- July 10, 2012 at 9:03 pm #56916
Sorry if this subject has been covered before.
Ive owned an apartment for 10 years now and thought/think that the community fees cover the building insurance.
Is this normal ?
I dont have a lot of contents so not really concerned by that.
Thanks for any thoughts
- July 10, 2012 at 9:26 pm #110339
This is a normal practise in UK. If you have a mortgage your Bank will ensure it & debit your account accordingly each year. If you do not have an mortgage than perhaps you property is not Insured.
The community does not get involved in Insurance for above reasons and if they have insured than the properties are insured twice. Something I am pretty sure is illegal.
Insurance industry work on fear & what if. I personally do not bother with contents Insurance as valueable with emotional values cannot be replaced. Other items will have a depreciated value and there is the excess, police reprt photo copies of purchase invoices.
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