Homefirst Properties

We are in the process of completing our purchase and have been requested by our mortgage company to arrange building insurance, are the management charges we are required to pay  similar to UK management charges in that they include building insurance? If not can anybody recommend a reputable insurance company for buildings and content if what sort of annual fees are they?

kind regards

Derek

Derjac, i like you assumed that buildings insurance would be covered by the management charge and that we would need to arrange some separate cover for contents.

Can anyone confirm this?

I have an apartment in bloque 1 and Barclays have estimated the rebuilding costs as € 111,172

The premium with Groupama Seguros (which I believe is a subsidiary ) is € 225 and includes €15,000 contents cover.

When we completed on another property a few years ago we thought we wouldn't need buildings insurance as there is some cover for this in the management fees but it doesn't cover the individual apartments in the same way as it does in the UK.  Buildings and contents insurance is available from the bank you have the mortgage with, sometimes they insist on you taking theirs, but otherwise it's a good idea to get comparisons.