Insurance

How can Ataleza Developers secure my off plan purchase?

Guaranteed protection and security for our valued customers is our contractual obligation here at Ataleza Developers, giving you the buyer, the confidence that you have made the right decision by coming to us! This process begins at the very start of constructing a project – when the first brick has been placed. We at all times, insure the project throughout the construction right up, until the moment itis transferred into your name/s.

It is unfortunate but a fact of life that disasters do strike when least expected. Therefore we insure our projects and our clients are assured that our agreements stipulate the provision of  ‘property under construction insurance’ by a world leading insurance company with a branch here in Cyprus and your will be fully covered till the delivery of the project.

What happens after delivery?

We can also provide a variety of insurance services, from insuring your finished house to insuring the content of your house or even your new car’s coverage.

Ask for more info and quotation.

The Basics of Home Insurance

Whether you live in an apartment, a condominium or a home of any size, property insurance provides you with financial protection for the things you have worked hard to obtain and peace of mind for you and your family.

Why do you need property insurance?

The unfortunate reality is that life does not always go as planned – fire, burglary, theft, vandalism, storm, flood, earthquake sometimes happens to the most careful and cautious people. Property insurance helps provide protection against sudden and accidental loss to your home and property. It gives you the freedom to continue to live your life without the threat of loss of your assets.

Property insurance is necessary to:

Protect your assets – How would it affect you if your home caught fire today and all was lost? The possibility of such a loss exists and the consequences could be detrimental to your financial situation. Consider not only the cost of your home but also the cost to replace all of your belongings. Protecting yourself and your family from such disaster might be the best thing you have ever done.

Get financing – Lenders generally require a guarantee that they will be reimbursed in the event of loss or damage to the property. Property insurance provides that guarantee and allows you the freedom to make your purchase while satisfying your lenders security requirements.

Protect yourself against liability – Property insurance will help you in the event of a lawsuit arising out of the ownership and/or use of property subject to policy coverage and conditions. For example if someone injures his/her self while on your property, you may be sued. Ataleza Developers will not only protect you from the direct financial consequences of being sued but will also provide you with competent defence in the event of a trial.

According to the Centre for Economics and Business Research the contents within a typical home in 1970 were worth €33,833 in today’s prices. But in the last decade the figure has rocketed from €50,579 in 1994 to just under €70,761 today — a staggering 42% increase – with the consumer boom fuelling increased spending on our homes.

Underinsurance

Increases in insurance cover have not kept pace, leaving the typical household unknowingly under-insured by up to €46,132. Household insurers offer minimum cover of as little as €25,629, but if someone in a home with €70,761 worth of possessions only chose the minimum level of cover they would be left woefully under-insured in the event of a claim.

When calculating the value of the contents of their homes for insurance purposes, most people will take account of the larger and more expensive items – for example televisions, fridges, washing machines and furniture. Smaller and less expensive items are often overlooked yet purchasing just one CD and one DVD each month would add over €635 to a home’s contents value over a year.

Where is the value?

The lounge and the kitchen tend to be the rooms with the highest value of contents, much of which is made up of ‘white goods’, high-tech ‘brown goods’ and household gadgets. These rooms can easily have contents in excess of €6,834 each in a typical three-bedroom house. Even the bedroom furniture adds up and could cost over €3,417, not including the items in the average adult’s wardrobe which would cost €5,980 to replace. Seemingly small items such as garden ornaments and children’s toys all add up to make a typical household’s home contents worth a total of nearly €70,761.

Whilst it may be tempting to choose a lower level of cover to keep premiums down, this could prove a false economy in the event of a claim. For example, if someone has €70,761 worth of contents but only insures them for €35,381, they have only bought 50% of the cover they need and are unlikely to receive a full settlement in the event of a claim.

This could still apply even if the value of the claim is lower than their €35,381 policy limit. An up-to-date inventory of your possessions and a record of their value will be helpful to you, your insurer, police and others in the event of a burglary or fire for example. After a loss, it could be difficult for you to recall the details of things that are now damaged or missing.

Remember a picture is worth a thousand words so video recordings or photographs of your possessions will go a long way in helping you remember what has been lost and aid in speeding up your insurance recovery time. Audiocassette recordings can also be useful for making spoken lists of collections: books, tools, stamps, and so on.

This would capture more detail than you could achieve with a camera. Written or typed descriptions are also useful. Be sure to include makes, models, serial numbers or other identifying marks. Keep purchase receipts for major items. Remember to store your inventory records away from your home – either in a safety-deposit box or another secure location.

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