ARE YOU PAYING BUILDINGS INSURANCE IF YOU DO NOT HAVE A MORTGAGE ON CONDADO.

Whilst visiting the Millenium office to get a quote for insurance for my 2 bed penthouse. The lady told me that anyone that does not have a mortgage does not have to buy buildings insurance because it is already covered by Condado Millenium Council.
So since I have the property from new in 2008 I have been paying insurance at my bank for nothing,what a waste of hard earned cash.
So therefore you only have to buy contents insurance with Millenium for €55
A year.
So I have cancelled the insurance with the bank giving 2 months notice. Then takes 3 months for the new one to setup, so when mine finishes in November the new one starts. Everybody check only if you don't have a mortgage.

Thanks for the info. We will be looking at insurance soon and do not have a mortgage so this is very helpful.

Hi crash test, best to do it with Millenium as I have done today as its all in one place if anything should happen. €55 not much for the year or she said you can pay it in two halves. Payment is after setup in 3 months. Glad to help nobody told me it was by chance I found out.

I do not think having a mortgage has anything to do with it. As far as i konw Building insurance is included for all properties whether or not you have a mortgage.

If I am wrong could someone please correct me.

Thx

MG

Yep, I was told that buildings insurance was covered by the community insurance (mortgaged or not) and for the last two years I have only taken contents insurance via milleniun.

I am not talking about builders guarantee, this is what Millenium said, if you have a mortgage she said you could not have a mortgage without insurance, so I'm not not saying I know it but if anyone wants to check get in touch with Millenium.

The bank providing the mortgage will probably resist you cancelling the insurance they sell you every year.

As I recall, the buildings insurance is included in the community fees (I will be corrected if wrong). However when people asked if it covered earthquake (one at Lorca 2011) and some other stuff,. Mileniun's answer was not reasurring. Therefore I have my buildings+contents insurance with Santander, which does cover earthquake's and a host of other stuff for peace of mind. Make sure the policy suits your needs.

Hi, when I took out the new buildings insurance I asked her if it covered earthquake and she said yes. The insurance company is Axa so maybe one could check if correct.
As for my original thread it is not for people who have a mortgage because the mortgage company would not let you have a mortgage without having an insurance.
So I do not have a mortgage buildings are covered by Millenium so you only have to cover the contents ie 10,000 for €55 a year.

Have those renting out their apartments arranged extra insurance? I'm not sure but I doubt that you are fully covered if you just rely on standard buildings insurance. Or has someone checked out the AXA insurance arranged by Mileniun and and can confirm the building is still covered if tenants (e.g. holiday-makers) use it and that public liability is included re owner's tenants? Similarly does the contents insurance via Mileniun still cover you if the damage to contents is caused by guests and is public liability re guests included?