Piraeus Small Hotel & Rented Room Property Insurance

Small hotel and rented room insurance offered by Piraeus Bank, in partnership with ERGO Insurance Company. Covers the building shell and the hotel or rented room contents. Fire insurance is built-in. A range of optional forms of coverage is available.
WHAT IT COVERS
  • Fire insurance for the hotel or rented room building shell and contents
  • Additional coverage for comprehensive asset protection, depending on the plan you opt for
DURATION
1 year
With an option to renew
PREMIUM PER YEAR
From
137€
OTHER FEATURES
  • Low premiums and discounts
  • Maximum deductible

How you benefit

Insurance tailored to your needs

Piraeus Small Hotel & Rented Room Property Insurance comes in 2 versions, which offer basic and optional forms of coverage. They are available for owners as well as tenants. Simply choose the plan that suits your needs, preferences and pocket. Earthquake coverage can also be added to all plans.



Low premiums and discounts

Piraeus Small Hotel & Rented Room Property Insurance offers affordable, competitively priced premiums. Discounts are available for both insurance plans depending on the overall capital insured.



Discounts available

Insured capital Discount
Up to €50,000
  0%
From €50,001 to €100,000
  10%
From €100,001 to €150,000
  15%
From €150,001 to €200,000
  20%
From €200,001 to €800,000
  25%




Maximum deductible

Piraeus Small Hotel & Rented Room Property Insurance sets a maximum deductible for each plan. This means that right from the outset you know what you need to pay in the event of damage. Your insurance will cover the rest.



Contracts issued immediately

It takes no time to get from insurance quote to having the contract issued and paid for. Then simply pick up your policy at the branch of Piraeus Bank that suits you.

Coverage

Basic coverage

Piraeus Small Hotel & Rented Room Property Insurance comes in 2 versions: Basic and Ideal. The basic and optional forms of coverage in each plan are provided in line with the general and special terms of your contract. These include:


Basic coverage Basic Ideal
Fire, lightning-induced fire, exploding appliances and facilities, falling aircraft, widespread explosions, forest fire
    
    
Terrorist acts, uprisings, strikes, riots, malicious acts
    
    
Falling trees, lamp-posts
    
    
Collision with third party vehicles
    
    
Rubble collection, up to 10% of insured capital
    
    
Short-circuits
    
(up to €1,500)
    
(up to €3,000)
Architect’s / engineer’s fees and license fees, up to 10% of insured capital
    
    
Damage amelioration costs
    
(up to 10% of insured capital)
    
(up to 10% of insured capital)
Flood, storm, squall, snow, weight of snow, hail, frost
         
Water pumping costs up to €1,000, leaking water/heating/air-conditioning or sewerage pipes, cost of exploratory work in case of water damage, €1,000
         
Broken outdoor windows, up to €5,000
         
Material damage, third party civil liability following insured risk, up to 50% of insured capital subject to €50,000 max
         
Tenant’s civil liability following insured risk, up to 50% of insured capital subject to €25,000 max
         
Theft, theft-related damage to building, up to €1,500, stolen takings up to €1,500, burglary/theft of safe up to €1,500
         
Loss of rents up to €1,500, money transfers up to €2,000, storage costs up to €2,500
         
Relocation expenses up to 10% of insured capital, storage expenses up to €2,500
         
Damage due to insured risk affecting central heating boiler, solar water heater and items on exterior of building. Only items firmly affixed to the exterior are covered. Maximum coverage in the case of awnings is €400, if proven to have been installed within the previous 5 years.
         
Damage to goods
         



Optional coverage

Bolt on optional forms of coverage to your insurance plan:


Optional coverage Basic Ideal
Earthquake and/or earthquake-induced fire
    
    
Business overheads coverage. Overheads and extra expenses incurred as a result of the business suspending operations because of an insured risk occurring are covered
         



Example of premiums payable

200m2 apartment Basic Ideal
Insured capital for building shell
  €200.000   €200.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €137   €223


These premiums have been computed without earthquake coverage.


200m2 apartment Basic Ideal
Insured capital for building shell
  €200.000   €200.000
Contents insured capital
  €25.000   €25.000
Total annual premiums
  €407   €493


These premiums have been computed to include earthquake coverage.

Deductibles

Maximum deductible

Depending on the coverage you went for:

  • A 10% deductible on losses applies to all forms of coverage (apart from fire), subject to a max. deductible of €750
  • A 2% deductible applies to the insured value per incident, in the case of earthquake coverage

Insurance Requirements

Building specifications


Piraeus Small Hotel & Rented Room Property Insurance only covers you if:

  • The building’s roof is a flat reinforced concrete slab, or has decorative roof tiles, or tiles on a wooden frame
  • The walls are brick
  • The building was built after 1960
  • Any awnings are proven to have been installed in the last 5 years


Maximum insured capital

Piraeus Small Hotel & Rented Room Property Insurance only covers you if the maximum insured capital does not exceed €800,000.