Apartment in block with no management company and vacant lots

Del2005

chicorytip wrote: »

You can get insurance for an individual unit in a complex where no management company is active. I know this because I have done so myself, without difficulty, living - as I have been for the past three years - in such a development.

What have you insured when you don't own any part of the building? You only have a share in a company which doesn't exist. It's easy to pay for insurance it's difficult to get them to pay out.


What good is that insurance if the roof goes or your neighbours unit is destroyed by fire?

chicorytip

Del2005 wrote: »

What have you insured when you don't own any part of the building? You only have a share in a company which doesn't exist. It's easy to pay for insurance it's difficult to get them to pay out.


What good is that insurance if the roof goes or your neighbours unit is destroyed by fire?

I live in a Duplex, one of three in a small development also containing townhouses and apartments. What is covered - according to the policy - is my "premises and it's contents". If, let's say, my roof leaks as a result of storm damage or a fire in my neighbours attic spreads next door to me or a burst pipe in my kitchen causes flooding I am covered. What I am not insured against are things like subsidence or structural damage caused by crumbling foundations. My insurer was made aware there was no management company in place here when I was getting quoted.
If the OP here decided to go ahead and buy this apartment she is interested in it maybe assuring for her that this type of insurance could possibly be obtained. Different criteria may apply for an apartment block rather than the mixed type of development I live in. It would be worth making enquiries about.

Del2005

chicorytip wrote: »

I live in a Duplex, one of three in a small development also containing townhouses and apartments. What is covered - according to the policy - is my "premises and it's contents". If, let's say, my roof leaks as a result of storm damage or a fire in my neighbours attic spreads next door to me or a burst pipe in my kitchen causes flooding I am covered. What I am not insured against are things like subsidence or structural damage caused by crumbling foundations. My insurer was made aware there was no management company in place here when I was getting quoted.
If the OP here decided to go ahead and buy this apartment she is interested in it maybe assuring for her that this type of insurance could possibly be obtained. Different criteria may apply for an apartment block rather than the mixed type of development I live in. It would be worth making enquiries about.

It's not your premises though. You don't own the roof and even if you can get a builder to repair it how will they access the roof when you don't own the ground to put up scaffolding. If your neighbours apartment burns down how will you make your apartment weather proof as you can't authorise anyone to go into the other apartment.


Don't forget that insurance companies took money off learner drivers but as soon as they tried to make a claim then they told them that they were driving outside the terms of their permit so only 3rd parties are covered and they then go after the learner in court to recoup the payout to the 3rd party.

chicorytip

Del2005 wrote: »

It's not your premises though. You don't own the roof and even if you can get a builder to repair it how will they access the roof when you don't own the ground to put up scaffolding. If your neighbours apartment burns down how will you make your apartment weather proof as you can't authorise anyone to go into the other apartment.


Don't forget that insurance companies took money off learner drivers but as soon as they tried to make a claim then they told them that they were driving outside the terms of their permit so only 3rd parties are covered and they then go after the learner in court to recoup the payout to the 3rd party.

Yes, that's speaking strictly from a legal and technical point of view but such issues could be dealt with by simply talking to your neighbours and coming to a mutually acceptable arrangement with them.

L1011

chicorytip wrote: »

Yes, that's speaking strictly from a legal and technical point of view but such issues could be dealt with by simply talking to your neighbours and coming to a mutually acceptable arrangement with them.

...but a bank is not going to give you a mortgage on such a basis.

They will need buildings insurance. Which you can't get.

pwurple

It's a solicitor you need to talk to