Property Insurance in Greece: A Guide for Foreign Property Investors

Greece is a market of growing importance for international property investors — not least because of the Golden Visa programme (recently restructured with higher thresholds) and the country's enduring appeal as a Mediterranean lifestyle destination. What Greece also has, which many investors underappreciate, is significant seismic risk, a well-developed but sometimes under-penetrated insurance market, and a short-term rental sector (particularly on the Aegean islands) that requires specialist cover. This guide addresses what foreign property investors need to know.

The Regulatory Framework

Insurance in Greece is regulated by the Bank of Greece, specifically its Supervisory Authority. Greece is a full EU member, meaning EU-passported insurers from other member states may write Greek risks under the EU single-market framework. The Greek insurance market includes domestic insurers such as Ethniki Asfalistiki (formerly National Insurance Company), Interamerican, Groupama, and local subsidiaries of international groups including AXA, Allianz, and Generali.

There is no national catastrophe insurance pool for earthquake risks in Greece, meaning earthquake cover is entirely commercial and subject to underwriter appetite. Following major seismic events, some insurers have temporarily withdrawn earthquake cover from new policies; investors should be aware that cover secured at one renewal may not always be available at the next.

Natural Hazard Risk in Greece

Greece is one of the most seismically active countries in Europe. Understanding the specific risk landscape is important for any investor:

• Earthquakes — the Hellenic Seismic Arc (which passes south of mainland Greece) generates significant seismic activity. The 1999 Athens earthquake (5.9 magnitude, 143 deaths) and the 2020 Samos earthquake (7.0 magnitude) are recent reminders. Crete, Corfu, Kefalonia, and the Eastern Aegean islands are particularly active zones.
• Wildfires — Greece has experienced devastating wildfires in recent years, most notably the 2018 Mati fires near Athens (102 deaths) and the 2023 fires in Rhodes and Evros. For island and rural properties in fire-prone areas, wildfire cover is essential.
• Flooding — central and northern Greece face flood risk, particularly in river valleys. Thessaly experienced catastrophic flooding in 2023 (Storm Daniel). Low-lying coastal areas also face flood risk during storm events.
• Landslides — after wet winters, particularly on steeper island terrain and mountainous mainland areas.

Types of Property Insurance

Buildings Insurance

Greek property insurance policies are broadly categorised as oikia (home) policies combining buildings and contents, or as separate commercial property policies for investment assets. A standard oikia policy covers the structure against fire, explosion, lightning, storm, water damage (burst pipes, escape of water), and theft damage. Earthquake is typically offered as an additional endorsement.

The sum insured should represent the replacement/reconstruction cost of the property in Greece — not the market value, which may differ substantially (particularly in prime island locations where land values elevate market prices far above rebuild costs). Greek law does not formally regulate how rebuild costs are calculated, but the Hellenic Actuarial Society and major insurers publish per-square-metre benchmarks.

Contents Insurance

Contents cover protects furniture, appliances, and personal belongings. For furnished holiday properties in popular tourist destinations (Santorini, Mykonos, Crete, Rhodes, Corfu), where high-quality furnishings are commercially important for Airbnb premium pricing, adequate contents cover is commercially significant.

Earthquake Cover

Earthquake is one of the most important endorsements for any Greek property and should be a top priority. Standard oikia policies exclude earthquake unless it is specifically added. Key factors:

• The earthquake extension covers direct structural damage; consequential losses (loss of rent, additional living costs) may require further extensions.
• Earthquake cover for older buildings (pre-1985, before modern seismic building codes were fully implemented) may be more expensive or subject to sublimits.
• Investors should ask for the maximum payout limit on earthquake claims — some policies impose caps.

Wildfire Cover

Wildfire is included in most standard Greek home policies under "fire" perils, but investors should check whether the policy specifically lists wildfire (πυρκαγιά δασική) as a covered peril, and whether coverage extends to garden areas, boundary walls, and outbuildings.

Properties in forested zones or areas classified as high fire-risk (particularly on Rhodes, Corfu, Evia, and parts of the Peloponnese) may face loading on premiums or require specialist cover.

Short-Term Rental (Airbnb) Cover

Greece's short-term rental market is substantial and regulated through a registration system administered by the Independent Authority for Public Revenue (AADE). All short-term rentals must be registered and licensed. Standard home insurance policies exclude commercial short-term rental use, meaning:

1. Insurers must be notified of short-term rental activity
2. A specialist holiday let endorsement or separate short-term rental policy is required
3. Public liability cover (third-party bodily injury and property damage) is essential

Many properties on the Greek islands operate through professional management companies (particularly on Mykonos and Santorini). Check whether the management company's insurance provides adequate cover for the individual property owner or whether a separate owner's policy is needed.

Landlord Insurance

For long-term rentals (common in Athens and Thessaloniki), specialist landlord insurance is available from major Greek insurers and provides:

• Loss of rent following an insured event
• Landlord's liability for tenant injury
• Legal expenses for tenancy disputes

Greece amended its landlord-tenant law (Law 1703/1987 as amended) in recent years to reduce minimum lease durations and streamline eviction procedures. Even so, legal disputes can be protracted, and legal expenses cover is commercially sensible.

The Golden Visa Context

Greece's Golden Visa programme — which grants EU residency to qualifying property investors — has attracted significant international interest. The threshold was raised to €800,000 in prime areas (including Athens, Thessaloniki, Mykonos, and Santorini) in 2024, and to €400,000 in other areas.

For investors acquiring property as part of a Golden Visa strategy, insurance considerations overlap with investment return planning. Properties held primarily for capital appreciation (rather than active rental) may face different insurer classifications, and the need to maintain the property in insurable condition for the life of the visa investment is a factor investors should plan around.

Cost Benchmarks

Greek property insurance premiums are moderate relative to many EU markets. As of 2026, indicative costs:

• Apartment (70 sqm), Athens: €150–350 per year (buildings + contents, no earthquake)
• Earthquake endorsement: typically adds €80–250 depending on zone and construction year
• Island villa (200 sqm), Mykonos or Santorini: €500–1,200 per year (all risks including earthquake and wildfire)
• Short-term rental endorsement: varies; expect €200–500 additional per year
• Public liability (€1 million): approximately €100–200 per year

Practical Steps for Foreign Investors

Appoint a local property manager. Managing claims and property maintenance from abroad is significantly easier with a trusted local representative. Ensure they are named or authorised on the insurance policy.

Confirm seismic risk by location. The Greek Earthquake Planning and Protection Organisation (EPPO/OASP) publishes seismic hazard maps. Check your property's zone before purchasing; this affects both insurance availability and premium.

Check the building's construction year. Seismic building codes were significantly upgraded in 1985 and again in 2001 (EC8). Pre-1985 buildings carry higher structural vulnerability and may attract higher earthquake premiums or reduced cover limits.

Obtain the insurance in Greek and English. Policy documentation in Greek is standard; request a certified or summarised English translation and keep it with your investment records.

Important Caveats

Greek tax law, property regulations, and insurance market conditions change regularly. Greece's property tax regime (ENFIA), rental income tax treatment for non-residents, and short-term rental regulations have all been subject to amendments in recent years. This guide is for general information as of 2026 and does not constitute legal, tax, or financial advice. Always obtain current professional advice before purchasing Greek property or arranging cover.

How Global Investments Can Help

Greece is one of our core markets, and we have supported investors across Athens, Thessaloniki, Crete, Corfu, the Cyclades, and the Dodecanese. Our network includes experienced Greek lawyers, tax advisers, and insurance brokers who understand the needs of non-resident investors — whether you are buying for the Golden Visa, for rental income, or for a combination of both. Contact our team to discuss how we can help you invest in Greece with confidence.