Building Insurance

A recent thread mentioned building insurance on invidual property is not required as the community has taken out insurance to cover this.

Is anyone able to confirm this is the case?

Hi tyneside2,

The community insurance only covers the common elements of the building and urbanisation, as well as liability. The communal areas and external parts are covered but not inside your property. e.g. if a neighbour has a flood which damages your apartment this will not be covered unless it was caused by a communal pipe - i.e. the neighbour had not left the bath running and forgot about it!

When taking a mortgage to purchase a property all banks will insist on a seperate buildings policy and indeed will not complete at the notary without it.

it is true, your building insurance is now included in your community fee. This was a pleasant surprise as this and my contents insurance were due for renewal. The new administrator Millenium Levante is also offering 20% discount on the contents insurance (AXA policy) which again was again a pleasant surprise - Mind you I'm sure there will be one or two posts to come from the usual moaning minnies finding some hole to pick about the need for insurance or its cost