Building Insurance for Apartments

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
05/05/2009 22:57

Hi All,



I need your help, can anyone tell me if all owners in blocks of apartments have to insure their properties with the same company and for the same amount? On our complex we have several different types of properties and there are some apartments in blocks of four. It is these apartments that are of concern, some owners have taken out their own insurance and others are saying it needs to be done as a block. Any advice given will be greatly appreciated.



The butlers wife

suntanman



Joined: 18/04/2007
Posts: 721

Message Posted:
05/05/2009 23:11

The Butlers wife:

Contact Intasure, they're really helpful. We are in a similar situation on our development. They haven't said that it is not possible for individuals to use different companies for insurance, the only problem I can see is if one owner in a block doesn't have insurance and the block is destroyed for some reason. How can they rebuild the block if the one in the middle isn't covered?

http://www.intasure.com/holiday-home-insurance-northern_cyprus/?introducer=200000

Andrew

TheSaints



Joined: 28/01/2009
Posts: 1369

Message Posted:
05/05/2009 23:19

msg 2

this is a UK company, not sure of the legalities with them paying out in the event of a claim, remember TRNC is an embargoed country, would you be paying for nothing??

muzer


Joined: 02/03/2009
Posts: 68

Message Posted:
05/05/2009 23:19

Hi I've used Itasure they insure you for youre Apt only then you have Public Liability as well this covers you if you damage the Apts around you for £2million and your building for £1million They get a very good write up.

Muzer

suntanman



Joined: 18/04/2007
Posts: 721

Message Posted:
05/05/2009 23:26

TheSaints:

I take your point. I've been paying insurance all my life for car/house/holiday etc etc and never made a claim yet, and never want to be in the position to have to. But one day the situation may arise, so it's anyones guess.....a bit like buying a property in TRNC I suppose!

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
05/05/2009 23:32

I checked for our apartment, its up to everyone to insure himself individually, the insurance companies appear to view this as normal and look at you in a confused sort of way if you question it.



Its the Cypriot way-- every man for himself !

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
05/05/2009 23:39

Karakum is correct.

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
05/05/2009 23:54

We used to have individual insurance for apartments on our complex but there was never any way of knowing who had insured their apartments and who hadn't because our previous management company would not divulge this sort of information (no don't go there). As someone siad earlier about if someone has not paid insurance, you only have to have one person in a block who hasn't paid and it could invalidate the insurance for the whole block.



Under our new management company, who are happy to work with our committee, we now have one sigle policy which covers the whole site. This not only means that ALL apartments and communal buildings are fully insured, but our premium has almost halved.

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
06/05/2009 13:35

Hi millzer,



Do you happen to know who your insurer is? Our site is a mixed site with detached bungalows and villas a couple of semi detached properties and 6 blocks of 4 apartments. It is the apartments that are the concern

for our committee.



Muzer,



Can you tell me more about public liability insurance. Does this cover for any accidents for renters say or any accidents in the pool or communal areas?



The butlers wife

millzer


Joined: 12/04/2007
Posts: 978

Message Posted:
06/05/2009 14:03

Butler,



It's Can-Sigorta