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| Communal insurance rules https://mail.paphospeople.com/ppforum/viewtopic.php?f=47&t=28272 |
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| Author: | beverley [ Mon Oct 27, 2014 7:27 pm ] |
| Post subject: | Communal insurance rules |
I don't know if anyone will be able to answer my question but I will ask it anyway. Our complex for the past 3 years has had a whole complex Insurance to cover all buildings, wall, communal areas, pool, and public liability which has given us peace of mind should there be an earthquake or something similar. Now some of the owners are talking about stopping it and just insuring the pool and public liability and each owner paying for their individual insurance. We have several owners who are delinquent payers and our contingency fund has enabled us to meet the whole insurance to date. My question is ;= If 2 owners insure their own properties and the 2 attached owners don't have insurance, will the insurers pay us the rebuild cost of ours ?There are 3 blocks of 4 apartments. I have tried to contact a couple of insurers in Cyprus to ask this question but no replies so far. Hopefully someone can help with this question .Thank you |
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| Author: | sunshine Jo [ Mon Oct 27, 2014 7:35 pm ] |
| Post subject: | Re: Communal insurance rules |
You definitely require full insurance as specified. Do you have a management company? They usually arrange it on behalf of all of the owners, and it is added into each property's fees. People cant just opt in for bits they use, that just cannot work, because no the building would not be fully covered, and if someone slipped or was injured in a corridor or on steps, that wouldnt be covered either. Some people are so short sighted, or stupid, or both. Good luck |
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| Author: | J B [ Mon Oct 27, 2014 7:53 pm ] |
| Post subject: | Re: Communal insurance rules |
On our complex, there are ten townhouses, a terrace of five each side of the pool We each insure our own houses privately and the 'common parts' are insured by the 'residents association' |
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| Author: | beverley [ Mon Oct 27, 2014 8:10 pm ] |
| Post subject: | Re: Communal insurance rules |
Sunshine Jo. Thank you for your reply and i agree wholeheartedly with you. I instigated the insurance in 2011 and it is totally necessary but some are as you say very short sighted. JB. As long as the owners on your complex are all insured with the same insurer you have no problems doing it individually.However if you all have different insurers it is another matter. All the party walls would be used as an excuse not to pay out which is why I insisted on having a blanket insurance which actually worked out cheaper per property too. This is a different problem we have if other owners vote against the present arrangements. |
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| Author: | goldengirls [ Tue Oct 28, 2014 9:54 am ] |
| Post subject: | Re: Communal insurance rules |
JB Same with us, it works well. I believe that the Cypriots think that there may well be an earthquake one day in the very distant future, but until it happens, we'll save our insurance premiums. Bianca |
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| Author: | Josef K [ Tue Oct 28, 2014 5:00 pm ] |
| Post subject: | Re: Communal insurance rules |
I think that in cases where some apartments are insured and some are not in a particular block, and the block is destroyed, those with insurance will receive the monetary value of the property minus the proportional land value. Such owners would end up with a bit of land shared with the other owners, that possibly couldn't be built upon, plus a sum of money. It's a bit of a minefield. |
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| Author: | beverley [ Tue Oct 28, 2014 5:09 pm ] |
| Post subject: | Re: Communal insurance rules |
Thanks to everyone who has replied. I was advised to speak to British based Intasure who did confirm Josephs post that with them, we would get the value as decided by their claim adjuster . |
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