You can now benefit from tax deduction of up to €500 per year on home insurance premiums, provided that the property is insured against physical damage caused by natural disasters.

Effective  January 1, 2026, a new legislation allows individuals who own residential properties - whether used as a main residence, a vacation home, or a property rented to third parties - to deduct from their taxable income up to €500 annually for home insurance premiums that include cover for physical damage resulting from natural causes (such as earthquake, flood, storm, etc.).

The maximum deductible amount is €500 per taxpayer, regardless of how many properties they own. To qualify, the insurance policy must include cover for physical damage (e.g., fire, earthquake, flood, lightning, storm). If your policy includes additional covers, such as theft or damage to contents, these do not affect the tax deduction.

Examples of Tax Deduction

Given the substantial rise in construction costs, this tax incentive encourages homeowners to secure appropriate insurance protection for their properties at an affordable yearly cost.

Important information:

This is for informative purposes only and does not constitute legal advice. The tax benefit can be obtained with respect to the relevant Legislation (Ν. 244(I)/2025).