What level of property insurance should I get?

[barryk]

I would be grateful for some guidance in respect of the level of insurance cover required for a property I have just purchased.

I know contents insurance is advisable but am unsure what level of cover is required for buildings as I have purchase in an apartment block.

Is it usual for some buildings insurance to be covered by the community and what additional cover would I need to take out?

Also in general, are there any occupancy restrictions, i.e must not be left empty for more than 30 days etc.

The name of any good brokers would also be useful

Many thanks for any advice

Barryk

[zumba queen]

Try intasure everything is well covered in one policy,we have used them for the last 6 years and have been happy with the price.

[timmylish]

You need to speak with a professional to ensure that you are more than covered in all respects. TIS, Forum member, has been in the business for many years and is fully up to date with all type of house and car insurances. We have been dealing with him for years now and we are entirely satisfied both on cover and costs. His offices are in Las Chafiras. Start of by contacting him at
TIS-info (info@tenerifeinsurance.biz)
or pm him from here. His (Chris Ross, MD) offices are closed until 7th January for the festivities so you may wish to pm to set up a meeting in the New Year.

[ribuck]

The money you pay as insurance premiums goes to fund four things: the legitimate insurance payouts, the payouts made on fraudulent claims, the administrative costs of the insurance company, and the marketing costs of the insurance company. Of those, only the first is beneficial to you.

So it's not always the case that "more insurance is better". In the long run, you would probably end up paying in much more money than you get out.

What you need to consider is how you would cope with an adverse event if you had no insurance cover. If that event (such as a building fire) would seriously mess up your life, then insure against the loss. If, on the other hand, you would shrug your shoulders and philosophically start to rebuild, then you're probably better off not insuring against that event because you can use the insurance premium money to enhance your life in other (better) ways.