ECONOMY

Greeks need to get more home insurance coverage

greeks-need-to-get-more-home-insurance-coverage

Greece lags behind in home insurance coverage, Minister for Climate Crisis and Civil Protection Christos Stylianides told the seventh annual Hellenic Entrepreneurs Association (EENE) Economic Forum on Wednesday.

Speaking about natural disasters, Stylianides said that “insured homes total around 14.5% in Greece, against 77% in Cyprus, and over 77% in Western Europe.

This means that what the Greek state reimburses after natural disasters is around 60-70% of takings from the Single Property Tax (ENFIA).”

Instead, a way must be found for Greece “in a trilateral scheme that includes the state, in order to reduce the insurance cost” to the owner.