Buildings, contents insurance, Egyptian bank accounts

[queenie40something]

Hi I am an Insurance Underwriter and found Intasure gave really good cover. I contemplated going with an Egyptian company but then wondered what the communication would be like if you had any probs or had to make a claim. Its bad enough in this country! Also Intasure would give you emergency travel expenses if there was a problem with your property and you had to dash out there. Remember when getting quotes for buildings that it is the RE Build cost and not the cost of what you paid for the property. My quote through Intasure for buildings and contents with accidental damage cover was £90 per annum which I thought was very good.

 

[crombiestone]

Hi I am an Insurance Underwriter and found Intasure gave really good cover. I contemplated going with an Egyptian company but then wondered what the communication would be like if you had any probs or had to make a claim. Its bad enough in this country! Also Intasure would give you emergency travel expenses if there was a problem with your property and you had to dash out there. Remember when getting quotes for buildings that it is the RE Build cost and not the cost of what you paid for the property. My quote through Intasure for buildings and contents with accidental damage cover was £90 per annum which I thought was very good.

Hi queenie

Did you opt for a high voluntary excess ? I have just had a quote from intasure of £160 .Seems a bit high ?

 

[queenie40something]

Hi - no high voluntary excess - what was your re build cost and sum insured for the contents.

 

[queenie40something]

Hi all - I have merged these 2 threads together.

 

[queenie40something]

I have just checked and the excess is £50 for each claim.

 

[crombiestone]

I have just checked and the excess is £50 for each claim.

Yes thats the same excess . £30K rebuild £8K contents with accidental damage for myself and renters ( I wonder if its the renters bit ? )

 

[queenie40something]

Hi - mine included renters as well. But I only got a quote for 20k buildings and 5k contents. I need to find out exactly what the re build cost is per sq m so I can work it out properly. I said 5k for contents as we are looking to spend no more than 4 on furniture including air con, kitchen and water heater etc and left a spare 1k for personal effects such as clothing etc. I need to check whether the kitchen air cons and water heaters would be covered under buildings or contents and then re jig my figures. When I sold house insurance the easiest way that I could explain contents cover is that if you imagine turning your house upside down and whatever would ' fall out ' would be contents and the rest would be covered under buildings eg bathroom suite, kitchen etc. So 5k should be more than enough. When I sold house insurance people where amazed at how much they could save if they worked out the sums insured correctly. Local estate agents in UK have current re build costs for each postal area. I used to keep an up to date copy in my drawer and work it out for them and save them quite alot. Also people tend to guestimate contents as well and over insure which would cost them alot more. I always advised them to go into each room and make a list of everything and roughly how much it would cost to replace and then add it all up.

 

[queenie40something]

Hi just had clarification from Intasure that my quote covered me for letting purposes up to 6m at any one time. The quote I had included accidental damage for myself and family but not tenants. To have this added to cover accidental damage caused by any tenant it is an extra £25.

 

[Lisagould]

Just to let everyone know I had quote from Intasure for £230.73 to cover my 2 bed at DP1 development, this is with a £150 excess.

 

[queenie40something]

Hi Lisa that is really expensive - mine with full accidental cover for tenants was £120 per annum. What are your sums uninsured if you dont mind me asking?

Alison

 

[nuttybird]

Hi All
Sorry for my ignorance here,but if your property is part of a complex,what sort of building insurance do you need? or do the management teams have it inplace and you pay them? Still a little confued...sorry

 

[Lisagould]

Hi Alison
Intasure told me this would cover complex (as it's not just rebuild of the apartment). Breakdown is buildings insurance £45K which costs £122.96, contents £8K cost £64.77 also includes £1K emergency travel expenses, liability (public I think) of £5 million, accidental damage by tenants £25 plus £18 admin fee. I thought it was a bit steep too but the woman told me it is based on apartment size and she said they were the insurers for the whole complex so it was a price based on group insurance.

 

[queenie40something]

Hi Lisa - 45k for re build sounds an awful lot. If you are in a block it may be better to insure it through a property management company - who will Insure the whole building and each owner pays a portion of the cost.
You can insure seperately if you are in a block and if anything happened then the Insurance companies would get together.

 

[Lisagould]

Thanks for that Alison - am going to try and get a few more quotes from other companies before I pay anything.

 

[RED-SEA-VIEW]

Hi just had clarification from Intasure that my quote covered me for letting purposes up to 6m at any one time. The quote I had included accidental damage for myself and family but not tenants. To have this added to cover accidental damage caused by any tenant it is an extra £25.

Hi queenie can you send me some details of this company and address as i dont think i have tennancy cover !!! many thanks KJB!:

 

[queenie40something]

Hi Lisa - Intasure are prob the best I have found. To reduce the cost work out the re build cost if you can as this is alot lot lower than the actual price that you have paid for you apartment. I have had a quote for sum insured of 20k but I know that this is probably too much and before I go ahead I will work out the re build cost. Ask you agent or developer what the current re build cost is per sq m in your location and ensure you tell them it is for re build costs for insurance purposes. You will be surprised at how much you can bring down the insurance costs.

Intasure have said that:
There should be an element of community insurance in your service charge which cover communal area and the shell of the building - joint roof for instance

I am checking this out with my agent

Regards

Alison

 

[awahee123]

Insurance

Hi All
Sorry for my ignorance here,but if your property is part of a complex,what sort of building insurance do you need? or do the management teams have it inplace and you pay them? Still a little confued...sorry

Hi Nuttybird,

I think you may find your insurance is included for the first three years,,check with Medhat and if so check exactly what it covers.

 

[queenie40something]

Hi queenie can you send me some details of this company and address as i dont think i have tennancy cover !!! many thanks KJB!:

Hi their website is Holiday Home Insurance from Intasure the quote will automatically include tenants but you need to pay the extra £25 to cover their accidental cover which is a small price to pay.

Regards

Alison

 

[nuttybird]

Hi Nuttybird,

I think you may find your insurance is included for the first three years,,check with Medhat and if so check exactly what it covers.

Hi awehee
Thanks for that.Will sort things out when i go over in April.Given up trying to get answeres from Medhat by e-mail!!!!

 

[awahee123]

Ok Nuttybird,

Guys just a thought as we are all getting ready to insure our lovely property has anyone considered the implications of underinsuring your property against a total rebuild,this is for queenie as well.Just imagine if we insure for a rebuild value of the sum we purchased for,property prices have obviously risen sharply if we insure for lets say eg £40k (purchase price) now the same property is selling for £60K and in another 6 months it will probably be £65k should we not insure for a larger rebuild value.
If anything happens to our developments if we insure for the purchase price we will obviously be left with a similar property costing a lot more.
Basically we have to remember to insure for the current value and not for the value you paid,this figure may also have to be increased every time property prices increase.What do you think?..