North Cyprus holiday property insurance
You must have enough insurance if you own a property in North Cyprus, whether it is used as a vacation house for friends and family or rented out. Check with your insurance provider to see whether they provide vacation home insurance, as most residential plans do not cover rental homes.
Make sure you have appropriate coverage for holiday let buildings and contents insurance, depending on the cost of replacing any damaged items with new replacements. Some policies do replace old with new but double-check yours. For example, you may have purchased a sofa secondhand or at a bargain, but repairing it if a renter wrecks it with red wine might cost you a lot more. Overestimating is usually a good idea.
Similarly, North Cyprus liability insurance should include roughly Euro7,500,000 in public liability coverage to protect you if a renter files a lawsuit against you. Employer’s liability insurance is essential for North Cyprus vacation apartments and villas, since it covers any cleaners, maintenance workers, gardeners, or agents who are on your property when you are not present, as well as your tenants.
In case you need to come to North Cyprus to deal with an emergency, be sure your North Cyprus rental house insurance covers emergency travel claims. Remember that if your property is damaged, you may not be able to stay in it, therefore your North Cyprus insurance policy should cover the expenses of alternative lodging as well.
If the property is unoccupied and the temperature drops below 8 degrees, many UK vacation home insurance plans require that the water pipes and tank systems be emptied. Fortunately, this is not an issue with mostly frost-free North Cyprus properties, but make sure your vacation home insurance policy clearly excludes North Cyprus from this provision, else a claim for a burst pipe in the winter may be refused. If you have central heating installed, notify your insurance provider, and invest in a frost-protection system if you will be away for significant periods of time during the winter.
Legal Protection for North Cyprus Deeds
You may wish to take out legal protection against your North Cyprus property deeds, or kocan, due to the odd property deed situation in North Cyprus.
Title Land Indemnity insurance policies are also provided for owners of land or immovable property in North Cyprus can get. In effect, you are protecting yourself against a shift in policy or a court judgment that affects the status of the land on which your home is constructed. A few rules apply to any deed, while others only cover properties in North Cyprus with pre-1974 Turkish title deeds and pre-1974 foreign title deeds.
If you have an ‘all deed’ policy, you are covered in case a claim is made against you, and you are required to compensate any ‘predecessor in title.’ If your property is the subject of a restitution order, your insurance will reimburse you up to a certain guarantee level if you lose your property. However, with some guarantee levels as low as £50,000, this amount may not be enough to cover the cost of your home. North Cyprus solicitors have indicated that not many homeowners in the country get this form of insurance cover for their properties.
In addition to home and contents insurance, you should think about car insurance, insurance for boats (if you have one), insurance for pets, private health insurance, and so on.
Always read any policy and Key Facts documents thoroughly before purchasing insurance to verify that your policy covers the entire cost of what you want to insure – as well as the cost of replacement.