Hi All
Sorry for my ignorance here,but if your property is part of a complex,what sort of building insurance do you need? or do the management teams have it inplace and you pay them? Still a little confued...sorry

Hi Alison
Intasure told me this would cover complex (as it's not just rebuild of the apartment). Breakdown is buildings insurance £45K which costs £122.96, contents £8K cost £64.77 also includes £1K emergency travel expenses, liability (public I think) of £5 million, accidental damage by tenants £25 plus £18 admin fee. I thought it was a bit steep too but the woman told me it is based on apartment size and she said they were the insurers for the whole complex so it was a price based on group insurance.

Hi Lisa - 45k for re build sounds an awful lot. If you are in a block it may be better to insure it through a property management company - who will Insure the whole building and each owner pays a portion of the cost.
You can insure seperately if you are in a block and if anything happened then the Insurance companies would get together.

Thanks for that Alison - am going to try and get a few more quotes from other companies before I pay anything.

Hi queenie can you send me some details of this company and address as i dont think i have tennancy cover !!! many thanks KJB!:

Hi Lisa - Intasure are prob the best I have found. To reduce the cost work out the re build cost if you can as this is alot lot lower than the actual price that you have paid for you apartment. I have had a quote for sum insured of 20k but I know that this is probably too much and before I go ahead I will work out the re build cost. Ask you agent or developer what the current re build cost is per sq m in your location and ensure you tell them it is for re build costs for insurance purposes. You will be surprised at how much you can bring down the insurance costs.

Intasure have said that:
There should be an element of community insurance in your service charge which cover communal area and the shell of the building - joint roof for instance

I am checking this out with my agent

Regards

Alison

Hi Nuttybird,

I think you may find your insurance is included for the first three years,,check with Medhat and if so check exactly what it covers.

Hi their website is Holiday Home Insurance from Intasure the quote will automatically include tenants but you need to pay the extra £25 to cover their accidental cover which is a small price to pay.

Regards

Alison

Hi awehee
Thanks for that.Will sort things out when i go over in April.Given up trying to get answeres from Medhat by e-mail!!!!

Ok Nuttybird,

Guys just a thought as we are all getting ready to insure our lovely property has anyone considered the implications of underinsuring your property against a total rebuild,this is for queenie as well.Just imagine if we insure for a rebuild value of the sum we purchased for,property prices have obviously risen sharply if we insure for lets say eg £40k (purchase price) now the same property is selling for £60K and in another 6 months it will probably be £65k should we not insure for a larger rebuild value.
If anything happens to our developments if we insure for the purchase price we will obviously be left with a similar property costing a lot more.
Basically we have to remember to insure for the current value and not for the value you paid,this figure may also have to be increased every time property prices increase.What do you think?..