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Buildings Insurance for Apartments

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the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
14/04/2009 16:11

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Message 1 of 5 in Discussion

Hi All,



I know this question has been raised before but cannot remember the answers.

Can anyone tell me the following:- If you live in an apartment, do the owners

have to take out a block insurance to cover the building? On our site there are several apartments in blocks of four and our management company is to stop providing insurance soon. We will need to arrange new insurance for these properties.



The Butlers wife



piggy


Joined: 15/02/2009
Posts: 132

Message Posted:
14/04/2009 17:56

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Message 2 of 5 in Discussion

Yes Butler you will as a block have to take out Building Insurance, although I am not sure on whether this is a "Legal Requirement" over here.



Inside the apartment and individual water tanks would normally be the responsibility of the owners to take out individual insurance cover but anything that serves the block as a whole should be covered by the "Building Insurance".



If you already have your own individual insurance, I would check with whoever covers you, as different rules may apply over here.



ozankoys


Joined: 20/06/2008
Posts: 905

Message Posted:
14/04/2009 18:28

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Message 3 of 5 in Discussion

In the event of a total loss or major damage to of a block of apartments the insurance company we use pay out the value of the building insurance. You can then go & buy another apartment as it is probably unlikely here that all owners will be insured & it may take years for the issue to be resolved.



millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
13/09/2009 21:33

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Message 4 of 5 in Discussion

so question who enforces this 'legal requirement' and who is the best cover with there is eos much to look for ?



Thanks in advance Mrs M



Pogle


Joined: 28/08/2008
Posts: 1536

Message Posted:
13/09/2009 21:38

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Message 5 of 5 in Discussion

We have 4 apartments in our block and all are insured with the same co,meaning there are no disputes over the common parts between insurance co's in the event of total loss. We pay around 110 per year for 35K buildings ( rebuild cost not market value) and 5K contents, per apartment. Each apt can raise either premium if they wish.



If you need details of the insurance co or a copy of the policy let me know.



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