Home insurance

The Greek insurance market has seen increased interest in insuring against natural disasters from homeowners recently, partly thanks to a favorable arrangement for a 10% discount in the Single Property Tax (ENFIA) for those who have coverage for earthquake, fire or flood.

The government is considering a minimum premium in property insurance deals to prevent sham contracts for luxury homes who owners wish to get the planned 10% discount on their Single Property Tax (ENFIA).

For Greeks, their home is one of their most valuable material possessions and one of the most important assets they have. After all, Greece has one of the highest homeownership rates in Europe.

Compensation amounting to 26.5 million euros was paid within 2020 by insurance companies for property insurance (7.7 million euros for housing and 18.8 million euros for other risks) while a stock of outstanding claims was formed on 31/12/2020 € 59.6 million (€ 10.3 million for housing and € 49.3 million for other risks).

People who own any kind of property in Greece have been on the receiving end of the state's revenue drive long enough. 

The sad fact is that owning property in this country has become a liability rather than an advantage. 

Although the construction industry and the property market were once the engines that powered the economy, that was a very long time ago.