Buildings, contents insurance, Egyptian bank accounts - Page 7

Sarah's Better Half · #61 15-02-2008, 09:00 PM

Quote:

Originally Posted by *********

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?..

The cost to re-build your property will not change as quickly as a property value increase.I dont think there is anything to worry about in increasing your insurance at least for the first few years.

awahee123 · #62 15-02-2008, 09:12 PM

Well sarahs better half (i think youre gonna have to change this name it's too long LOL).This is Egypt are we going to find a Builder/developer wanting to build for lets say £40 per apartment when they are currently selling at £65k lets say.
I think this needs thinking about,that is until the prices settle down a bit.

Sarah's Better Half · #63 15-02-2008, 09:23 PM

Quote:

Originally Posted by *********

Well sarahs better half (i think youre gonna have to change this name it's too long LOL).This is Egypt are we going to find a Builder/developer wanting to build for lets say £40 per apartment when they are currently selling at £65k lets say.
I think this needs thinking about,that is until the prices settle down a bit.

Im no expert but i think you will find that property increase in developing countries,such as Egypt,are defined by an increase in the land value due to supply & demand.If the property is being re-built on land already owned then i cant see that the cost to re-build a building will rise that quickly,but i may be wrong.

queenie40something · #64 15-02-2008, 09:37 PM

Hi dont forget you already have the land - it is just the bricks and mortar.

philthecar · #65 15-02-2008, 09:56 PM

we have been in touch with intasure today who stated the same as queenie. The land is already built and they in fact do a rebuild value based on the m2 of the accommodation with the contents being the same as what you have purchased them for if using turnkey. we had a quote for l24.00 on our property which we think is extremely good value which included accidental damage and public liability

queenie40something · #66 16-02-2008, 07:23 AM

Hi you will will surprised at how many people over insure their properties.

Most polices are index linked anyway so the annual premiums / sums insured adjust accordingly.

You might find this link useful especially for your properties in the UK
Guide to Rebuilding Costs for Building Insurance

I would be interested to hear if anyone works out their rebuild cost in the UK / abroad properly and how much they save.

I will accept the commission via Paypal LOL!!

Hope this saves you a few extra beer tokens to be used next time you are in Egypt - save a cold one for me.

Regards

Alison

queenie40something · #67 20-02-2008, 09:48 AM

Hi all

I have a spreadsheet which is from Allianz in Egypt. You can enter your sums insured figures and the cost of Insurance will automatically be worked out.
PM me your email address if you want the spreadsheet or let me know your sums insured and I will let you know the cost.

The cost is alot cheaper than what I have received from Intasure. I need to check all the cover though.

Eg 500,000le buildings and 100,000le contents the cost is 550le per annum + 7% taxes.

The limits on liability though is only 100,000LE and this is not for accidental damage.

queenie40something · #68 21-02-2008, 11:58 AM

Hi all

Here is Allianz website

Allianz Egypt - Products and Service - Personal Insurance

They also sell Personal Insurance to cover you for accidental death etc.

queenie40something · #69 21-02-2008, 01:06 PM

Hi all

I have looked into a current account at HSBC in Egypt as I was told that you need a min £1,000 in the account.

Their website states a minimum average balance of 5,000LE to be held in the current account. If your account falls below this minimum amount then you will be charged 20LE service charge each month.

Savings account - minimum average balance held is 3,000LE and same service charge each month as above.

You can open an account online

HSBC Egypt - Accounts - Current Account

mulberry · #70 26-02-2008, 05:23 PM

Hello All, yes earth quakes are a real factor in this area. I am looking to buy a property in Hurghada (red sea - diving etc) what i need to know is to what standard are properties built? I keep hearing european standard, but not many earth quakes in England. Can anybody help with this please?

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