How much does earthquake insurance cost?
Earthquake cover is priced as a rate on the insured sum — indicatively a few euros per €1,000 of capital per year, depending on construction year and location. For a home insured for €150,000, the extra cost typically runs from tens to a few hundred euros annually, with a deductible around 2% of the sum insured. Combined earthquake-fire-flood cover also unlocks the ENFIA tax discount.
What drives the cost of earthquake cover?
Three factors set the premium: the insured sum (reconstruction cost, not market value), the construction year relative to Greek seismic codes, and the seismicity of the area. Buildings erected after the 1985 code — and even more so after the 2000 EAK code — are priced more favorably.
Pricing is usually expressed per mille (‰) of the insured sum. Market rates run indicatively from below one to a few per mille annually — get quotes for an exact picture, as coefficients are revised over time.
What does the 2% earthquake deductible mean?
In earthquake cover the deductible is almost always defined as a percentage of the insured sum — typically 2% — rather than a fixed amount. On a home insured for €150,000, the first €3,000 of any earthquake damage is yours. Some plans offer a lower deductible for a correspondingly higher premium.
How does it connect to the ENFIA discount?
Earthquake is one of the three risks — together with fire and flood — required for the ENFIA property-tax discount. For many homes the tax benefit offsets a meaningful share of the cover's cost, materially changing the cost-benefit math. See our detailed guide for the conditions and the declaration process.
The mistake that voids protection: underinsurance
If you declare a sum lower than the true reconstruction cost to cut the premium, claims are paid proportionally (the pro-rata rule): a home costing €200,000 to rebuild but insured for €100,000 collects 50% of any damage — after the deductible. Update the sum at every renewal, especially when construction costs rise.
Frequently asked questions
Is earthquake insurance worth it in a new building?
Modern buildings fare better, but "seismic-code" does not mean invulnerable — it means designed not to collapse. Repairable yet costly damage remains possible, and premiums for new buildings are correspondingly lower.
Are contents covered against earthquake?
Only if contents are explicitly insured with earthquake cover — building cover does not include them automatically. Check your policy's coverage schedule.
Does the cover apply immediately after purchase?
Generally yes, from the policy start date — but some plans apply a short waiting period to the earthquake peril. Confirm it in the terms before relying on the cover.