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What's the rebuild cost of the interior of an apartment?

  • 29-05-2019 07:39PM
    #1
    hmmm
    Registered Users, Registered Users 2 Posts: 11,192 ✭✭✭✭


    How much should you insure the interior of an apartment for (rebuild cost)? If there was a fire which destroyed the interior of the apartment, my understanding is that the block policy would only cover damage to the 4 walls around the apartment - the interior (including walls, plumbing etc) would be the responsibility of the owner.


Comments

  • #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The block insurance will pay for pipes flooring etc. Owners only have to insure furniture, clothing and personal effects.


  • #3
    tvjunki
    Registered Users, Registered Users 2 Posts: 617 ✭✭✭tvjunki


    If you have not paid your fees you might not be covered.

    In regards to the block insurance. I would double check as it may only cover the outside walls roof etc. I know of many where there has been a leak in an apartment upstairs and the block insurance would not pay out as it was not covered.


  • #4
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    tvjunki wrote: »
    If you have not paid your fees you might not be covered.

    In regards to the block insurance. I would double check as it may only cover the outside walls roof etc. I know of many where there has been a leak in an apartment upstairs and the block insurance would not pay out as it was not covered.

    Non payment of service charges does not mean an owner can't claim on the block policy. The full premium for the block has to be paid. A debt between an individual owner and the management co has no bearing on cover. The block insurance will pay out under public liability when the owner of the apartment with the leak is covered. It won't pay directly on a claim from the unit owner.


  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 42,152 Mod ✭✭✭✭Gumbo


    hmmm wrote: »
    How much should you insure the interior of an apartment for (rebuild cost)? If there was a fire which destroyed the interior of the apartment, my understanding is that the block policy would only cover damage to the 4 walls around the apartment - the interior (including walls, plumbing etc) would be the responsibility of the owner.

    You only insure your contents. Maybe fitted items such as kitchen and wardrobes.
    The block policy should cover all internal walls as these may be a part of structure and will 100% be part of the fire safety strategy of the building so cannot be left in the hands of individual unit owners.


  • #6
    tvjunki
    Registered Users, Registered Users 2 Posts: 617 ✭✭✭tvjunki


    4ensic15 wrote: »
    Non payment of service charges does not mean an owner can't claim on the block policy. The full premium for the block has to be paid. A debt between an individual owner and the management co has no bearing on cover. The block insurance will pay out under public liability when the owner of the apartment with the leak is covered. It won't pay directly on a claim from the unit owner.

    The management company on the property I have up for sale had a note that was agreed by members that if the fees were not up to date then the insurance would not payout to the homeowner. The management company would not deal with the issue until fees were paid. Make sense if you are not up to date with your fees why should you benefit for others paying the costs.


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  • #7
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 7,090 ✭✭✭Claw Hammer


    tvjunki wrote: »
    The management company on the property I have up for sale had a note that was agreed by members that if the fees were not up to date then the insurance would not payout to the homeowner. The management company would not deal with the issue until fees were paid. Make sense if you are not up to date with your fees why should you benefit for others paying the costs.

    That kind of rubbish is regularly spouted by managing agents. They can't deny cover to any owner. The block has to be insured as a full unit noting the interest of every owner. The management company are stealing money if they withhold it from the owner after an insurance claim.


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