Property owners miss out on ENFIA discount
Approximately one in two insured home owners in Greece will not secure the 10% reduction in the Single Property Tax (ENFIA) provided for those properties that have insurance coverage.
The main reasons for that are that 50% of the insured properties are either underinsured, with the reconstruction costs provided for in the insurance policy not covering the threshold of 900 euros per square meter that the law requires, or they do not have all the coverage required by law – i.e. being insured simultaneously against fire, earthquake and flood.
According to data from the Association of Insurance Companies (EAEE), that concerns about 470,000 properties out of a total of some 984,000 homes that were already insured at the end of September 2023.
Based on the EAEE figures, only 51.8% of the insured homes had insurance coverage for both weather phenomena and for an earthquake at the end of last September. This happened because most of the properties insured were mortgaged and there was no uniform policy from the banks on the coverage they had to have.
