Insurers only Insure per Sq Mts not for value of Propety

If your apartment is part of a development isn't the building insurance part of the community fees? That would leave each owner to take out their own individual contents insurance. Or have I misunderstood the whole thing in which case I'll be quiet and go back to watching the racing on telly.

Alan

Hi Alan,

I thought that would be the case the same as over here community charges usually include buildings insurance in with maintenance charges. Usually insured as a block. Halifax have set up buildings and contents policies which have been paid for in advance for the year. The only thing I can think of whch is different is because the apartments in Spain are freehold so are insured separately as a freehold property would be over here? Whereas over here the majority of flats are leasehold/ I would be very interested if anyone has any more info on this one as I am only assuming this is why we had to arrange our own buildings insurance.

Gina

As I understand it, after lots of research and advise from banks lawyers etc., Community insurance covers only community areas. In our apartment block that seems to mean all the exterior walls of the building, corridors etc., and I am now told that it also covers the 'outside' of the apartment doors which are in the said corridors, and the windows, if they are on exterior walls.....but only for forced entry ( and you must contact the insurers before you attempt to repair ). Water pipes are covered if they are in community walls but those in the apartment are not. This whole community thing is complex and so far we have not got our community insurers to comit...except for the policy which is quite difficult to understand. Having looked at many insurance people for community insurance, it seems, in Spain, they are all similar ( read ambiguous!)

So, in short, you do need your own building insurance because it is unlikely that the community insurence will cover you. I have an apointment with my bank which is where I have my personal building insurance from next Wednesday and if I learn anything more about Community and or personal building insurance I will post.

Trouble is, with ANY insurance, you only find out how good it is ( or bad!) when it's too late. 

Where you are in a community that has a policy to cover the community part of the buildings there are some grey areas in relationship as to what is and what is not covered. 

What l have done in the past is to have a contents policy and have something called 'First Loss' included. This then covers any part of your property in building terms that falls into the grey area of not being covered by the community buildings policy.

Doesnt cost a huge amount but gives a little piece of mind without having to insure the whole 'building' part of the property a second time.

Apparently it seems best to have your own buildings insurance ecen when you live in a Community with Community Insurance. Community insurance only covers Community elements. While this means ( in an apartment block ) some of your walls are actually Community property, ie. external walls, the rest are not, so you are responsible for those. Also Community Insurance covers fire, explosion and water damage ( but only if it's caused by a Community pipe ) so everything else needs covering.

Hope this is some help.