Friday, 21 February 2014

Apartment Home Insurance - Is Yours Properly Covered?

We meet many clients who live in apartment blocks and want cover for their individual apartments. Most only want contents cover, as they assume, rightly or wrongly that the buildings cover is provided by the community. Whilst in some cases this maybe true, in most you will find that isn't the case.

Most community insurance policies in Spain cover the external fabric of the building and communal facilities. They expect you, as the owner of your apartment to cover the internal fabric, walls, electrics, plumbing etc.

It is always worth checking the cover included within your community policy before you take out your own insurance. Whilst you don't want to pay for something your don't need, it is important that you are properly covered should problems arise.

Whilst this is an extreme case, if the building is demolished due to an accident, the community insurers will rebuild the block and it's communal features i.e. Staircases, swimming pool, terrace areas etc. As an owner you will receive a nice box with 4 walls and electrics/plumbing that stop at your door. Probably not quite what you had in mind!

Your individual buildings cover should include the cost of rebuilding the internal walls and adding electrics, plumbing and any other fixed features that you might have. Some policies will include kitchen and bathroom fittings as buildings, whilst others consider them to be contents. Always useful to check. In order to calculate a rebuild figure for your buildings cover, we would need to know the square meterage of your apartment, including any private terracing you may have and the age of the building.

Contents should be considered in exactly the same way as any other home, whether for permanent living or holidays. Have a look around your property and do a small calculation per room to estimate approximately how much it would cost you to replace all the items in that particular room - you maybe surprised at the outcome. Don't forget clothes, shoes and other personal items as these can mount up too, especially for us ladies. Make a note of any jewellery or items of special value, as these may need to be listed separately on the policy, depending on the value.

Feel free to contact use for quotations, information and advice. Tel: 966 493 762, email: or pop into our office: Calle Mercado 22bajo, 03726 Benitachell, Alicante

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