In order to get credit in Cypriot Banks you should insure your properties. It is advisable to pay insurance at the same time instead of paying the whole amount. The system of real estate insurance in Cyprus is similar to the systems in other countries. It is good to know what insurance events property owners have to deal with.
Owners should try to save up some Euros and determine the balance between the money they save and the exact list of insurance risks that are important to them.
The insurance agreement includes the cost of housing and also the cost of furniture, electrical appliances and jewelries. This means that the owner who has insured his property in Cyprus and everything that was in it will receive full compensation claimed of the property value.
You do not have to be a Cypriot citizen in order to insure your property in Cyprus even if you have a different permanent place of residence.