Community Building Insurance - Is the cover enough if you have tenants?

Hi All,

Having looked through a broker to insure the contents only for paying tenants as well as Civil Liability it would appear that if say a window fell out & injured a tenant our blanket community policy does not cover this? Is this correct as we are being told by broker that we have no choice but buy buildings cover also, to avoid being sued etc? Is anyone else who has paying tenants aware that the policy is not sufficient & are the Presidents aware of this & should they be seeking better cover for us all, whether it happens to an owner or a tenant regardless?

Any advice greatly appreciated?

Marc

My bank CAM/Sabadell make me take their buildings insurance and I dont even rent my place.

They say the community do not offer sufficient cover for them.

Although I should imagine its a ploy on my banks behalf to sell me additional insurance.

So I am currently paying for 2 lots of buildings insurance! However with the potential civil unrest between the ML lovers & Haters, I will feel safer if the riots happen, knowing my place is insured twice.

It is actually legally not allowed for the bank to force you take, buildings, life or contents insurance from your bank, they cannot make this a condition of the mortgage , or refuse a mortgage if you don't take theirs but they often do this and typically their rates are more than what is commercially around, typically contents insurance for €100 per annum

I would be very surprised if the buildings insurance did not have a public liability cover clause that would cover the incident of a window falling out

You should all have a copy of your community insurance buildings insurance policy and it is advisable to show this to a few brokers plus when your insurance renewals come up get some alternate quotes and remember to leave plenty of time because in Spain they renew automatically

If you are renting you should always have good contents insurance including Public Liability cover

In my own case the combination of the rates that I was paying the bank for building, contents and life cover by moving saved me more than €400 a year, mostly on the life cover

hi darren,

      We're with Cam/Sabadell and  we had buildings and contents insurance with them, we managed to cancel with them and take the community buildings insurance and pay 108 euro's for contents. All we did was send a copy of our new insurance policy to Cam and they okay-ed it. We went to mileniun and they advised us to do this.

You still need contents insurance, cost around €100 per annum, to cover you for any damages that could result from say a flood or a break in

No not quite for example if a pipe bursts in your property and damages the internal structure or even perhaps a property below, then normally the community insurance covers this

I have just had a property flooded by the pipe to the toilet bursting, it was first floor with the property below it empty. The community insurance covered all repairs €1800 plus damage to the properties below

Not having contents insurance, for what it costs is in my opinion a false economy, what happens if you are staying in the property and somebody breaks in and steals your personal effects, phones cameras etc., or just the TV or trashes the place

I don't sell insurance but for around €100 a year it is worth while

Not quite because the build quality in the UK is a little better,putting my surveyors hat on, on one development, we have just had to report and have repaired 30 properties with water ingress coming in because of problems with windows and doors

Hi Joss,

If it helps, PM me as I have a copy of info sent from CDA / ML regarding insurance?

Marc

Following on from the point made above, we have just completed on Jardin 5. We have had nothing from ML regarding buildings insurance, or any paperwork breaking down what our community fees are paying for. Where will I get this info from?

Also, if youwere looking to arrange contents insurance, can you do this through ML and, if not, how would you go about arranging it?