Compare Home Insurance in Greece

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What is home insurance in Greece?

Home insurance (ασφάλιση κατοικίας) protects your property and belongings against risks such as fire, water damage, theft, storms and — importantly in Greece — earthquakes. Policies typically cover the building structure, contents, or both, and can add liability cover for damage you cause to neighbours. While not legally required for most owners, it is usually mandatory when a property secures a mortgage.

How the Greek market works

Greece's seismic activity makes earthquake cover a defining feature of the local market, and lenders require buildings insurance including seismic risk on mortgaged homes. Insurers price by location, construction type, age and the sums insured for building and contents. Following recent catastrophic events, the state has also moved to encourage or require catastrophe cover for certain properties, and the market offers packages combining fire, earthquake, flood and theft. Major insurers include Eurolife FFH, Generali Greece, Allianz Greece and Ethniki Asfalistiki.

Benefits

Earthquake protection — essential in seismically active Greece and required by mortgage lenders.

Rebuild and repair cover — pays to restore your home after fire, water or storm damage.

Contents cover — protects furniture, appliances and valuables against theft and damage.

Liability included — covers damage your property causes to neighbours, such as a water leak.

Optional extras — add flood, glass breakage or accidental-damage cover to tailor the policy to your property.

How to choose

Insure the building for its full rebuild cost, not its market price, and value contents realistically to avoid underinsurance. Confirm earthquake, flood and fire are included, since exclusions vary. Check the excess (deductible) per claim, whether cover is on a new-for-old basis, and any limits on high-value items. If you have a mortgage, verify the policy meets the lender's requirements. Compare quotes from several insurers and read exclusions carefully before buying.

Leading providers in Greece

Eurolife FFH is one of the largest home insurers, often distributed through Eurobank. Generali Greece and Allianz Greece bring international scale and broad product ranges. Ethniki Asfalistiki, the country's long-established insurer, offers wide branch and agent coverage. Each provides building and contents packages with seismic cover suited to Greek risks.

What it costs

Premiums depend on the property's value, location, construction and the risks covered, so quotes are individually calculated. A modest apartment costs considerably less to insure than a large detached house, and adding earthquake and flood cover raises the premium. Because pricing is bespoke, comparing several quotes for the same sums insured is the reliable way to judge value. As a rough guide, adding earthquake and flood cover typically raises the premium noticeably given Greece's exposure, so obtaining several quotes for identical sums insured is the surest way to compare fairly.

Protections and regulation

Insurers operating in Greece are supervised by the Bank of Greece through its private insurance supervision department, which oversees solvency and conduct. Policyholders benefit from EU insurance rules and can complain to the insurer, the Hellenic Financial Ombudsman, or the supervisor. A guarantee arrangement exists to protect policyholders if a life or, under defined conditions, non-life insurer fails.

Common questions

Is home insurance mandatory? Not generally for owners, but lenders require buildings cover including earthquake on mortgaged homes. Does it cover earthquakes? Only if seismic cover is included — check the policy, as it is a key Greek risk. What sum should I insure for? The building's rebuild cost, not its sale price, plus realistic contents value. Who regulates insurers? The Bank of Greece supervises private insurance in Greece. Can I insure a holiday or rental home? Yes, though premiums for seasonally occupied or let properties may differ from a primary residence.

Home Insurance in Greece — FAQ