Apt maintenance fee question

[Neil_Ireland]

Hi,

Have a quick question....do maintenance fees on an apartment usually cover building insurance?
Could I just take out a contents only policy and rely on the service charges to cover building insurance?

Thanks,
Neil.

 

[maybelline]

Yes

 

[truthseeker]

Yes

I would imagine the answer is yes, but really you should ring the management company and check that with them.

 

[Neil_Ireland]

Thanks guys, I'll contact the management company to confirm.

Neil.

 

[MOB]

My standard recommendation to apartment owners is to try to get their contents insurance with the same company as insures the block. Years ago a client had a wardrobe full of clothes ruined by a leak from above. Each insurer passed the buck and it wasn't of high enough value to fight so he got stiffed; It would have been a lot easier to say to an insurer "look, I really don't care which of the two policies covers this - either way you have to pay up"

 

[mercman]

Most Block Policies are with Insurance Companies that don't do Contents Cover. If you have a Mortgage your Mortgage Provider's interest will have to be noted. Cheapest quote for contents is Quinn Direct, but most other companies are in the same ball park.

 

[AKA]

Note that there will be an excess for both the contents and block policy -

For example if you were broken into and the external property is damaged and your possessions are stolen you will have to pay the excess on both.

e.g. door or window is damaged - could be a block policy excess of €500 euro

personal items stolen - policy on contents insurance could be €500

Total excess is €1000 which is a lot.

I'd recommend having a lower contents insurance excess.