Frequently Asked Questions | Community Insurance

Community Insurance
How do we establish the correct sum insured for the Community Insurance?

The sum insured for the buildings should reflect the full reconstruction cost of the buildings. In order to establish this, it's very useful to have the total constructed area in square metres.

What should we do about the Communities contents?

Most communities will have contents, which may compromise of furniture in communal areas, fire extinguishers, a community office on site, community cleaning, maintenance and gardening implements etc.. These should be valued on a replacement as new basis.

We have a number of Owners who are late in paying their Community fees. Is there anything we can do?

This a problem faced by many Communities and is aggravated in times of economic difficulties, or in Communities where many of the properties may remain unsold. Amongst a whole range of other benefits, an Community Legal Defence Policy will assist the community in initiating legal proceedings against the debtors.

We are finding the annual premium to be too much to pay in one go. Can you help?

Yes, we can offer half yearly, or even quarterly premium payments which will help your cashflow.

I own an apartment which I am advised is insured by a community Policy which covers the whole building – is this so?

No, the community policy will generally cover the original buildings as handed over by the developer, and also community water pipes. That means that private water pipes (which are clearly considered to be part of the building) are often NOT covered under a Community Policy. Nor indeed are any buildings improvements which you may carry out having bought the apartment - ie. Installation of a safe, security blinds, sun canopies etc.. And of course you will also need to arrange insurance for your own contents and personal possessions.