is the most popular optional coverage according to a COSMOTE Insurance study that highlights consumers’ needs for full coverage against natural disasters. COSMOTE’s advanced digital insurance policy purchase platform studied the options and preferences of its users for 2023 regarding the insurance policies they purchase for their homes.
According to the COSMOTE Insurance
study, the majority of customers (52%) opt for “Building and Contents” insurance, a smaller percentage (37%) choose “Building” insurance, while just “Content” insurance (designed mainly for home renters) is selected by 11% of COSMOTE Insurance customers.
Topping optional home coverage is Earthquake insurance, with 77% of customers prioritising it in earthquake-prone Greece. Theft of Content, very useful for holiday homes as well, comes in second with 41%, and 25% of users opt for Legal protection and landslide coverage (note that fire insurance is mandatory and is included in 100% of insurance policies).
There is increased demand for comprehensive insurance among island residents, as they are more vulnerable to extreme weather phenomena and natural disasters. Specifically, the residents of Ionian, North Aegean and Dodecanese islands and Crete invest in more comprehensive home insurance packages than people in the rest of the country.
The insurance industry also seems to be significantly affected by current affairs. Following extreme weather conditions, such as the fires and floods in July and September 2023, respectively, more insurance policies were sold. Specifically, traffic and interest in insurance increased by 50% on COSMOTE Insurance. This trend indicates increased awareness and citizen’s need to protect their property in difficult times.
Home insurance from €30/year
At COSMOTE Insurance, home insurance packages are designed to fully meet the needs of mortgagors, owners and renters, at both main residences and holiday homes, at a low cost starting at €30/year, with a uniform price throughout Greece and a 100% online process (
www.cosmoteinsurance.gr), for promptness and convenience. For example, a 60 m2 home with a complete package for building and contents, covered against natural disasters
[1] and with a potential property tax (ENFIA) discount of up to 10%, can be insured for just €96/year.
Apart from home insurance, COSMOTE Insurance provides comprehensive insurance solutions for cars, motorcycles and trucks, primary health and boats/yachts, in partnership with 18 leading insurance companies. Consumers can compare online and choose the insurance plan that suits them, with a lowest-price guarantee and 24-hour support from certified insurance consultants.
[1]The package includes 36 coverages, some of which are: fire, earthquake, broken pipes, natural phenomena, short-circuit, broken windows, owner’s civil liability, impact, riots, replacement of locks, fees and expenses, personal accident.